Mumbai: Dubai-based realty major Emaar Properties, along with the MGF group of India, has announced the acquisition of a majority stake in Singapore-based RSH Limited for Singapore $227 million (about Rs630 crore). The acquisition has been made through their joint venture company, Golden Ace Pte Ltd, a press release issued here said.

The statement said that the voluntary conditional cash offer closed on the afternoon of 18 April. At close, Golden Ace had received acceptances totaling 61.3 per cent.

This was inclusive of the 42.5 per cent of undertakings Golden Ace secured as at the beginning of the offer. Together with the RSH shares already owned or controlled by parties acting in concert with it, Golden Ace now controls 87.3 per cent of RSH.

The Group Director of MGF, Siddharth Gupta, said "Asia and the Middle-East-North African region today is witnessing a retail revolution, and this move marks our entry into the niche segment of fashion and lifestyle, wherein we aim to address the needs of the evolved and discerning customer."

"We will be reviewing RSH''s current operations, strategies and future plans, which will take into account the combined strengths of RSH, Emaar Properties and MGF Retail. The results of the review will be disclosed when the details are finalised," he added.