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RSH says Peak Retail has made cash offer

RSH last traded at S$0.60 on March 23.

July 26, 2010 11:22 by

Singapore retailer RSH Limited controlled by a Dubai-based firm, said on Monday that a company backed by Malaysian businessman Syed Azmin had made a buy-out offer of around S$300 million ($218 million).

Peak Retail Investments is offering S$0.85 per share for all RSH shares, according to a statement.

Peak Retail is incorporated in Singapore and is controlled by businessman Syed Azmin, the brother of Syed Mokhtar, who controls Malaysian construction-to-power group MMC Corp

In February this year, Dubai’s Emaar Properties, which previously had a 30 percent stake in RSH through a joint venture firm with India’s MGF Group, had to increase its effective stake to 61.3 percent after it took control of the debt owed by the joint venture firm. The move came after the joint venture firm had defaulted on a loan.

RSH last traded at S$0.60 on March 23.

(Reporting by Eveline Danubrata)

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