Intimation in relation to the Fourth Amendment Agreement to Share Subscription Agreement dated December 22, 2024, executed to record terms of Acquisition of 30.07% stake in Emirates Holding FZ LLC.
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Rose Merc Limited has executed the fourth amendment to its Share Subscription Agreement dated December 22, 2024, for acquiring a 30.07% stake in Emirates Holding FZ LLC. The amendment extends the payment period and revises the number of tranches for the subscription amount of AED 10,869,540 (approximately). Rose Merc has already acquired the shares but is paying the consideration in tranches. Emirates Holding is now a board-controlled subsidiary of Rose Merc with nominee directors appointed. This is a related party transaction undertaken at arm's length.
The acquisition is already reflected in the subsidiary structure. The extended payment timeline suggests the company is managing cash flow carefully for this overseas investment. Shareholders should note this as a strategic international expansion by Rose Merc into the UAE market.