Intimation in relation to the third amendment agreement to the 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 Ltd has executed a third amendment to its share subscription agreement (originally dated December 22, 2024) for acquiring a 30.07% stake in Emirates Holding FZ LLC. The amendment modifies the payment terms of the subscription amount, with the agreement last signed on October 13, 2025 (effective from that date). The deal size is AED 10,869,540 at an issue price of AED 252,780 per share. Rose Merc holds 30.07% of the post-issue share capital of Emirates and has appointed majority directors on its board, making Emirates a board-controlled subsidiary. Mr. Purvesh Shelatkar and Ms. Vaishali Parkar have been nominated as Rose Merc's directors on the Emirates board. The transaction is classified as a related party transaction conducted at arm's length.
The acquisition is progressing with revised payment terms but the deal structure remains intact; expansion of a board-controlled overseas subsidiary may strengthen Rose Merc's consolidated financials but also exposes shareholders to foreign execution risks.