Intimation in relation to the third amendment agreement to the share subscription agreement dated December 22, 2024, executed to record terms of Acquistion of 30.07% stake in Emirates Holding FZ LLC.
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Rose Merc Limited has executed a third amendment agreement (dated October 10, 2025) to its original Share Subscription Agreement of December 22, 2024, concerning its 30.07% acquisition of Emirates Holding FZ LLC (UAE). The acquisition itself was already completed in March 2025, making Emirates a board-controlled subsidiary of Rose Merc. This third amendment specifically revises the terms of payment of the subscription amount under the original deal. The total deal size is AED 10,869,540, with shares valued at AED 252,780 per share based on post-issue valuation. Rose Merc has nominated majority directors (Mr. Purvesh Shelatkar and Ms. Vaishali Parkar) on Emirates' board, and the transaction is treated as a related-party deal done at arm's length.
This is a procedural update on an already-completed acquisition — no new stake change. However, revised payment terms could affect Rose Merc's near-term cash outflows and balance sheet, which shareholders should monitor. Existing investors should also note that no open offer obligation has been flagged in this filing.