On December 23, 2024, Rose Merc Limited informed the BSE Limited of the successful execution of a Share Subscription Agreement (SSA) with Emirates Holding FZ LLC (formerly Emirates Holding FZE). This agreement follows the October 11, 2024 intimation regarding the proposed acquisition of a 30.07% stake in Emirates Holding, representing 43 equity shares of the company, and valued at AED 10,869,540 (approximately INR 249.99 million).

This acquisition, marking a significant milestone for Rose Merc, will enhance its presence in the marketing services, project management consultancy, and event management sectors. The company will now hold 30.07% of the post-issue share capital of Emirates Holding, making it a key player in the business landscape of the United Arab Emirates.

The target company, Emirates Holding, has undergone a change in constitution, including a name change from Emirates Holding FZE to Emirates Holding FZ LLC. Along with this, the face value of shares has been revised from AED 500 to AED 1,500. Emirates Holding reported a turnover of 25 million AED (approximately INR 56 crores) and a net profit of 3.78 million AED (around INR 8.5 crores) in FY 2023.

The transaction is not a related party transaction, and no interest is held by the promoter or group companies in Emirates Holding. The share subscription is part of Rose Merc's ongoing expansion into UAE markets, particularly within marketing and event management sectors, as Emirates Holding is one of the leaders in this space.

Furthermore, the Share Subscription Agreement (SSA) includes provisions for Rose Merc to appoint majority nominee directors on the board of Emirates Holding, giving them significant influence over future business decisions. The total consideration for the acquisition is AED 10,869,540, translating to INR 249,999,420.

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