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Emaar buys Golden Ace debt worth $122m
- United Arab Emirates: Sunday, June 21 - 2009 at 14:12
Emaar Properties said today it had acquired debt amounting to $122m provided to Golden Ace. 'The loan was in default due to the inability of Golden Ace's majority shareholder to service the loan,' Emaar said in a press release. The purchase of the loan gives Emaar the ability to exercise voting rights equivalent to 61.3% of the shares in RSH Limited, a listed company in Singapore, Emaar said.
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