Emaar acquires $122 mln Golden Ace debt

Dubai-based builder Emaar Properties on Sunday said it had acquired debt amounting to $122 million provided to Golden Ace Ltd.

"The loan was in default due to the inability of Golden Ace's majority shareholder to service the loan," Emaar said in a media release.

The loan purchase gives Emaar the ability to exercise voting rights equivalent to 61.3 percent of the shares in RSH Ltd, a listed company in Singapore, Emaar said.END