Dubai's Emaar to sell stakes in Singapore retailer RSH

Dubai's Emaar Properties is looking at selling its stake in RSH Holdings, a Singapore retailer valued at $164 million.

A Reuters report said two sources confirmed this on Wednesday, as Emaar looks to boost cash and shed non-core assets.

Emaar, which had a 30 percent stake in RSH through a joint venture with India's MGF Group, took control of the debt owed by the joint venture firm, prompting it to increase its effective stake to 61.3 percent in the retailer.

The move came after the joint venture firm had defaulted on a loan.

A source told Reuters the sale is being planned because the two partners do not want to pursue the retail business. A second source meanwhile disclosed Emaar has hired DBS to advise it.

Both sources with direct knowledge of the matter declined to be identified as the talks are private.

View full report in Reuters.