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Thursday, 16th March 2006 (5556 views)

India-based Rajesh Exports has signed an agreement to acquire retail gold jewellery chain OyzterBay for R11 crore.

The scope of the deal includes the acquisition of all 36 gold jewellery stores in the chain, retailing and management systems, software and the firm's extensive customer database.

The board of Rajesh Exports also approved R1 billion to be invested in an associated brand of gold jewellery, to be run as a subsidiary company.

Rajesh will also acquire OyzterBay's workforce, while promoters will be offered a 20 per cent equity stake in the new gold subsidiary.

 

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