| Depa secures DSFM Ltd acqusition |
By: Rebecca Hubbard
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Posted: Tuesday, August 31, 2010 12:45 pm
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Depa Limited, one of the world's biggest interior contracting companies, has announced the acquisition of Design Studio Furniture Manufacturer Ltd (Design Studio) for a total of S$108.7m. The acquisition now means that Design Studio is worth S$165.9m.
Design Studio, the Singapore-based product and fit-out interiors specialist company, is active principally in Southeast Asian markets.
CEO of Depa, Mr Mohannad Sweid said: "This acquisition is another key element in our long term diversification plan, giving us greater exposure to the Southeast Asian markets, where we see significant opportunities. The complementary fit between our interior contracting business and Design Studio's expanding business will allow us to further win and deliver new projects in the Far East. Design Studio has a strong order book at S$183m as of 30 June 2010, and pipeline of new projects and we are excited about the long-term outlook."
In 2008, Depa and Design Studio launched their joint-venture company DDS Contracts & Interior Solutions Pte Ltd ('DDS'). Bernard Lim, the current CEO, will continue to lead the combined DDS and and Design Studio businesses. He said: "This acquisition will aide Design Studio in meeting the rising demand from overseas markets and the strong supply of residential properties, hotels, and resorts being currently built throughout the region. We are excited to be strengthening our partnership with Depa and look forward to witnessing our joint success over the coming years."
Mr Hadi El-Solh, Managing Director of Investments at Depa, added: "Following its formation, DDS went on to sign the largest ever interior contract in Singapore, demonstrating the potential and power of this partnership. Working with Design Studio over the past few years in these capacities has allowed us to see their potential and future in the area. As an already trusted and proven partner, we are looking forward to growing our presence with Design Studio in the Far East market, an important part of Depa's long-term growth plans."
Completed projects from Design Studio include The Cosmopolitan in Singapore and the Trump International Hotel Tower in Las Vegas. |
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