Dubai-based interiors contractor Depa Ltd has bought the Singaporean firm Design Studio Furniture Manufacturer Ltd for AED295m, the firm said in a statement.
Depa has increased its stake in Design Studio from 24.7 percent to 90.5 percent, having bought its first stake in 2006. The acquisition values Design Studio at AED449 million, the statement 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,” said Depa CEO Mohannad Sweid.
Design Studio is a Singapore-based product and fit-out interiors specialist company, active principally in Southeast Asian markets.
In 2008, Depa and Design Studio launched their joint-venture company DDS Contracts & Interior Solutions Pte Ltd, with Depa holding 55 percent and Design Studio 45 percent.
Bernard Lim, CEO of Design Studio and DDS, 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."
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