DUBAI
Lama Group, a destination management company, and CarFare, a Dubai-based mobility solutions company offering car rental services, announced their merger at a press conference in Dubai on Monday.
The $100 million merger will create a combined company, BK Group Holdings, with combined sales of between Dh300 million and Dh350 million and earnings before interest, tax, depreciation and amortisation of between Dh450 million and Dh500 million in 2015, according to Kulwant Singh, managing director of Lama. Both companies said they will, however, retain their brand names. The combined company will have 650 employees, with a head office in Dubai Investment Park.
Established in 1997, Lama offers desert safaris, cruise trips and hotel booking services, among others. The company, whose hotel business accounts for 60 per cent of its revenue, has nine international offices and 14 in the UAE.
Full report here Gulf News
