Depa sets up joint venture to tap Asia

Depa, a Dubai-based interiors contractor, currently holding an IPO, said on Tuesday it had set up a joint venture to tap opportunities in Southeast Asia.

DDS Asia Holdings Pte Ltd, in which Depa holds a 55 per cent stake and Design Studio Furniture Manufacturer, which owns the remainder, will target interior contracts in the hospitality and commercial sectors in Singapore, Malaysia, Thailand, Indonesia and Vietnam, it said in a statement.

Depa, whose contracts include fitting out Dubai’s Burj Al Arab hotel, is selling 278.91 million shares at between $1.50 and $1.85 each, and global depositary receipts at between $7.50 and $9.25, it said on Sunday.

“Depa has been a shareholder of Design Studio since August 2006, and we have confidence in its knowledge of the markets in Asia,” said Depa CEO Mohannad Sweid.