Dubai-based and Nasdaq Dubai-listed fit-out company Depa Group has divested its equity stake in hospitality procurement firm The Parker Company, Construction Week reported.
“The disposal of our equity interests in The Parker Company is another major milestone in the group’s non-core asset disposal programme,” Depa's acting group chief executive officer, Kevin Lewis, said in a bourse statement on 20 June.
“This disposal, together with the recent disposal of interests in Lindner Middle East, further streamlines the group’s structure, and most importantly, allows management to increase its focus on the group’s core businesses.”
According to Bloomberg, the Miami-headquartered The Parker Company specialises in the procurement of operating supplies, and furniture, fixtures, and equipment.
Besides its US head office, the firm also has locations in London, Amsterdam, and Dubai.
It had been operating as a subsidiary of Depa Group until the latter’s equity divestiture, the value of which was not disclosed in the group's bourse statement.
According to Depa’s Q1 2019 financial results released in April, the financial performance of its key business units “lagged” in the first three months of this year compared to the same period in 2018.
Although Depa Interiors turned a profit in Q1 2019, Depa Group generated a net loss due to the financial performance of its Asian subsidiary, Design Studio Group (DSG).
Lewis replaced former Depa Group chief executive officer Hamish Tyrwhitt on 1 May, 2019.
In Depa's trading statement from June 2019, Lewis said a “group-wide operational review is under way and where required, swift action will be taken” to boost efficiencies.