| Journal: TWUK | Section: |
| Title: | Issue Date: 17/04/00 |
| Author: | Page Number: 6 |
| Copyright: Other |
Somak eyes expansion beyond core market
SOMAK Holidays is raising cash for acquisitions as it targets expansion beyond its core market.The African specialist is eyeing fellow niche operators, with the Far East and South America believed to be key target areas.
Chief executive Ash Sofat said the operator was also close to setting up an outbound operation in the US: “We want to expand the company and are talking to investors about ways of raising capital. My role is to look at growth opportunities for Somak. Although we do not have specific acquisition targets at this stage we are on the lookout.”
The US operation – Somak Holidays US – will be based in Boston and offer holidays to Egypt, India and Kenya.
A similar operation in Scandinavia is expected to be established towards the end of the year.
“We already do business via third parties who buy into our accommodation and tours but we want to start offering the product ourselves,” said Sofat.