Singapore-based Haystack Global, a leading international investment company active in Canada and Southeast Asia, on Friday announced the acquisition of an additional 18 percent shares in Camboticket, a prominent online travel booking platform in Cambodia.
With the latest acquisition, Haystack Global now owns 70 percent stake in the company, further underlining its commitment to expanding its presence in the Southeast Asian market. The transaction is applicable from the immediate effect.
The remaining 30 percent shares in Camboticket company are held by Royal Group of Cambodia, a prominent conglomerate in the Kingdom, with interests in various sectors, including banking, telecommunications, media, real estate, and hospitality, according to a Haystack Global press release on Friday.
Camboticket.com, set up eight years ago, is one of the major players in the Cambodian travel industry. It offers customers a user-friendly online platform to book bus, ferry, and private taxi services across the country.
With a focus on simplifying travel and promoting sustainable tourism, Camboticket has created a loyal customer base in these eight years and has witnessed steady growth in recent years.
This strategic acquisition by Haystack Global aims to support the continued growth of Camboticket, capitalise on the platform’s success and leverage the synergies between both companies.
The increased investment will enable Camboticket to expand its services, enhance technology and strengthen its market position in the competitive online travel industry, says the release.
Terming the increase of Haystack Global’s ownership as a piece of good news, General Manager of Camboticket Sila Thai, said, “The synergy with the other companies in the group is obvious and allows Camboticket to benefit from the tech team and go-to-market experts like Frederic H. Proulx, Managing Partner of the group.”
On the acquisition of more stakes in the online travel booking company, the Managing Partner of Haystack Global Proulx, said, “With this reinvestment in Camboticket, Haystack consolidates its position and believes that Camboticket is the player in the market that can generate the most returns over the next 10-year plan that the company is preparing.”
With a strong focus on creating value for its shareholders and partners, Haystack Global remains committed to identifying and investing in promising companies in the Southeast Asian market.
This acquisition of additional shares in Camboticket marks another significant milestone in the expansion strategy of Haystack Global, the release added.
Haystack Global, a leading international investment company, specialises in identifying and supporting high-potential businesses across various sectors. With a diversified portfolio, the company focuses on creating long-term value for its shareholders and partners by nurturing growth and innovation.
Camboticket aims at simplifying travel, promoting sustainable tourism, and providing a reliable, user-friendly platform for travellers seeking memorable experiences.
The Royal Group’s commitment to innovation, sustainable development, and corporate social responsibility has made it a key player in the Cambodian market.