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BLS International Services today announced the successful completion of its acquisition of 100% stake in Citizenship Invest (CI), a Dubai-based company specializing in accelerated residency and citizenship investment programs in over 15 countries .
BLS, through its wholly owned subsidiary BLS International FZE, UAE, acquired CI for a total purchase price of $31 million (Rs 260 crore), entirely funded by internal provisions. All necessary government and regulatory approvals were obtained ahead of schedule.
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For calendar year 2023, Citizenship Invest reported audited revenues of $9.6 million (Rs 81 crore) and EBITDA of $4.4 million (Rs 37 crore), with a strong EBITDA margin of 45%. The company saw notable growth in 2023, with a 28% increase in revenue and a 43% increase in EBITDA.
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First publication: October 4, 2024 | 7:23 p.m. STI