Around 20% give or take. Growth opportunities abound in consolidating the niche. I think the goal is to become the 600 pound gorilla in the space while the government has granted them the chance. That will provide a degree of margin protection.
In other words the faster they can establish an even more dominant position than they have in the inner cities, and continue to branch out to airports/tourist buses, the better. Which may explain their relectance to part with the cash.