Silman Ondrej Dia
I believe it comes down to (1) corporate structure and (2) in-house capabilities.
How is your corporate structure set?Is it a centralised model in which all decision including investments are made by HQ, or on the contrary is it a decentralised model in which your sister companies have autonomy? Or perhaps is it a hybrid model?
What M&A capabilities are available at both local or HQ sides if any?
Based on these elements it would perhaps be easier to decide who should take the lead.