FOSUN TOURISM subsidiary plans to sell 100% equity of Thomas Cook Tourism (UK) Company Limited for GBP 30 million
FOSUN TOURISM announced plans to sell 100% equity of its wholly-owned subsidiary Thomas Cook Tourism (UK) Company Limited on September 4, 2024, with a maximum transaction amount of 30 million pounds. The business of this company does not align with Fosun's core competencies, so the group will focus on its main business areas to enhance operational efficiency and effectiveness, while reducing financial loss risks
According to the news from Zhitong Finance and Economics APP, Fosun Tourism Group (01992) announced that on September 4, 2024, the seller Fosun Tourism Group (Hong Kong) Limited (a wholly-owned subsidiary of the company) entered into a sales agreement with the buyer ESKY.PL S.A. Based on this, the seller has agreed to sell, and the buyer has agreed to purchase 100% equity of the target company Thomas Cook Tourism (UK) Company Limited, with a maximum total consideration of 30 million pounds.
The announcement stated that the main business of the target company is the online travel agency business in the UK, which does not align with the group's core competitiveness and strategic focus. The group plans to focus on its main business areas and allocate resources to the core business of the group to improve the efficiency and effectiveness of the group's business operations.
After evaluating the business and financial performance of the target company, the board of directors believes that the target company does not meet the group's strategic objectives. The sale will reduce the risk of further financial losses
