Chiaty ups stake in German travel group
Cairo, May 12, 2009
Egyptian tourism investor Hamed El Chiaty, chairman and CEO of Travco Group, has increased his stake in TUI AG, the leading German-based European travel conglomerate, to 3.01 per cent.
El Chiaty’s stake in TUI AG, has now exceeded the threshold of 3 per cent of voting rights and at that time amounts to 3.01 per cent corresponding to 7,572,440 voting rights of which 2,514,440 voting rights are held by El Chiaty.
TUI chief executive Dr. Michael Frenzel said “This investment in our company is proof of the faith in TUI’s growth prospects. We have gained El Chiaty as a shareholder who has been associated with our company for many years”.
The longstanding relationship dates to 1994, since then the Travel Company, Travco, has been jointly owned with TUI AG.
El Chiaty is the founder and chairman of Travco Group, the Middle East’s leading leisure Group.
Additionally, in 2006 El Chiaty was named Tourism Pioneer by the Egyptian Ministry of Tourism for his role in developing tourism in Egypt particularly for his efforts in promoting tourism to Egypt’s North Coast with his Mega Resort complex, Almaza Bay.
Following a presidential decree, El Chiaty was appointed by the Ministry of Tourism as a member of Egypt’s Supreme Council of Tourism.-TradeArabia News Service