Thomas Cook sells units to Bahrain firm
Manama, October 14, 2013
Thomas Cook Group has sold its Egypt and Lebanon businesses to Bahraini firm Yusuf Bin Ahmed Kanoo for $10.3 million.
According to a statement on the Thomas Cook Investor Site, the transaction will be effected through the sale of Thomas Cook Overseas, a UK company which trades in Egypt through its Thomas Cook Egypt branch and Thomas Cook Lebanon SAL, a Lebanese company, said a report in the Gulf Daily News (GDN), our sister publication.
Thomas Cook Egypt and Thomas Cook Lebanon offer outbound corporate and leisure travel to Egyptian and Lebanese customers, as well as foreign exchange services in Egypt and Lebanon.
The businesses being divested generated an operating profit of $1.4 million in the 11 months which ended on August 31.
Thomas Cook Group expects to incur an exceptional non-cash loss on sale of $31 million, principally due to the write-off of goodwill.
The loss will be provided for in the year ended on September 30.
Thomas Cook Group will continue to offer its customers from other markets travel services to Egypt.
"I am pleased to report further progress on our rapid transformation of Thomas Cook," Thomas Cook Group chief executive Harriet Green said.
"This sale will enable us to focus more of our capital and resources on our core businesses, supporting the delivery of profitable growth."
The transaction does not impact Thomas Cook Group's outbound programme for European customers who wish to travel to Egypt. - TradeArabia News Service
More Travel, Tourism & Hospitality Stories
- Etihad to fly three times a day to Moscow
- Etihad Regional to lease 4 ATR aircraft
- Etihad soars high with record $6.1bn revenue
- Plaza opens lounges at Bengaluru
- Mövenpick opens organic hotel in Egypt
- Abu Dhabi to expand trade engagement programme
- WTO in deal to promote adventure travel
- Iata cuts global airline profit forecast to $18.7bn
- Gulf Hotels plans $132m waterfront property in Dubai
- Yas Island targets German tourist trade
- Sharq Doha unveils Al Dana Garden
- Beacon technology 'ideal' to aviation industry
- Emergency drill to take place at Amman airport
- JA Resorts to launch high-end resort In Maldives
- $5.3bn hotel projects coming up in Saudi
- Hilton appoints new GM for Alexandria hotel
- Air Arabia opens new sales office in Bahrain
- Lufthansa aims high with 'First Class' service
- Emirates launches new service to Boston
- Dubai Airports 'powers down' for green initiative
- City Seasons opens 5-star hotel in Abu Dhabi
- Etihad alert on fog
- Bahrain F1 visa procedures issued
- Oman Air appoints GSA for Turkey
- $40bn investment in Gulf airports likely
- Celebrity chef to open restaurant at InterContinental
- FRHI appoints wellness vice president
- Dubai, Abu Dhabi hotels top performance
- Malaysia Airlines jet presumed crashed, 239 onboard
- BA rolls out special Mother's Day fares