Kuoni Reisen Holding AG
Kuoni Travel Holding Ltd.: Kuoni expands its destination management activities in the UAE
Kuoni Reisen Holding AG / Key word(s): Acquisition 04.11.2010 07:01 Release of an ad hoc announcement pursuant to Art. 72 KR --------------------------------------------------------------------------- Kuoni has acquired the two United Arab Emirates-based companies Gulf Dunes LLC and Reem Tours and Travel LLC. Gulf Dunes is one of the region's market leaders in the MICE field, while Reem Tours and Travel is a destination management company with a strong customer base in South America. The acquisitions mark a further expansion of Kuoni's activities in the Gulf region, especially in the MICE sector. The Kuoni Group is already home to Desert Adventures Tourism, one of the UAE's leading destination management companies, which was acquired in 2008. --------------------------------------------------------------------------- Information and Explaination of the Issuer to this News: The sale agreements covering the acquisition of Gulf Dunes and Reem Tours and Travel were formally signed yesterday. The transactions will be concluded in the next few weeks. Kuoni is acquiring the companies in full, in collaboration with a local partner. Gulf Dunes was founded in Dubai in 1995, and generated turnover of CHF 8.6 million in the 2009/10 business year (In the business year prior to the recent global economic crisis, total annual turnover amounted to CHF 19.3 million). All 31 Gulf Dunes employees will be retained, as will the Gulf Dunes brand. The company will also remain under the management of its previous owner. Gulf Dunes is one of the leading organisers and providers of meeting, incentive, congress and event (MICE) services in the region. It also maintains a branch operation in Muscat (Oman). Reem Tours and Travel was established in 2003 and currently employs 12 personnel, who will all be retained. The company generated turnover of CHF 6.8 million in the 2009/10 business year (and CHF 7.1 million the previous year). The parties agreed not to divulge the purchase prices involved. Both companies will be incorporated into the Kuoni Group's Destination Management Arabia/Africa organisation, and their managing directors will report to Yasser Noman, CEO Middle East & Africa. 'In making these two acquisitions, we are not only strengthening our existing destination management activities in the Gulf region; we are also making Kuoni one of the leading providers of MICE services in the Middle East, with all the potential that this market segment offers,' says Peter Rothwell, CEO of the Kuoni Group. LAURENCE BIENZ Head of Investor Relations Kuoni Travel Holding Ltd. Neue Hard 7 CH-8010 Zurich Phone +41 (0)44 277 4529 laurence.bienz@kuoni.com 04.11.2010 News transmitted by EquityStory AG. The issuer is responsible for the contents of the release. EquityStory publishes regulatory releases, media releases on the capital market and press releases. The EquityStory Group distributes authentic and real-time financial news for over 1'300 listed companies. The Swiss news archive can be found at www.equitystory.ch/news --------------------------------------------------------------------------- Language: English Company: Kuoni Reisen Holding AG Neue Hard 7 8010 Zürich Schweiz Phone: +41 44 277 4529 Fax: +41 44 277 4031 E-mail: laurence.bienz@kuoni.com Internet: www.kuoni-group.com ISIN: CH0003504856 Swiss Security Number: 894861 Listed: Freiverkehr in Berlin, Stuttgart; Open Market in Frankfurt; Foreign Exchange(s) SIX End of Announcement EquityStory News-Service ---------------------------------------------------------------------------
Aktuelle News
Aktuelle Berichte
Keine Berichte gefunden
Anstehende Events
Keine Events gefunden