8 Feb 2012 07:00
Thomas Cook Group plc
Thomas Cook Group starts Thomas Cook India formal sale process
8 February 2012
Thomas Cook Group plc ("Thomas Cook") today announces that it is launching a formal sale process for its 77.1 per cent shareholding in Thomas Cook (India) Limited ("TCIL").
Thomas Cook has received a number of unsolicited informal expressions of interest from third parties to acquire its stake in TCIL and, as a result, has decided to formalise the process.
TCIL is the largest integrated foreign exchange and travel services company in India. Its services include foreign exchange, outbound and inbound leisure travel, corporate travel and insurance. TCIL is listed on the Bombay and National Stock Exchanges of India.
Sam Weihagen, Chief Executive of Thomas Cook, commented: "Following a number of unsolicited informal expressions of interest, we have decided to seek formal offers for our stake in Thomas Cook India. If the offers are attractive then we will consider selling our stake and using the proceeds to continue to strengthen the Group's balance sheet.
TCIL is a strong business operating in an attractive market. Both the business and the market are growing and Thomas Cook will only sell its stake if a compelling offer is received."
Notes to Editors
TCIL
TCIL has a heritage in India dating back 130 years to 1881. It has major market positions in both foreign exchange and travel.
TCIL operates in 70 Indian cities across 153 owned locations. It employs over 2,700 staff and is supported by a strong partner network of 110 Gold Circle Partners and 184 Preferred Sales Agents in over 100 cities throughout India. TCIL also has overseas operations in Mauritius and Sri Lanka.
TCIL is rated as A1+ for short-term debt and AA- for long-term debt by CRISIL, the Indian subsidiary of Standard and Poor's.
Awarded 'Best Company Providing Foreign Exchange' at the CNBC AWAAZ Travel Award 2011 and 'Most Preferred Foreign Exchange Company' by Indian Hospitality Excellence Awards 2010. Also awarded 'Most Trusted Tour Operator' at the Times Travel Honours Awards 2011 and 'Best Inbound Operator' at the Travel Agents Association of India Travel Awards 2011.
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Faeth Birch