DJ TUI AG: TUI Group - Related Party Transaction - Disposal of 10% minority holding in Togebi Holdings Ltd 'TUI Russia' to KN-Holding LLC
TUI AG (TUI) TUI AG: TUI Group - Related Party Transaction - Disposal of 10% minority holding in Togebi Holdings Ltd 'TUI Russia' to KN-Holding LLC 26-March-2021 / 17:06 CET/CEST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. =---------------------------------------------------------------------------------------------------------------------- Hannover, 26.03.2021. TUI Group announces it has completed an agreement to dispose of its remaining 10% shareholding in TUI Russia, to KN-Holding, the existing 90% shareholder of TUI Russia. The disposal has been agreed for an off-set value of USDUSD11.9m, with TUI receiving a cash benefit from the repayment of a proportion of outstanding loans on closing of the agreement. Going forward, TUI Russia intends to pursue a standalone digital transformation strategy and the TUI brand will continue to be used under a brand license agreement. KN-Holdings LLC is wholly owned and controlled by Kirill and Nikita Mordashov and is the majority owner of Unifirm Ltd. Unifirm Ltd, according to its latest voting rights notification, owns approximately 30.1% of TUI Group and KN-Holding is therefore considered to be a related party. The agreement falls within the FCA Listing Rules 11.1.10R and a sponsor's written confirmation has been obtained stating that the agreement is fair and reasonable as far as TUI Group's shareholders are concerned. ANALYST & INVESTOR ENQUIRIES Mathias Kiep, Group Director Investor Relations Tel: +44 (0)1293 645 925/ and Corporate Finance +49 (0)511 566 1425 Nicola Gehrt, Director, Head of Group Investor Relations Tel: +49 (0)511 566 1435 Contacts for Analysts and Investors in UK, Ireland and Americas Hazel Chung, Senior Investor Relations Manager Tel: +44 (0)1293 645 823 Contacts for Analysts and Investors in Continental Europe, Middle East and Asia Ina Klose, Senior Investor Relations Manager Tel: +49 (0)511 566 1318 Media Kuzey Alexander Esener, Head of Media Relations, Group Communications Tel: +49 (0)511 566 6024 Media Kuzey Alexander Esener, Head of Media Relations Tel: +49 (0)511 566 6024 ----------------------------------------------------------------------------------------------------------------------- ISIN: DE000TUAG000 Category Code: MSCL TIDM: TUI LEI Code: 529900SL2WSPV293B552 OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State Sequence No.: 96427 EQS News ID: 1179045 End of Announcement EQS News Service =------------------------------------------------------------------------------------
(END) Dow Jones Newswires
March 26, 2021 12:06 ET (16:06 GMT)
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