HANOVER (dpa-AFX) - TUI Group (TUIFF.PK) said its Executive Board and Supervisory Board have resolved to launch a capital increase against cash contributions excluding shareholders' subscription rights. The Group said the proceeds from the capital increase and existing cash resources will be used to repay in full the government Silent Participation II of 671 million euros from the German government. TUI plans to issue up to 162,291,441 new shares corresponding to approximately up to 10 percent of TUI AG's share capital. Also, the Group will also reduce the outstanding KfW credit lines by 336 million euros to 2.1 billion euros.
Fritz Joussen, CEO of TUI Group, said: 'We are in stable waters, the market is intact, and we expect a strong summer of travel and a good fiscal year. For the current full year 2022, we therefore expect to return to significantly positive earnings.'
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