TUI AG Additional Funding in TUI Russia&CIS Joint Venture (6978U)
April 08 2016 - 11:33AM
UK Regulatory
TIDMTUI
RNS Number : 6978U
TUI AG
08 April 2016
TUI Group
Additional Funding in TUI Russia & CIS Joint Venture
TUI Group announces that it has entered into arrangements to
provide new shareholder funding in TUI Russia & CIS, its joint
venture with SeverGroup. Both TUI Group and SeverGroup will provide
new shareholder loans in line with their equity participation
ratios, which are 25% and 75% respectively. TUI Group will provide
new investment of $1.5m (EUR1.3m). The funding is required in order
to update the company's programme in line with its development
plans and new market requirements.
SeverGroup is a private investment company wholly-owned and
controlled by Russian businessman, Alexey Mordashov, who, according
to his last voting rights notification, owns approximately 15% of
TUI Group and who is therefore considered to be a related
party.
This arrangement falls within Listing Rule 11.1.10R and a
sponsor's written confirmation has been obtained stating that the
arrangements are fair and reasonable as far as TUI Group's
shareholders are concerned.
Dated: 8 April 2016
This information is provided by RNS
The company news service from the London Stock Exchange
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April 08, 2016 11:33 ET (15:33 GMT)
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