Thomas Cook UK acquires 54% stake in TCIL

Written by Agencies | Mumbai, March 31: | Updated: Mar 31 2008, 21:00pm hrs
Travel services firm Thomas Cook India on Monday said two of its promoters Dubai Financial Group and TCIM have exited its board and a 54.42 per cent stake has been acquired in the company by its new promoter Thomas Cook UK.

According to a stock exchange filing in Mumbai, Thomas Cook UK has acquired 100 per cent shareholding of Thomas Cook International Markets (TCIM), following which it has gained control of 54.42 per cent in the Indian company.

As on December 2007, TCIM held 54.42 per cent stake in Thomas Cook India, while Dubai Financial Group owned 7.36 per cent as the two promoters of the company.

An open offer is currently in progress for acquiring up to 74.9 per cent stake in Thomas Cook India by Thomas Cook UK. The company also said three of its directors representing Dubai Financial Group Sayanta Basu, Jacqueline Asher and Abdul Hakeem Kamkar have resigned from the board. Besides, Mahendra Doshi, Independent Non-Executive Director, TCIL has also stepped down from the board.

These directors have been replaced by three representatives of Thomas Cook UK and one of Thomas Cook Group plc (UK).

The new directors include Thomas Cook Group CEO Manny Fontenia-Novoa and Thomas Cook UK's Chief Financial Officer Jorgen Boser, Legal Executive Director Michael Hallisey and Finance Integration Director Roland Zeh.

A decision to this effect was taken at a board meeting on March 30 and the four are joining the board as additional Directors with effect from Monday.

No further change in the board was announced, with Udayan Bose continuing as Chairman and Madhavan Menon as Managing Director, the company said.

Earlier on March 7, Thomas Cook UK had announced it would acquire up to 74.9 per cent in TCIL and 100 per cent of Thomas Cook branded businesses in Egypt, as well as the licences for the Thomas Cook brand in a total of 15 Middle East countries.

Accordingly, a share sale and purchase agreement was reached between Thomas Cook UK, Dubai Financial Group and TCIM.

Pursuant to that announcement, Thomas Cook UK made a public announcement on March 8, to acquire up to a further 20.4 per cent of the voting capital of TCIL.

Shares of Thomas Cook India closed at Rs 96.65, down 0.21 per cent in the afternoon trade on the BSE.