7th Oct 2013 06:58
LONDON (Alliance News) - Thomas Cook Group PLC Monday said it has sold its Egyptian and Lebanese businesses to Yusuf Bin Ahmed Kanoo Co WLL of Bahrain for GBP6.5 million in cash, part of a continuing restructuring process the travel operator is conducting to focus on its main operations and pay down debt.
It said it expects to incur an exceptional non-cash loss on the sale of GBP19.5 million, principally due to the write off of goodwill.
The company's Egyptian and Lebanese businesses offer outbound corporate and leisure travel to Egyptian and Lebanese customers, as well as foreign exchange services in both countries. It will continue offering holidays in Egypt to customers outside that country.
"I am pleased to report further progress on our rapid transformation of Thomas Cook. This sale will enable us to focus more of our capital and resources on our core businesses, supporting the delivery of profitable growth," Thomas Cook Chief Executive Harriet Green said in a statement.
By Steve McGrath; [email protected]; @SteveMcGrath1
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