Distribution of company announcements to the professional platforms, finance portals and syndication of important corporate news to a wide variety of news aggregators and financial news systems.
Kuoni Travel Kuoni is pressing ahead with its acquisition strategy. With effect from 1 July 2008, Kuoni Travel Holding Ltd is to acquire together with a local partner an 80% stake in Dubai-based Desert Adventures Tourism. The remaining 20% is being retained by the current managing director. Desert Adventures Tourism is active in destination management in four countries in the region: the United Arab Emirates, Oman, Qatar and Bahrain. With this acquisition, Kuoni continues to build up its position in this important tourism region.
Desert Adventures Tourism was founded in 1997 in Dubai. The company expects to post sales of around CHF 100 million for the 2007/08 financial year, which ends on 30 June. The company's 150 staff will keep their jobs and the existing management team will continue to have responsibility for the company's positive development. The parties have agreed not to divulge the purchase price. Within the Kuoni Group, Desert Adventures Tourism will be integrated into the Strategic Business Division Destinations, though the brand name is being retained.
Desert Adventures Tourism is one of the leading providers of destination management services in the United Arab Emirates and Oman. The company is also active in Qatar and Bahrain. Desert Adventures Tourism offers local services for both leisure and business travel. "Desert Adventures Tourism has achieved significant growth over the last financial year, and together with the employees and existing management we intend to accelerate this growth still further," said Rolf Schafroth, Kuoni Group's Head of Strategic Business Division Destinations, at a press conference in Dubai.
This acquisition significantly expands Kuoni's presence in this important tourism region. Kuoni Destination Management opened its first sales office in Dubai in 2001. Then in 2006 it built up its own destination management company. These activities are now being merged with Desert Adventures Tourism.
"With its high quality services, Desert Adventures Tourism fits perfectly with our growth strategy," commented Max E. Katz, CFO and Speaker of the Group Executive Board.
For full documents see attached links.
___________________________________________________ Laurence Bienz Head of Investor Relations Kuoni Travel Holding Ltd. T +41 (0)44 277 45 29 laurence.bienz@kuoni.com
