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TUI Group lowers stake in Russian business

Reuters - UK Focus

LONDON, Oct (HKSE: 3366-OL.HK - news) 23 (Reuters) - TUI Group, the world's largest leisure tourism company, said it would reduce its stake in a Russian joint venture with SeverGroup to reflect the challenging trading environment for tour operators in Russia and Ukraine.

The company said the decision was "prudent" as it entered the off-peak winter period and that it plans to reduce its stake in the Russian operation from 49 percent to 25 percent.

SeverGroup, which is wholly owned and controlled by Russian businessman Alexey Mordashov, will increase its stake to 75 percent.

TUI Group, in which Mordashov holds a 13 percent stake, said that it would, however, provide new equity investment of around $3 million in the Russian business. (Reporting by Li-mei Hoang; Editing by David Goodman)