Travel operator TUI Group on Friday announced it entered into arrangements to provide new shareholder funding in TUI Russia & CIS, its joint venture with SeverGroup.
Both TUI and SeverGroup will provide new shareholder loans in line with their equity participation ratios, which are 25% and 75%, respectively. TUI will provide new investment of USD1.5 million.
TUI said 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 owned and controlled by Russian businessman Alexey Mordashov, who has a 15% stake in TUI.
Shares in TUI closed down 0.5% at 1,044.00 pence on Friday.
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