Tourism: Oman becomes a Tui shareholder

Oman will become a shareholder in Europe's largest travel group, TUI . The group announced this yesterday. The Middle Eastern country will accompany TUI in the future as a "strategic shareholder". The shareholding comes about because the state and the group are founding a new joint company in Oman. Tui will own 45 percent of the company, and Oman will also own the same, with both sides investing around 150 million euros each. A further 10 percent will be contributed by a private investor. The new company will serve as a joint venture for the construction of five hotels with Tui Group brands. In return for Tui's share in the new company, Oman will receive shares in Tui AG, for which the group will issue a total of 7.4 million new shares; ultimately, Oman will hold around 1.4 percent of Tui AG. The existing shareholders had already approved the issue of new shares at the last annual general meeting.