Bloomberg said that Egyptian billionaire Samih Sawiris acquired two-thirds of the European tourism company "FTI".
The founder of Orascom Development Holding, raised his stake in FTI, the third largest tourism company in Europe to 75% after having acquired only 33%.
This move provided huge capital for the German company to help it overcome the liquidity crisis due to travel closures amid the spread of coronavirus (COVID-19).
According to the company’s statement, Dietmar Jones, the founding partner, said that this financing package for the coronavirus crisis “would not have been realized” without the commitment of the financial partner and shareholders. Myself in the most important sectors of the travel industry. “
FTI Co-founder Dietmar Jones said this financing package for the coronavirus crisis 'could not have been realize without the commitment of the financial partners and shareholders'.
Jones added that Sawiris is not planning to change the management team. "The long collaboration between partners and executives works very well, and in this sense, I will continue to lead the company as CEO," he pointed out.
FTI had declared a state of emergency due to travel restrictions and had to return 65,000 vacationers, stopped all flights temporarily, and asked the state for assistance.
The tourism company said in a statement that a financial package will help it overcome this difficult stage, as the government, the state of Bavaria and its shareholders will participate in securing the financing for a year.
The 63 years old billionaire is already a key figure in the German tourism market. He is active in seven countries, including Egypt, Montenegro and Oman in addition to Switzerland. Sawiris is also a major shareholder in the Raiffeisen Touristik Group.
Last year, the company generated about $4.6 billion in revenue, and is a major customer of German airline Condor.
It is noteworthy that Sawiris acquired the Thomas Cook franchise in Germany through his Raiffeisen Touristik (RT) Group.
Follow the latest news on Google News
