Thomas Cook shares up 1%; subsidiary buys 50% in 500 FT SPV

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Thomas Cook India shares rose more than 1 percent in early trade on July 13 after its step-down subsidiary acquired a 50 percent stake in 500 FT SPV Limited, a UAE-based company.

At 9:44, Thomas Cook India was trading at Rs 77 apiece, up 1.5 percent from the previous day's close on the National Stock Exchange. In the last year, the stock has gained 22 percent.

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DEI Holdings Limited (DEI), a 51 percent step-down subsidiary of the company in UAE, has invested in "500 FT SPV Limited," a company incorporated in the United Arab Emirates (UAE). Post the investment, DEI owns 50 percent stake in the company, Thomas Cook India informed the stock exchanges in a regulatory filing on July 12.

The travel services company in early July said it has re-designated and appointed Mahesh Iyer as managing director and chief executive officer. Furthermore, the company has redesignated and appointed Madhavan Menon as executive chairman as a whole-time director from his earlier designation as chairman and managing director.

In May, Desert Adventures Tourism, a wholly-owned subsidiary of Thomas Cook India, and GCC-based travel conglomerate Kanoo Travel signed an agreement to establish a joint venture in Saudi Arabia.

The company said that the collaboration will bring together two travel trade organisations in the Middle East, aiming to create the most comprehensive destination services company in the region.

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