BRIEF: Fosun Tourism sells Thomas Cook for 30 million pounds

Resort operator Fosun Tourism Group (1992.HK) announced on Wednesdayit is selling Thomas Cook, its British-based online travel agency, for up to 30 million pounds ($39.45 million), and expects to make a profit of 7.7 million pounds from the sale. It said the transaction is subject to approval by Britain’s Civil Aviation Authority.

Fosun Tourism said Thomas Cook’s main business as a British online travel agency is inconsistent with its own core competitiveness and strategic focus. The owner of the Club Med resort chain added the sale will not only reduce its risk of financial loss, but also allow it to concentrate its resources on improving the operating efficiency of its main business.

By Lau Chi Hang

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