In news from TUI in Russia, TUI Group announced last Friday announced having entered into an agreement to provide new shareholder funding in TUI Russia & CIS, via a 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 is to provide new investment of roughly $1.5 million US in order to update the company’s programs for new development and marketing.
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 as of Friday, according to this report.
Also in news from TUI Russia, for the upcoming period 24 December to 8 January 2017, the following destinations will see the greatest influx of Russian travelers; Bulgaria (ski resorts), Italy (ski resorts and excursion tours), Russia (ski resorts and excursion tours), and Andorra (ski resorts).