Business
Egyptian tycoon,Samih Sawiris, to buy stake in German travel group, FTI
Tuesday, March 4, 2014
Egyptian billionaire Samih Sawiris is taking between 25 percent to 35 percent stake in FTI, Germany’s fourth-biggest tour operator, the two parties said on Monday. In a statement, Sawiris said, “We aim for cooperation with an eye to the long run.” FTI’s founder and chief will keep a majority of shares in the company, which competes with Europe’s biggest travel firm, TUI.
FTI, which has about 3,500 employees and posted sales of 2.1 billion euros last year, said it had been agreed not to say how much Sawiris was paying for the stake. Sawiris, a member of Egypt’s richest family, runs Orascom Development Holding (ODH) which operates tourist resorts and real estate projects in Egypt and Europe.
Source: The Africa Report