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4 months ago
BRIEF-Flight Centre Travel outlines plans to create a new global business
March 31, 2017 / 9:46 AM / 4 months ago

BRIEF-Flight Centre Travel outlines plans to create a new global business

2 Min Read

March 31 (Reuters) - Flight Centre Travel Group Ltd

* outlined plans to create a new global business that will provide in-destination services to travellers.

* plans, which are being implemented in conjunction with Vietnam's Thien Minh will see companies create a larger asia-based destination management company

* plans to create destination management company (dmc) by combining TMG's Buffalo Tours business in Vietnam with smaller joint venture DMC businesses

* services provided by dmc will include transfers, excursions and day-trips, arrangements for meetings and incentive groups

* new asia dmc is expected to turnover about $us70 million and generate in order of $us5mln in earnings before interest and tax during 2017 calendar year

* Tmg transfer Vietnam business into JV

* FLT increase its holding from 49% of current jv to 58.5% of new business

* plans,with Vietnam's Thien Minh , will see cos acquire or launch similar businesses in other regions in short to medium-term to create a world-wide dmc network

* agreements are in place for flt to increase its holding further in 2018

* agreements are in place for TMG to invest in global DMC offering that companies plan to create in short to medium term Source text for Eikon: Further company coverage:

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