China`s Citic Capital builds 7.3% stake in Tourism Holdings
Chinese investment manager Citic Capital, which oversees US$21 billion of assets, has built up a 7.3% stake in Tourism Holdings, making it the motorhome operator`s second-biggest shareholder.
Auckland-based Tourism Holdings said in a statement to NZX it hasn`t had any contact with Citic or the entity holding the shares, HB Holdings, but will get in touch to acknowledge the stake. Milford Asset Management is the company`s biggest shareholder with an 11 per cent stake.
"THL has had discussions with a number of businesses in a number of countries with an interest in THL`s global strategy," chair Rob Campbell said. "We are confident in, and have no intention of altering, the strategy and look forward to updating shareholders today at the annual meeting."
Tourism Holdings is hosting shareholders at their annual meeting in Auckland today, where investors will vote to elect Cathy Quinn to the board, re-elect Graeme Wong and Grainne Troute, and sign off on increasing the director fee pool to USD 650,000 from USD 550,000.
In August, the company reported a 24 per cent gain in annual net profit to USD 30.2 million, eclipsing the upgraded guidance it had provided. At the time it projected 2018 profit to be between USD 36 million and USD 39 million and said it would go into greater detail at the AGM.
Citic built up the Tourism Holdings stake between September 11 and October 16, buying 8.7 million shares for USD 42.2 million at an average price of about USD 4.82 a share. It was issued a further 142,000 shares under the dividend reinvestment plan for an aggregate USD 680,000.
The shares rose 1.7 per cent to USD 4.89, having gained 30 per cent so far this year.
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