Club Med owner Fosun gets approved to spin off tourism unit
The company will issue a further announcement when its travel subsidiary FTC files a listing application with the Hong Kong Stock Exchange for separate listing.
Hong Kong-listed Fosun International, a Chinese conglomerate and investment giant, has made a voluntary announcement on July 4 regarding its application for the proposed spin-off and separate listing of Fosun Tourism and Culture Group (FTC Group), a wholly-owned subsidiary of the company.
The FTC Group is a family-focused integrated tourism group globally that provides customers with one-stop tourism and leisure lifestyle experiences. It is primarily engaged in the development, management and operation of premium leisure hotels, resorts and tourism destinations, and the provision of travel products, entertainment, and other tourism and culture-related services.
The FTC Group currently includes resort operation of Club Med SAS, development and operation of Sanya Atlantis and other tourism destinations and tourism-related culture, performing arts, entertainment and travel products and related services.
The board announced that the company has received the approval of the PN15 Application from the Hong Kong Stock Exchange on July 4, 2018 that it may proceed with the proposed spin-off.
The company will issue a further announcement as and when FTC files a listing application with the Hong Kong Stock Exchange for the proposed separate listing.
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