Zhonghong Holdings will raise its stake in Asiatravel.com Holdings Ltd by purchasing 40 million additional shares. The share price is S$0.25 and the total price of the purchase will be S$10 million (equivalent to 48.15 million RMB). After the transaction is completed Zhonghong Holdings will hold 11.41% of Asiatravel’s shares.
Asiatravel was established in 1999 and is headquarters are in Singapore. It operates in 17 countries and regions in South East Asia. It incorporates an online platform to provide booking services for tickets, hotel, and sightseeing. It also has an online platform for a comprehensive travel management service.
Zhonghong Holdings has announced that after this share purchase they will leverage their experience gained in operating both an online and offline travel platform and combine with their expertise in developing tourism real estate to accelerate the implementation of their own online operations.(Translation by David)
