Chinese firm planning takeover of online travel agency Asiatravel
Shares of hotel and flight booking site Asiatravel.com jumped by as much as 22% on news a takeover is imminent by Shenzhen-listed ZhongHong Holding.
Asiatravel issued a statement confirming the news, but said it is not a done deal yet.
"Certain substantial shareholders of the company have entered into a memorandum of understanding with ZhongHong in relation to ZhongHong’s intention to make a conditional general cash offer for all the issued and paid-up ordinary shares in the company," the statement said.
"There is no certainty that the proposed offer will be successful or will result in any transaction or definitive agreement," the company said in a filing to the Singapore stock exchange.
ZhongHong already has a 11.4% shareholding in Asiatravel and the offer to other major shareholders would boost this by an additional 51%.
The move comes just weeks after Singapore based Asiatravel announced its intention to expand into the China market.
The OTA lists about 200,000 hotels and fares from 500 airlines on its websites and has offices in several locations throughout Asia, the UAE and Germany.
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Phocuswright reveals the world's largest travel markets in volume in 2025
Higher departure tax and visa cost, e-arrival card: Japan unleashes the fiscal weapon against tourists
Cyclone in Sri Lanka had limited effect on tourism in contrary to media reports
Singapore to forbid entry to undesirable travelers with new no-boarding directive
Euromonitor International unveils world’s top 100 city destinations for 2025