Mall of America

Published on Thursday, August 1, 2019

Thomas Cook shares boost as Turkish travel tycoon swoops in

Thomas Cook shares have shot up on the news that Turkish holiday tycoon Neset Kockar has bought a 6.71% stake in the business.

The company's shares rose from a lowly 4.47p to 5.56p yesterday when the news was announced to the London Stock Exchange.

They rose further this morning to around 7.1p as the City absorbed the news.

However, Thomas Cook's shares are still well below the 87.9p they were worth this time last year.

Kockar is founder and owner of the Anex Tourism group of companies which operates in Russia, Ukraine, Kazakhstan and Germany, and also as Orex Travel in the Czech Republic, Slovakia and Poland.

The group also operates 26 Boeing aircraft with three different airline companies in Russia, Ukraine, and Germany under the Azur Air brand.

In total, Anex Tour takes about three million holidaymakers a year to destinations in Europe, the Middle East, Asia and the Caribbean.

The company also has a number of hotels in Turkey as well as hotel investments in Cyprus, Egypt, Vietnam and Thailand.

Kockar's investment in Thomas Cook follows news last month of a major restructure of the group following a further £750 million cash injection from its biggest shareholder, Chinese investor Fosun.

Fosun, which also owns Club Med, intends to increase its 18% stake in Thomas Cook to become a majority stake holder in its tour operating arm and a minority shareholder in its airline, subject to regulatory approval.

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