Thomas Cook Subsidiary Formalizes 100% Direct Ownership in Jordan Step-down Entity
Thomas Cook's subsidiary formalized 100% direct ownership in its Jordan step-down entity, Desert Adventures Tourism Company, following relaxed local laws, with no consideration involved.
The announcement pertains to a formalization of existing beneficial ownership in a step-down subsidiary, rather than a new acquisition or a major strategic shift. The direct financial impact on the parent company's core operations is expected to be low.
The formalization of 100% direct shareholding in the Jordan step-down subsidiary simplifies the ownership structure, which is positive. However, the subsidiary's turnover significantly decreased in FY2024 compared to previous years, which is a concern.
* Thomas Cook (India) Limited's subsidiary, Travel Circle International (Mauritius) Limited, has reported a change in the shareholding structure of its step-down subsidiary, Desert Adventures Tourism Company, Jordan. * Desert Adventures Tourism Company, incorporated in Jordan on September 16, 2010, is engaged in organizing leisure and individual business tours. Its authorized and paid-up capital is JD 100,000 each. * The company's turnover for FY 2024 was JD 218,523, a significant decrease from JD 950,091 in FY 2023 and JD 812,698 in FY 2022. * Previously, Desert Adventures Tourism LLC (Dubai), another step-down subsidiary, beneficially controlled 100% of the Jordan entity through a 50% direct stake and a 50% nominee stake, in accordance with then-prevailing Jordanian law. * With recent relaxations in Jordanian law allowing 100% foreign shareholding, the local nominee shareholder transferred their 50% stake to Desert Adventures Tourism LLC (Dubai). * This transfer means Desert Adventures Tourism LLC (Dubai) now holds a 100% direct stake in Desert Adventures Tourism Company, Jordan, formalizing the beneficial ownership. * The transaction did not involve any consideration as the shares were transferred from a nominee to the beneficial owner. * This is not considered a related party transaction for Thomas Cook (India) Limited, and all necessary local approvals from Jordanian Authorities were obtained, with no Indian regulatory approvals required.
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Thomas Cook (India) Limited filed this with the NSE as a statutory disclosure, categorised under other corporate actions. It is a primary document, not a recommendation, and the desk marks it low impact, the band that almost never moves a portfolio on its own.
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See the model portfoliosA plain-language summary of a public exchange filing by Thomas Cook (India) Limited. Read the original for the full detail.