Thomas Cook Sells S. African Holding
JOHANNESBURG, South Africa — The British travel firm Thomas Cook said on Monday that it is selling its stake in Thomas Cook Rennies Travel Ltd., a South African associate firm.
A company statement identified the buyer as Safmarine and Rennies Holdings Ltd., a locally owned shipping and leisure group. It did not disclose terms of the sale.
Thomas Cook, a subsidiary of Midland Bank PLC, said that it intended to withdraw from South Africa.
John Williamson, managing director of the South African associate, said the sale of the British parent’s 29% holding was expected to be completed by July 1.
Williamson said the disinvestment did not appear to be motivated by political factors.
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