This does not affect the arrival of tourists to the south of Gran Canaria but it is a message to sailors. TUI AG has confirmed that it plans to refocus its strategic financial interests in the UK from June. The leading tour operator in the Canary Islands said it will hold its annual general meeting on February 13 with a resolution to withdraw from the London Stock Exchange. He plans to delist on June 24. The exclusion resolution requires at least 75% of the votes in favor at the meeting.
In December, TUI said it was considering delisting from the London Stock Exchange and moving to a "Prime Standard" listing in Frankfurt with inclusion in the MDAX index. At the time it said: "The potential advantages of simplifying listing structures and listing on the MDAX are centralization of liquidity, providing a clearer investment profile under a single listing, potential benefits for airline ownership and control requirements, potentially improving TUI's capital profile with an expected prominent position in the MDAX50 and creating efficiencies as well as reducing costs."
Europe's biggest tour operator has dealt a fresh blow to the shrinking London stock market after recommending to shareholders that it cancel its UK listing next month. The Anglo-German travel group, which posted revenue of €20.700 billion in 2023 and is listed in both London and Frankfurt at a valuation of €3.500 billion, said on Thursday that, following pressure from investors, it had decided that its listing in Great Britain was no longer viable.
TUI's largest individual shareholder, with a stake of almost 11 percent, is Alexei Mordashov, a Russian steel magnate. Mordashov was hit by EU and UK sanctions over Russia's invasion of Ukraine and does not have access to his investment, so he would not be able to participate in any shareholder votes. TUI expects 2024 to be a year of strong growth. Reporting its 2023 results last month, the company said it expects revenue to rise 10 percent in the coming year, with consumer travel demand to remain resilient despite the cost-of-living crisis and the increase in the cost of credit.
