Hanover, 18 March 2022

TUI AG receives information about the owner of its shareholder Unifirm

Marina Mordashova named as controlling shareholder of Ondero Limited / Authority initiates investigation – voting rights of Unifirm Limited blocked

TUI has been informed about the ownership of Ondero Limited in a new mandatory regulatory notification. Ondero Limited is the majority shareholder of Unfirm Limited, which holds 29.9% of the shares in TUI AG. According to the current notification to TUI and to BaFin, Ms. Marina Mordashova is the controlling shareholder of Ondero Limited.

Already on 4 March 2022, TUI AG had published that Mr. Alexey Mordashov had informed the company about changes in the ownership structure of TUI shareholder Unifirm Limited, which has an impact on the shareholder structure of TUI AG:

  • He had informed that Unifirm had transferred 4.1% of its shares in TUI AG to Severgroup. Severgroup is controlled by Mr. Alexey Mordashov. Therefore, these shares are attributed to him. Due to the EU sanctions, Mr. Mordashov has no access to these shares as well as the voting rights and cannot derive any economic benefit from them.
  • It was also disclosed that his shareholdings KN-Holding LLC and Rayglow Limited sold their shares held in Unifirm Limited to Ondero Limited on February 28, 2022. Ondero Limited holds 29.9% of the shares in TUI via Unifirm Limited.

At the time of publication of that mandatory announcement, TUI AG was not notified of any controlling shareholders of Ondero Limited. In the new notification corrected by Ondero, the company is informed that Ms. Marina Mordashova was already the controlling shareholder of Ondero Limited at the time of the transfer of the shares on 28 February 2022.

The German Federal Ministry of Economy and Climate Protection also informed TUI on Thursday that it has initiated an investigation procedure under the Foreign Trade and Payments Act against Ondero Limited regarding the effectiveness of the notified transaction. TUI was informed that until the conclusion of these proceedings the transaction is pendingly invalid and the voting rights of Unifirm Limited may not be exercised.

About TUI Group

TUI Group is a leading global tourism group and operates worldwide. The Group is headquartered in Germany. TUI shares are listed on the FTSE 250, an index of the London Stock Exchange, on the regulated market of the Hanover Stock Exchange and on the Open Market segment of the Frankfurt Stock Exchange. The TUI Group offers integrated services from a single source for its 21 million customers.

The entire tourism value chain is covered under one roof. This includes over 400 hotels and resorts with premium brands such as RIU, TUI Blue and Robinson and 16 cruise ships, from the MS Europa and the MS Europa 2 in the luxury class and expedition ships to the Mein Schiff fleet of TUI Cruises and cruise ships at Marella Cruises in Great Britain. The Group also includes leading tour operator brands and online marketing platforms across Europe, five airlines with more than 130 modern medium and long-haul aircraft and around 1,200 travel agencies. In addition to expanding its core business with hotels, cruises via successful joint ventures and activities in holiday destinations, TUI is increasingly focusing on the expansion of digital platforms. The Group is transforming itself into a digital company.

Global responsibility for sustainable economic, ecological and social action is at the core of our corporate culture. The TUI Care Foundation, initiated by TUI, focuses on the positive effects of tourism, on education and training and on strengthening environmental and social standards with projects in 25 countries. It thus supports holiday destinations in their development.