AGM of TUI AG paves way for planned capital increase
- All other agenda items also approved by large majority
At today's 64th Annual General Meeting, the shareholders of TUI AG laid the foundation for the planned capital increase. They voted by a large majority (98.11 per cent) in favor of the proposed reverse stock split at a ratio of 10 to 1. The Group aims to reduce its net debt and interest costs and significantly improve its balance sheet structure. At the end of last year, the TUI AG Executive Board already agreed with the Economic Stabilization Fund (WSF) on a model and timetable for repaying the Corona aid granted by the WSF.
In addition, the shareholders discharged the members of the Executive Board and the Supervisory Board for the 2022 financial year. All agenda items were approved by a large majority. Attendance including votes cast was 11.2 percent of the capital stock (previous year: 49.06 percent).
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About TUI Group
The TUI Group is one of the world's leading tourism groups and operates worldwide. The Group is headquartered in Germany. TUI shares are listed in the MDAX index of the Frankfurt Stock Exchange and in the regulated market of the Lower Saxony Stock Exchange in Hanover. TUI Group offers its 20 million customers integrated services from a single source and forms the entire tourism value chain under one roof. The Group owns over 400 hotels and resorts with premium brands such as RIU, TUI Blue and Robinson and 17 cruise ships, ranging from the MS Europa and MS Europa 2 in the luxury class and expedition ships in the HANSEATIC class to the Mein Schiff fleet of TUI Cruises and cruise ships operated by Marella Cruises in the UK. The Group also includes Europe's leading tour operator brands and online marketing platforms, for example for hotel-only or flight-only offers, 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 and cruises via successful joint ventures and activities in vacation destinations, TUI is increasingly focusing on the expansion of digital platforms. The Group is transforming itself into a global tourism platform company.
Global responsibility for sustainable economic, environmental and social action is at the heart of our corporate culture. With projects in 25 countries, 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. In this way, it supports the development of vacation destinations. The globally active TUI Care Foundation initiates projects that create new opportunities for the next generation.
