Mar 22: Mumbai-based Cox& Kings Ltd (C&K), a leading tour operator in India, on Thursday said that its 100% subsidiary Prometheon Enterprises Ltd (PEL) has sold 11.58% stake in Prometheon Holdings (UK) Ltd (PHUK) to an investee company of SSG Capital Management.
According to the company, PEL earlier held 65.58% of PHUK, which houses the education and hybrid hotels businesses. Post stake sale, Cox & Kings will hold 54% of PHUK through PEL while SSG Capital will hold 46%. In November 2017, SSG Capital had bought The Rohatyn Group’s (TRG) entire stake of 34.42% in PHUK.
Commenting on the development, Peter Kerkar, Group CEO, Cox & Kings Ltd, said, “in continuation with our efforts to unlock value across businesses we have divested 11.58% stake in PHUK to SSG Capital. We consider SSG as a strong partner and look forward to leveraging their position and working together to enhance value of education and hybrid hotels businesses.”
Headquartered in Mumbai, Cox and Kings Ltd is engaged in providing travel management solutions. Its services include destination management, outbound tourism, business travel, insurance and conference solutions. The firm also offers domestic holidays, trade fairs, and foreign exchange.