In an announcement, Thomas Cook Group said it had sold off its Egypt and Lebanon business to Bahrain's Yusuf Bin Ahmed Kanoo. Thomas Cook said the sale of the business interest was purchased at GBP6.5 million or USD10.45 million in cash.
The travel agent would continue to service Egypt as a holiday destination. It said the two businesses generated an operating profit of GBP900,000 in the eleven month to end- August.
According to Thomas Cook Group CEO Harriet Green, "I am pleased to report further progress on our rapid transformation of Thomas Cook. This sale will enable us to focus more of our capital and resourtces on our core businesses, supporting the delivery of profitable growth."
Thomas Cook was saved through an emergency bail-out from its lenders in 2011 and is currently on a three year turnaround plan which cut back 2,500 jobs and shut down 195 underperforming outlets throughout Britain.
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