The German Bundeskartellamt has approved Samih Sawiris' majority shareholding in the FTI GROUP. Following the capital increase the Egyptian investor is thus paving the way for the tour operator's secure future. The management remains unchanged.
Munich, 16 April 2020 – Securing the future for the FTI GROUP: Samih Sawiris and the FTI GROUP confirm the transfer of the majority share in the travel group to the Egyptian entrepreneur. Following the confirmation of the German Federal Cartel Office, the investor holds 75.1 percent of the parent company FTI Finanzholding GmbH. He had joined the FTI GROUP in October 2014 and to date held 33.66 percent of the tourism company. The main shareholders were FTI GROUP founder and Managing Director Dietmar Gunz and Roula Jouny, CEO of Meeting Point Hotels & DMCs.
The majority shift in favour of the Egyptian entrepreneur goes hand in hand with an increase in equity capital. The group’s management team consisting of Dietmar Gunz, Roula Jouny, Ralph Schiller, Carsten Becker and Andreas Eickelkamp could thus create a financing package together with the investor, supported by government guarantees, which enables them to steer the group through the challenging times of the Corona crisis.
Dietmar Gunz comments: "This 'Corona financing package' would not have been possible without the financial commitment of our partner and shareholder SOSTNT – the family office of Mr. Samih Sawiris – and the resulting increase in equity capital. This support makes SOSTNT the majority shareholder of the group.
Sawiris sees his new role as a major shareholder as both a gain and an opportunity for both sides: "My participation in the FTI GROUP since 2014 proofed to be a great success for both partners. With the majority stake in one of the largest and most diversified tourism companies in Europe, I am ideally rounding off my current portfolio of holiday destinations, hotels and distribution with the travel agency chain RV Touristik and can continue to position myself in the most important segments of the travel industry. This is once again a win-win-situation for both sides to get through this challenging times together." The 63-year-old is the founder and president of the destination and hotel development company ORASCOM.
No change in management
There are no plans for new orientations in the FTI management: "The long cooperation between the co-partners, the management and myself has been excellent," says the Sawiris. "Based on this proven experience, I can ensure that there will be no extraordinary changes in the management of the Group's operations. Also the intensive cooperation between FTI and ORASCOM will not change in comparison to today," he confirms.