Mordashov has increased its stake in the joint venture with TUI to 75%
The structure of Alexei Mordashov Severgroup increases stake in a joint venture with TUI Group, which carry the tourist assets in Russia and the CIS. Share of TUI Group in TUI Russia & CIS will fall from 49% to 25%, the share of "Severgroup" will increase from 51% to 75%. At the same time as the report of TUI says, the company will contribute $ 3 million in venture capital. "Severgroup" will contribute $ 17 million and will provide short-term financing in the amount of $ 5.1 million. Alexei Mordashov recently owns 13% stake in TUI Group. In August, TUI said in a statement that business in Russia and Ukraine continues to bring losses. The company has created a reserve in the amount of 13.9 million euros to cover the risks associated with operating in Russia and Ukraine, the report said. At the same time, as noted by TUI, the Russian losses of the current financial year were classified in the financial statements for the previous year. This was done because otherwise the book value of a share in TUI Russia would become negative, TUI stated.