IN THE latest move in its expansion drive, JTB Group has reached an agreement with Holiday Tours & Travel for the sale of the latter's stake in Tour East Group entities.
JTB will take over the interest in Tour East Group entities in Singapore, Australia, Hong Kong, Indonesia, and Malaysia when the transaction is complete.
Meanwhile, the Japan-based tour operator is in discussions for the acquisition of Tour East Thailand as well.
The completion of the sale is subject to regulatory clearance and will only take effect once the transaction is finished.
In a media release, Tour East said: “The agreed acquisition with JTB would put Tour East on the road to further expansion and growth, as JTB’s strong brand will enable Tour East to enhance its business proposition to customers through enhanced global reach, technology, and more comprehensive products and service offerings.”
JTB Group earlier this year bought over Singapore-based Dynasty Travel and appointed Dennis Law as global inbound general manager.