TRT - Tourvest - Tourvest acquires drifters overla
TRT
TRT
TRT - Tourvest - Tourvest acquires drifters overland tours
Tourism Investment Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/008144/06)
Share Code: TRT
ISIN:ZAE000012472
("Tourvest")
TOURVEST ACQUIRES DRIFTERS OVERLAND TOURS
Johannesburg, 6 August 2007 - Tourvest has acquired the overland tours business
of the Drifters group to support the expansion of its activities operations.
The acquisition covers the Drifters trademarks, workshop, vehicle fleet and
other operating assets in South Africa, Namibia, Zimbabwe and Botswana. The
transaction is subject to regulatory approval and other conditions precedent.
Drifters offers a wide range of overland tours throughout Southern and East
Africa, moving more than 7 600 passengers in 2006, up 14% on the previous year.
The overlander market has in recent years expanded rapidly from its traditional
backpacker base and now includes a substantial higher-end component of older,
activity-orientated travellers. The first-time entry of Japanese and Korean
travellers into this market is expected to drive a further growth phase.
Tourvest chief executive Tommy Edmond said Drifters was a well-run business with
a good track record, which would enhance Tourvest`s earnings and add critical
mass to its products division.
"The Drifters brand is well-established internationally and its business model
ensures that it owns the product as well as the customer, thus eliminating the
risk of dis-intermediation," Edmond said.
"It has attractive synergies with our existing activities base at Victoria Falls
and will support the expansion of our activities operations to key tourism
centres in South Africa and Namibia."
For further information call Tommy Edmond, CEO, on 011 728 0540
Issued by du Plessis Associates on behalf of Tourism Investment Corporation.
dPA contact Helen McKane Tel : +27 11 728 4701, Fax: +27 11 728 2547, Mobile:
082 330 2034 or e-mail: tourvest@dpapr.com
Website : www.tourvest.co.za
Investment Bank and Sponsor to Tourvest
Investec Bank Limited
Date: 06/08/2007 12:26:01 Produced by the JSE SENS Department.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
