TOURVEST BOOSTS INBOUND SERVICES DIVISION WITH THR
TOURVEST BOOSTS INBOUND SERVICES DIVISION WITH THREE ACQUISTIONS
Press Release
20 August 2003
Tourvest, the leading tourism company in sub-Saharan Africa, today announced
that its Inbound Tourism Services Division has completed the acquisition of
three businesses. It has purchased 100% of Global Conferences (Pty) Ltd, and the
minority interests in Sense of Africa (Pty) Ltd and Gametrackers (Pty) Ltd, for
a total amount exceeding R20 million.
These acquisitions form part of Tourvest"s strategy to be the dominant and best
respected, integrated regional Tourism Group.
Tourvest purchased 100% of Global Conferences (Pty) Ltd, South Africa"s leading
Professional Conference Organiser as well as a shareholding in its two Black
Economic Empowerment Companies. Tourvest thus acquire a 60% stake in the Gauteng
based BEE Company, Global Conferences AFRICA (Pty) Ltd and a 50% stake in the
Cape Town based BEE company, Global Conferences iKAPA (Pty) Ltd. Commenting on
the acquisition of Global Conferences, Ian Meltzer, Managing Director, Inbound
Tourism, said: "This is a very exciting transaction for the Group as it is
extends our offering into a niche area that we have historically not been
involved in." Brian Mc Donald, the founder and Managing Director of Global
Conferences said: "The acquisition represents a carefully considered and
decisive move to position the companies for growth into the future."
Mc Donald will continue to run the company and he is confident that with the
support of the Tourvest team, the business will go from strength to strength.
Tourvest has acquired the remaining 25% of Sense of Africa (Pty) Ltd on the 30
June 2003. This business offers the full range of tourism services throughout
Southern Africa, specialising in trips in and around Namibia. Services offered
by Sense of Africa include: Scheduled Tours, Coach Charters, Conference &
Incentives, Fly in Safaris and Self Drive Tours.
Tourvest has purchased the remaining 10% in Gametrackers (Pty) Ltd, which has
the exclusive rights to ferry Sun City guests into the Pilanesberg Game Reserve
for wildlife viewing and other activities. As a result, Gametrackers is now a
wholly-owned subsidiary.
"We believe the acquisition of these businesses will benefit the Group as a
whole as they are profitable, well managed and enhance our existing offering."
Says Ian Meltzer.
-Ends-
Issued by:
Brunswick SA (011) 268 5750
Taryn Proksch 083 273 1301
Rob Pinker 083 326 5958
For more information contact:
Tourvest (011) 339 6044
Ian Meltzer, MD,
Date: 20/08/2003 05:03:25 PM Supplied by www.sharenet.co.za
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