China International Travel Service Corporation Limited (CITS, 601888.SH) announced on Monday that it mulled to transfer 100 percent stake in its wholly-owned subsidiary China International Travel Service Limited, Head Office to its controlling shareholder China National Travel Service Group Corporation Limited by non-public agreement and at a transfer price of 1.831 billion yuan, reported the Xinhua-run Shanghai Securities News.
This move is aimed to help CITS focus on its main business of duty free and avoid horizontal competition, according to the announcement.
China International Travel Service Limited, Head Office mainly engaged in travel agency business. It generated revenue of 12.35 billion yuan in 2017, reaping net profit of 23.9404 million yuan, said the report. (Edited by Su Dan, Niu Huizhe)
This move is aimed to help CITS focus on its main business of duty free and avoid horizontal competition, according to the announcement.
China International Travel Service Limited, Head Office mainly engaged in travel agency business. It generated revenue of 12.35 billion yuan in 2017, reaping net profit of 23.9404 million yuan, said the report. (Edited by Su Dan, Niu Huizhe)
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