Welcome to Thien Minh Group!

[NEW]

Facebook-f
Instagram
Linkedin
Youtube
  • Home
  • TMG Story
    • Our Leadership
      • Board of Management
      • Board of Directors
    • Pathway of development
      • 1994 – 2005: The Early Years
      • 2006 – 2010: The Perfect Pathway
      • 2011 – 2016: Explosive Growth
      • 2017- Present: Divestment For Growth
      • TMG’s Future: Adventure To The Whole New Levels
    • Achievements & Awards
      • Aviation Awards
      • Corporate Awards
      • Destinations Management Awards
      • Hospitality Awards
      • Online Awards
  • People
    • How we hire
    • Life at TMG
    • Search & Apply
  • Our Brands
    • Aviation Brands
    • Hospitality Brands
    • Destination Management Brands
    • Online Brands
  • Media Corner
    • PRESS & ARTICLES RELEASE
    • TMG IN THE NEWS
  • Investor Corner
  • Contact us
Menu
  • Home
  • TMG Story
    • Our Leadership
      • Board of Management
      • Board of Directors
    • Pathway of development
      • 1994 – 2005: The Early Years
      • 2006 – 2010: The Perfect Pathway
      • 2011 – 2016: Explosive Growth
      • 2017- Present: Divestment For Growth
      • TMG’s Future: Adventure To The Whole New Levels
    • Achievements & Awards
      • Aviation Awards
      • Corporate Awards
      • Destinations Management Awards
      • Hospitality Awards
      • Online Awards
  • People
    • How we hire
    • Life at TMG
    • Search & Apply
  • Our Brands
    • Aviation Brands
    • Hospitality Brands
    • Destination Management Brands
    • Online Brands
  • Media Corner
    • PRESS & ARTICLES RELEASE
    • TMG IN THE NEWS
  • Investor Corner
  • Contact us

VI

Search
Close

Successful divestment of the destination management business

  • TMGROUP
  • June 9, 2018
  • 10:20 am
  • Press & Articles release, TMG in the news

Thien Minh Travel Joint Stock Company (“TMG” or “the Group”) announces that it has entered into an agreement with Flight Centre Travel Group Limited (“FLT”) for the sale of the remaining 41.5% of the outstanding shares of Buffalo Tours (Singapore) Pte. Ltd, the holding company of the nineteen destination management and travel related companies in Asia and Buffalo Tours Hongkong Limited which together comprise the majority of the destination management business activities of the Group (together referred to as “the Buffalo Tours Group”).

Flight Centre Travel Group is one of the world’s largest travel agency groups, it has company-owned operations in 23 countries and a corporate travel management network that spans more than 90 countries. It employs more than 19,000 people globally and has a total of 2800 businesses.

The total consideration for the transaction is based on an enterprise value of US$48 million. For the year ending 31 December 2018, Buffalo Tours Group is expected to generate consolidated revenues of about US$100 million and Earnings Before Interest Tax and Depreciation of US$5.6 million. The transaction has been completed on 4 July 2018. By upbringing Buffalo Tours Group to become one of the best Asia-based destination management companies, the Group has created a unique opportunity for Buffalo Tours Group to become an important component of a future world-wide DMC network.

The transaction is part of the Group’s portfolio transformation strategy whereby focus will be placed upon competitive and fast growing assets with considerable organic growth opportunities that are expected to benefit from both medium and long term growth trends. As Vietnam and Asia continues to be the highlight of the world’s economy and tourism, the Group is expecting to play an important role in the future.

Tran Trong Kien, Chief Executive of TMG, said: “Our redesigned core portfolio will create a highly attractive, competitive and well-balanced business, with the leverage of scale, technical expertise and customer-centric culture, which offer considerable upside potential over the long term.  We constantly engaged with global parties interested in several of our assets, but we will only complete those transactions which could bring values and opportunities for all. We have enjoyed working with Flight Centre as our JV partner and will hope to do more similar transactions with them in the future .“

“This is a period of considerable change in TMG’s long history of evolution and I appreciate the support of all our people and stakeholders in helping to deliver the sustainable value that we all demand and expect. In the mean time I am excited for the potential of the Buffalo Tours Group in many years to come.”
For further information, please contact:

Investors
Mrs. Tran Hang Thu
[email protected]
+84 28 3820 8822

Media
Mrs. Tran Bich Hue
[email protected]
+84 24 3926 3148

About Thien Minh Group

Founded in 1994 and headquartered in Vietnam, Thien Minh Group is one of the leading integrated travel, hospitality and aviation group based in Southeast Asia. The Group aspires to become an Asia’s leading customer-centric Travel Group, providing all-inclusive travel and hospitality services.

As a responsible travel business, we aspire:

• to ensure our customers’ journeys are exciting experiences that are remembered for a lifetime;
• to provide our employees with opportunities to progress in their personal journeys;
• to create a successful journey for our partners and investors with mutual benefits; and
• to create a multitude of sustainable development journeys for our local communities.

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on whatsapp

RELATED CONTENT

Media Corner

Hai Au Aviation is recognized as “Asia’s Leading Seaplane Operator 2020” by World Travel Awards

Posted on November 3, 2020
Media Corner

Victoria Mekong Cruise, one of the best sustainable stays in Vietnam

Posted on October 19, 2020
Media Corner

Mui Ne Dunes Marathon 2020

Posted on September 29, 2020
Media Corner

TMG’s Kien on steering iVIVU.com and group through the storm in Vietnam

Posted on September 9, 2020
Media Corner

Thien Minh Group won the Tripadvisor Travelers’ Choice Award 2020

Posted on August 24, 2020
Media Corner

Eating Vietnam with Spice Viet

Posted on August 24, 2020
Media Corner

Why you’ll love Victoria Mekong

Posted on August 19, 2020
Media Corner

Thien Minh Group donated VND1.6 billion to help Quang Nam fight against COVID-19

Posted on August 13, 2020
Media Corner

Prime Minister meets outstanding business leaders from IV Board, YPO

Posted on July 20, 2020
Press & Articles release

Brand new DMC Vivu Journeys goes back to their roots launching Indochina in July

Posted on July 15, 2020
Press & Articles release

Thien Minh Group launches TMG GO App

Posted on July 13, 2020
Media Corner

High-spending travellers must be a priority

Posted on June 29, 2020
Media Corner

Race & Stay Packages in Hoi An

Posted on June 25, 2020
Media Corner

Hoi An on a plate

Posted on June 3, 2020
Media Corner

Thien Minh Group pledges for wildlife

Posted on June 1, 2020
Media Corner

Việt Nam needs to position itself safe tourism paradise

Posted on May 23, 2020
Media Corner

Getting ready for recovery, a view from Vietnam

Posted on May 18, 2020
Media Corner

Three reasons to stay at Mai Chau Lodge

Posted on May 4, 2020
Media Corner

iVIVU provides ingredients for dinner starting at VND 99K per week.

Posted on April 28, 2020
Media Corner

It’s time to get out there and explore with TMG’s Max Relax & Max Savings

Posted on April 27, 2020
Media Corner

TMG Hospitality: An update from CEO

Posted on April 22, 2020
Media Corner

Three Vietnamese Recipes by Spice Viet Restaurant to try at home

Posted on April 22, 2020
Media Corner

Plan your perfect gateway at Victoria Hoi An Beach Resort & Spa

Posted on April 20, 2020
Media Corner

Tourism will again become a driver of job growth and economic prosperity.

Posted on April 14, 2020
Media Corner

Your Comfortable Lockdown Home

Posted on April 13, 2020
Media Corner

Victoria Mekong Cruise, a green ship for a greener Mekong

Posted on April 10, 2020
Media Corner

The greatest ways to explore Ha Long Bay

Posted on April 9, 2020
Media Corner

A good night’s sleep at ÊMM Hotel Saigon

Posted on April 8, 2020
Media Corner

iVIVU: Enjoy your journey with the credit card 0% instalment plan when Covid-19 is gone

Posted on April 6, 2020
Media Corner

iVIVU launches lunch combo service starting at 199K VND

Posted on April 3, 2020
Media Corner

Let’s start holidays at TUI BLUE Nam Hoi An after Coronavirus ends

Posted on April 1, 2020
Media Corner

Staying composed, brave and humane in the fight against Coronavirus

Posted on March 28, 2020
Media Corner

Steps to help prevent the spread of COVID-19

Posted on March 26, 2020
Media Corner

TMG CEO Message to our Valued Customers and Partners on Covid-19

Posted on March 21, 2020
Media Corner

Tran Trong Kien – the CEO of a one trillion dong group who is comfortable wearing the same shoes for 10 years pledged donating a lifetime charity funds for Fulbright University Vietnam.

Posted on March 16, 2020
Media Corner

The Covid-19 epidemic is also an opportunity to restructure the tourism market

Posted on February 21, 2020
Media Corner

Vietnam’s first overseas tourism office opened in UK

Posted on February 19, 2020
Media Corner

Home Southeast Asia Vietnam The Victoria Mekong cruise: Luxury cruise to lesser-known corners of the Mekong

Posted on February 14, 2020
Media Corner

Spice Viet Restauran opens in Hanoi

Posted on February 8, 2020
Media Corner

What I wish I knew: making a radical career change

Posted on February 3, 2020
Media Corner

Gala Celebrations to mark inaugural sailing of the Victoria Mekong

Posted on December 10, 2019
Media Corner

The two golden rules that helps Thien Minh Group’s Chairman manage 5000 employees effectively

Posted on December 3, 2019
Media Corner

Hai Au Aviation recognized as Asia’s Leading Seaplane Operator

Posted on October 22, 2019
Media Corner

TUI Group’s flagship hotel brand expands in Asia

Posted on September 6, 2019
Media Corner

Amazing Central Vietnam From The Top

Posted on September 3, 2019
Media Corner

Hai Au Aviation celebrates Cave Festival 2019 with brand new Dong Hoi – Da Nang flight route

Posted on July 20, 2019
Media Corner

TMG completes takeover of Flower Garden hotel

Posted on June 13, 2019
Media Corner

TMG & H.I.S launch new Halong Bay Cruise: Sayuri Cruise

Posted on June 12, 2019
Media Corner

Chinese travelers are big in term of spending excluding those to Vietnam remains in low spending segment.

Posted on May 16, 2019
Media Corner

Thien Minh Group’s Chairman first shared about the termination with AirAsia and insisted on his continuance of aviation.

Posted on April 29, 2019

Subscribe!

Sign up here to get the latest news update and special offers to your inbox

© Copyright by TMGROUP 2019. All rights reserved.