Cox & Kings sells 11.58% stake in subsidiary

Travel firm Cox & Kings on Thursday said it has sold 11.58% stake in Prometheon Holdings UK to SSG Capital for Rs 450 crore, after transaction expense and tax.  

The company's wholly-owned subsidiary, Prometheon Enterprises has sold 11.58% stake in Prometheon Holdings (UK) to an investee company of SSG Capital Management, Cox & Kings said in a statement.

Prometheon Enterprises (PEL) earlier held 65.58% stake in Prometheon Holdings UK (PHUK), which houses the education and hybrid hotels businesses, it added.

The company will receive Rs 450 crore after transaction expense and tax, for the 11.58% stake sale in PHUK, company said.  

Cox & Kings Group CEO Peter Kerkar said, "In continuation of our efforts to unlock value across businesses, we have divested 11.58% stake in PHUK to SSG Capital." '

The company considers SSG as a strong partner and looks forward to leveraging its position and working together to enhance value of education and hybrid hotel businesses, he added.

After the stake sale, the company will hold 54% of Prometheon Holdings UK through PEL, while SSG Capital will hold 46%, Cox & Kings said.