ebookers plc Europe’s No.1 retail online travel agency, today gives an
update on its Indian Tecnovate subsidiary.
On October 2, 2003, ebookers announced an investment in its Indian
subsidiary, Tecnovate. Kipotechniki BVBA agreed to invest $10m by
acquiring new shares in Tecnovate representing 6.25% of the enlarged share
capital. The consideration was to be paid in two instalments of $5m. The
first instalment was payable immediately and was received. The second
instalment was payable by December 31, 2003.
The second instalment has not been received to date. We are in discussions
with Kipotechniki regarding the terms of this second instalment.
ebookers will be issuing a trading statement on Monday 19 January, and
will be holding an analyst briefing on the same day.