Swiss-based Kuoni Group, one of Europe's largest travel companies , has acquired an equity holding of about 32% in Et-china.com International Holdings Limited.
Founded in 2000 in Guangzhou, Et-China owns a majority stake in GZL International Travel Services, and is now South China's largest travel call center and online trading platform with more than 1.5 million clients. In August 2007, Et-China has become mainland China's third travel concept stock to list overseas.
The acquisition makes Kuoni the biggest single shareholder in Et-China. Early in 2007, Kuoni entered into Guangzhou through its S.K.Y. Travel brand which is headquartered in Hong Kong and became Guangzhou's first wholly foreign-owned travel agency.
"In acquiring its holding in Et-china, Kuoni is embarking on a key long-term strategic partnership with one of China's most important travel corporations," says Peter Rothwell, the CEO of the Kuoni Group.