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Repayment of Westminster Travel Vendor Loan

As disclosed in the December 2013 Financial Statements, as part of the acquisition of Westminster Travel transaction, on 29 January 2014, CTM entered into a loan agreement whereby it loaned the vendors HK$117,420,074. The loan was secured by the vendor’s 24.9% holding in Westminster Travel.
CTM is pleased to announce that the vendor repaid the loan in full on Friday, 28 March 2014. As a result of the repayment of the loan, the vendor will continue to hold 24.9% of Westminster Travel.
CTM’s Managing Director, Jamie Pherous said we are delighted that the vendors continue to have a stake in the business moving forward, and look forward to working together to grow the business into the future.