Repayment of Westminster Travel Vendor Loan

31 March 2014

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.