FRANKFURT (Reuters) – TUI’s shares rose on Monday as the German travel group marked its return to the Frankfurt Stock Exchange after 10 years with a primary listing.
The company’s shares were up 2% at 0712 GMT from an initial price of 7.73 euros ($8.37).
TUI’s shareholders voted in February to remove Europe’s largest travel operator from the London Stock Exchange, with some 98.35% of votes cast in favour.
The return to the Prime Standard on Germany’s largest stock exchange was an important day for TUI, said Chief Executive Sebastian Ebel at the traditional ringing of the stock exchange bell on the trading floor in Frankfurt.
“We are thus placing a clear focus on one stock exchange listing – instead of two previously. This increases the visibility and attractiveness of our shares for our global investors,” said Ebel in a statement.
TUI also expects to be admitted to the second-line MDAX index on June 24, when its listing on the London Stock Exchange will end.
The company has been listed on the London Stock Exchange, the Hanover Stock Exchange and the OTC market of the Frankfurt Stock Exchange since 2014 due to the merger with Britain’s TUI Travel.
The majority of share trading has, however, shifted to Germany, meaning the company no longer considers a dual listing sensible.
($1 = 0.9232 euros)
(Reporting by Ilona Wissenbach; Writing by Miranda Murray; Editing by Friederike Heine, Kirsten Donovan)
