TUI has been informed about the ownership of Ondero Limited in a new mandatory regulatory notification. Ondero Limited is the majority shareholder of Unfirm Limited, which holds 29.9% of the shares in TUI AG. According to the current notification to TUI and to BaFin, Ms Marina Mordashova is the controlling shareholder of Ondero Limited.
Already on 4 March 2022, TUI AG had published that Mr Alexey Mordashov had informed the company about changes in the ownership structure of TUI shareholder Unifirm Limited, which has an impact on the shareholder structure of TUI AG:
- He had informed that Unifirm had transferred 4.1% of its shares in TUI AG to Severgroup. Severgroup is controlled by Mr Alexey Mordashov. Therefore, these shares are attributed to him. Due to the EU sanctions, Mr Mordashov has no access to these shares as well as the voting rights and cannot derive any economic benefit from them.
- It was also disclosed that his shareholdings KN-Holding LLC and Rayglow Limited sold their shares held in Unifirm Limited to Ondero Limited on February 28, 2022. Ondero Limited holds 29.9% of the shares in TUI via Unifirm Limited.
At the time of publication of that mandatory announcement, TUI AG was not notified of any controlling shareholders of Ondero Limited. In the new notification corrected by Ondero, the company is informed that Ms Marina Mordashova was already the controlling shareholder of Ondero Limited at the time of the transfer of the shares on 28 February 2022.
The German Federal Ministry of Economy and Climate Protection also informed TUI on Thursday that it has initiated an investigation procedure under the Foreign Trade and Payments Act against Ondero Limited regarding the effectiveness of the notified transaction. TUI was informed that until the conclusion of these proceedings the transaction is pendingly invalid and the voting rights of Unifirm Limited may not be exercised.