News: FLT Flight Centre Travel outlines plans to create a new global business

March 31 (Reuters) - Flight Centre Travel Group Ltd (FLT)

• outlined plans to create a new global business that will provide in-destination services to travellers.
• plans, which are being implemented in conjunction with Vietnam's Thien Minh will see companies create a larger asia-based destination management company
• plans to create destination management company (dmc) by combining TMG's Buffalo Tours business in Vietnam with smaller joint venture DMC businesses
• services provided by dmc will include transfers, excursions and day-trips, arrangements for meetings and incentive groups
• new asia dmc is expected to turnover about $us70 million and generate in order of $us5mln in earnings before interest and tax during 2017 calendar year
• Tmg transfer Vietnam business into JV
• FLT increase its holding from 49% of current jv to 58.5% of new business
• plans,with Vietnam's Thien Minh , will see cos acquire or launch similar businesses in other regions in short to medium-term to create a world-wide dmc network
• agreements are in place for flt to increase its holding further in 2018
• agreements are in place for TMG to invest in global DMC offering that companies plan to create in short to medium term