Tag Archives: Quess Corp

Thomas Cook (India) has obtained Board approval to divest a 5.42 per cent stake in its subsidiary Quess Corp, to bring its shareholding to 51.56 per cent, thereby proposing to raise funds of over Rs 600 cr. through an Offer for Sale (OFS) process as prescribed by SEBI. This is in keeping with SEBI regulations that require promoters to bring down their stake to 75 per cent and post dilution, the promoter shareholding in Quess Corp (that of Thomas Cook India and Ajit Isaac, CMD & CEO, Quess Corp.) would be 75.38 per cent. Fairfax Financial Holdings, through the Thomas Cook India Group, is committed to maintaining a controlling stake in Quess Corp. Madhavan Menon, Chairman & Managing Director, Thomas Cook India Group, said, “At the Thomas Cook India Group we are committed to holding a controlling stake in our subsidiary Quess Corp. Our proposed dilution of a portion of our stake in Quess Corp is hence intended to comply with SEBI regulations. Our aim is to retire our long term debt and improve profitability; simultaneously increase our cash reserves, enabling us to effectively leverage opportune investments as and when they arise.” The initiative is also aimed at retiring Thomas Cook India’s long term debt, thus bringing down the company’s financial costs and improving profitability and liquidity at both a standalone and group level.  

Thomas Cook India’s arm Quess Corp has acquired 64 per cent stake in Singapore-based technology service provider Comtel Solutions Pte Ltd for an undisclosed sum. “Quess Corp Ltd, a subsidiary of Thomas Cook (India) Ltd, has completed acquisition of 64 per cent equity in Comtel Solutions Pte. Ltd., Singapore on February 14, 2017,” the company said in a filing to BSE. Thomas Cook India, however, did not provide any financial details on the stake acquisition. Quess Corp is a business services provider operating in four broad segments: Global Technology Solutions, People and Services, Integrated Facilities Management and Industrial Asset Management. Comtel Solutions Pte Ltd has been in business for over a decade and has expanded across Asia Pacific and several industry verticals. Its divisions work across various sectors and the solutions developed by it cover areas such as banking, high-tech manufacturing, telecommunication, logistics and healthcare industries. (Source: The Economic Times)