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Singapore oil-and-gas travel firm sells majority stake to global business travel group

SINGAPORE'S Olympia Travels & Tours (S) Pte Ltd has sold a 70 per cent stake in the company to Wings Travel Management, a global travel management company providing business travel and mobility services to clients in the corporate, oil, gas and marine industries. The sale price was not disclosed.

Wings plans to use the acquisition to boost its network in Asia-Pacific, it said in a press release. It employs over 400 people around the world and has a global turnover of around US$325 million.

Incorporated in Singapore in 1982, Olympia Travels is a medium-sized corporate travel company providing personal tailored travel services to national and international clients primarily in the energy, marine and corporate sectors. The company employs 30 people.

The acquisition is expected to be completed by Jan 1, 2018.

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