The Ukrainian tour operator GTO Travel and Kazakh Kompas have announced a merger and the beginning of work under the single brand Kompas.
Kompas CEO Anna Solovyova said at a press conference in Kyiv the company’s cooperation has begun and has been successfully continuing for several years.
“We have been cooperating for several years, during which we have implemented joint projects and gradually came to consolidation. This is not a new stage, it’s just an official announcement to become more transparent,” she said.
According to her, Kompas is committed to a transparent business.
“We have far-reaching plans. Of course, not this year and not the next one, but I want to get to an IPO, this is goal number one for me. I want to make tourism transparent and honest. We are striving for this. Therefore we are trying to consolidate and open up,” she said, noting that in 2017 the company entered the Kyrgyz market.
According to Head of GTO Travel Mykhailo Tiurin, the GTO Travel brand will be removed from use.
“It looks like the investment of the Kazakh tour operator in the Ukrainian one. The legal entity in Ukraine won’t change, it will include new founders, a consolidated management body will appear,” he said.
GTO Travel tour operator (Kyiv) was established in 2004. Its founders are Mykhailo Tiurin, Volodymyr Tiurin, Olena Tiurina, and Oleksandr Tiurin.
The company sends tourists to 61 countries.
Ukrainian Insurance Group and Globus Insurance Company (both based in Kyiv), that are members of Vienna Insurance Group, plan to complete the merger and become a single legal entity at the end of 2021, Head of Ukrainian Insurance Group Pavlo Nelha has said at a press conference.
“In fact, the process of merger, taking into account the peculiarities of Ukrainian legislation, is not fast, not easy, and we are ready for it. Our plan is to have one legal entity and unite the balance sheets of the insurance companies by the end of 2021,” he said.
He said that one of the reasons for such a long period of consolidation is different organizational forms of the companies as Ukrainian Insurance Group is a joint-stock company, while Globus is an additional liability company.
“To date, the stage of combining the networks and offices has already been completed. We approached the second stage – a legal merger of the two companies, in fact, the merger of the balance sheets,” Nelha noted.
Ukrainian Insurance Group has been operating in the market for over 18 years. It has 30 licenses for voluntary and compulsory types of insurance. The regional network has more than 80 offices throughout Ukraine. The company employs more than 500 people.
Globus insurer has been operating in the market for more than 24 years. It HAS 19 licenses for different types of insurance.
