Hong Kong's Wing On Travel (Holdings) Limited has announced that it will sell a 90% stake in its travel agency business, and has already signed a conditional sales and purchase agreement.
Hong Kong media reported that the company had suspended trading in early February 2010. Mainland online travel operator Ctrip.com had revealed earlier that it intended to buy Wing On Travel's tourism business.
In 2009, Wing On Travel suffered a loss of HKD358 million, which was less than the HKD688 million loss it incurred in 2008. In 2009 the company's total turnover reached just HKD1.96 billion, a decrease of 11.6% over 2008.
After selling its travel agency business, Wing On Travel still operate its hotel and luxury train travel businesses in mainland China.
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