SkiStar has signed an agreement and will, through a rights issue, become the majority shareholder in the Austrian ski resort of St. Johanner Bergbahnen. SkiStar will pay a share issue proceeds of EUR 10 million and thus become the owner of 68 % stake in the company.
St. Johann is located in the Austrian Tyrol, 125 km from Munich and 95 km from Innsbruck. The company currently has about 300,000 skier days, sales of about EUR 7 million mainly from ski pass revenue and a profit after tax of EUR 0.2 million. Total assets before the issue were valued at about EUR 16 million.
SkiStar, CEO Mats Årjes comments: «In St. Johann we have found a good ski resort for establishing SkiStar in the Alps. With our knowledge and concepts, the destination’s location and an ongoing hotel expansion in the area, we see good development potential.»
«We can now offer a European ski resort to our guests to complement our Scandinavian destinations. This also gives us an opportunity to profile St. Johann as a SkiStar destination that focuses on family ski experiences for a European audience. We see our establishment in the Alps and at St. Johann as a stimulating and exciting step for SkiStar.» said SkiStar CEO Mats Årjes.
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