TUI Group shareholders resoundingly approved a plan to delist from the London Stock Exchange and focus on the Frankfurt bourse. The transfer will be completed by June 2024.

The German leisure group said it would begin trading on the Frankfurt Prime Standard from the beginning of April. It expects to be admitted to the MDAX index on June 24, 2024, which would coincide with the delisting from London.

"Trading in TUI shares had already shifted to Germany to a large extent. The advantages of a main listing in Frankfurt are obvious: the structures are simplified, liquidity is centralized and improved in one trading venue, and the simplified structure supports EU requirements for ownership and control of our airlines. Nevertheless, the UK market remains one of our core activities and this has no impact on our strategy of a broad shareholder base," Chief Financial Officer Mathias Kiep said.

Currently, around 77% of all share transactions in TUI Group stock are handled through the Frankfurt Stock Exchange, with the remainder traded in the UK. 98.35% of all shareholders voted in favour of the move. The group stressed that it is majority-owned by EU citizens and expects their share to gradually increase as trading shifts exclusively to Frankfurt.

TUI Group has been dual-listed since 2014 due to its merger with UK-based TUI Travel.

The holding owns TUI fly (Germany), TUI fly (Netherlands), TUI fly (Belgium), TUI fly Nordic, and TUI Airways. It also owns a 49% stake in ACMI start-up specialist Fly4 Airlines.