UAE investor among top shareholders in UK’s Saga

Saga

A UAE-based investor has acquired a 3.22 percent stake in London Stock Exchange-listed Saga Plc.

Eldose Babu, based in Dubai, completed the stake acquisition on October 13, the UK holiday group said in a regulatory filing.

The value of the deal wasn’t given.

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Babu will now be the third biggest shareholder after Roger De Haan, son of Saga founder Sidney De Haan, and investment firm Hosking Partners, the stock market data showed.

Saga, which supplies travel and financial services to those aged 50 and over, last month said revenue increased 15 percent to £355 million ($430 million) in the six months of 2023 from £309.8 million a year prior.

The company’s pretax loss narrowed to £77.8 million from £261.8 million a year earlier on an impairment charge of £68.1 million for insurance goodwill.

CEO Euan Sutherland said that the company’s ocean cruise bookings are on track to achieve its targets for the full year 2023, reflecting continued strong customer demand,

The river cruise business has returned to profit with a 34 percent increase in guest numbers, he said, adding travel is on track to return to profit for the full year.

Shares of Saga have fallen 5.4 percent so far this year, compared with a 5.7 percent drop in London’s small-cap index, according to Reuters.