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US, China consortium buys Maldives seaplane operator TMA for $550 mln

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A consortium led by US-based Bain Capital and a Chinese conglomerate on Sunday agreed to buy Maldives’ main seaplane operator Trans Maldivian Airways (TMA) from Blackstone for around USD 550 million.

For its investment in the tropical holiday destination, the global alternative investment firm partnered with Chinese conglomerate Tempus Group, which runs businesses, including tour operator Shenzhen Tempus Global Travel Holdings and TBRJ Funds.

Bain and Blackstone signed the agreement on Sunday, with the acquisition expected to be completed in the following months.

“TMA is well-positioned to capture the growing tourism demand in the Maldives. Leveraging Bain Capital Private Equity’s successful track record in the leisure industry, we look forward to working with the current management team, employees and customers of TMA to continue to grow and support the industry,” Jonathan Zhu, Managing Director of Bain Capital, was quoted in a statement, as saying.

Citing a source familiar with the transaction, India’s Economic Times said Bain and its partners will end up owning 80 percent of TMA. The other minority shareholders and local founders are staying on with a small stake, it added.

According to the Economic Times, this will be the biggest exit by Blackstone across Asia, giving the private equity firm a 4.8-fold return on a four-year investment.

“We were able to apply our expertise as operators to help Trans Maldivian expand and grow into one of the largest companies into the Maldives and the world’s largest seaplane operator,” Amit Dixit, Head of Blackstone’s India division, which managed the investment in TMA, was quoted in the statement, as saying.

Blackstone in 2013 acquired controlling stakes in TMA and its sole competitor Maldivian Air Taxi (MAT), and merged the two under the TMA brand.

A possible sale of TMA by Blackstone was first reported in September by Bloomberg, which said that the American firm was considering an exit after receiving takeover interest in the company from private equity firms as well as strategic buyers.

The report coincided with an announcement by Chinese conglomerate Zongshen Industrial Group (ZIG) that it was interested in acquiring a stake in TMA.

However, Bloomberg later reported that Bain and Tempus were the top bidders.

TMA currently operates an all-amphibian fleet of 49 aircraft — one DHC-6-100, one DHC-6-200, 44 DHC-6-300s, and three DHC-6-400s — on regular flights throughout the Maldivian archipelago, making it the largest seaplane operator in the world.

In 2016, TMA operated over 120,000 flights, transferring close to a million passengers, including 80,000 residents.

In addition to TMA, Maldives’ flagship carrier Maldivian also operates a fleet of 10 seaplanes.

Seaplane is the preferred mode of transport between the main Velana International Airport and dozens of resorts, especially those located in the outer atolls.

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Maldives celebrates arrival of 2024’s 1 millionth tourist

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Maldives on Thursday welcomed the one millionth tourist to visit this year.

The one millionth tourist is a Thai named Sutapa Amonwivat, who arrived from Singapore with her husband and two children. This is her second visit to Maldives.

Maldives Marketing and Public Relations Corporation (MMPRC) and the Ministry of Tourism gave a warm welcome to Sutapa at the Velana International Airport (VIA) Thursday afternoon. She was welcomed at the VIA by tourism minister Ibrahim Faisal, MMPRC Managing Director Ibrahim Shiury and senior officials of various relevant agencies.

After welcoming her with traditional offerings, she was presented with various gifts by the ministry, MMPRC, customs, immigration, Maldives Association of Travel Agents and Tour Operators (MATATO) and Trans Maldivian Airways (TMA).

Maldives reached one million tourists in June, three weeks earlier than last year. The number of tourists reached one million on July 16, 2023.

Maldives expects to reach 2 million tourists this year.

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New air route connects Chongqing to Maldives

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Chongqing Airlines on Monday began its inaugural flights to Maldives.

The Chongqing-Male route, scheduled three times a week, is expected to strengthen the bonds between China and the Maldives, opening up exciting new opportunities for tourism and cultural exchange.

The inaugural flight was welcomed upon its arrival at Velana International Airport (VIA) in Maldives, where local officials and tourism representatives expressed their enthusiasm for this new development.

“We warmly welcome our friends from China to our beautiful islands. This new connection strengthens our bonds and opens up new opportunities for tourism,” the tourism ministry said on X.

Maldives currently welcomes four airlines from China, including China Eastern, Beijing Capital Airlines, Xiamen Airlines.

In January, Maldives government urged tourism stakeholders in both Maldives and China to ramp up efforts to restore China’s position as the primary source market for Maldives tourism, a status held before the onset of Covid-19.

China, being the largest source market for Maldives tourism before the pandemic, saw a resumption of tourist arrivals from January 2023 after a three-year hiatus due to the pandemic. In 2023, the Maldives welcomed 187,118 Chinese tourists, marking a significant recovery in numbers. This year, the Maldives has welcomed the most number of tourists from China, with over 107,940 or 11.5 percent of total arrivals by June 12. 

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CROSSROADS Maldives Introduces Weixin Pay at resorts for seamless guest experience

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CROSSROADS Maldives has introduced WeChat Pay, widely known as Weixin Pay in China, across its world-class resorts, SAii Lagoon Maldives, Curio Collection by Hilton, and Hard Rock Hotel Maldives. This payment option is made available to enhance the convenience and overall experience for guests from China, making their stay in the Maldives more enjoyable and hassle-free.

Understanding the needs of the diverse guests, CROSSROADS Maldives has integrated WeChat Pay into operations, allowing guests from China to easily and securely conduct transactions using a payment method familiar to them. The introduction of WeChat Pay is a testament to CROSSROADS Maldives’ dedication to enhancing guest satisfaction by offering exceptional experiences at every turn. What is also expected through this initiative is that the guests could benefit from better foreign exchange rates, translating to better savings on their expenditures during their stay.

The option is available for guests in-house conveniently at both resorts as well as across the Marina at CROSSROADS Maldives where a wider variety of unparalleled dining and retail experiences are available for all guests. The day visitors from China will also therefore equally benefit from this new introduction at the Maldives’ premier multi-island integrated leisure destination.

SAii Lagoon Maldives, Curio Collection by Hilton, is a vibrant tropical escape that offers unique and locally inspired experiences. The resort features spacious rooms and villas, a variety of dining options, and an array of recreational activities designed to cater to the desires of modern travellers. Guests can escape to the island’s SAiisational natural beauty, enjoy water sports, and indulge in spa treatments, all while relishing the personalised service that defines Hilton’s Curio Collection.

Hard Rock Hotel Maldives brings the iconic Hard Rock spirit to the tranquil shores of the Maldives. This family-friendly resort offers a perfect blend of relaxation and entertainment, featuring music-inspired experiences, live performances, and the brand’s signature amenities. With luxurious accommodations, diverse dining options, and a plethora of activities for all ages, Hard Rock Hotel Maldives ensures an unforgettable holiday experience for every guest.

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