Southern Travel buys online, inbound travel agent

No price was disclosed for the acquisition of Experience New Zealand Travel, an online travel agent that markets travel products in the US and the UK. Short-term visitors from Japan fell 9% in the 12 months ended in August, according to the latest government figures. By contrast, US arrivals fell only 0.8% and those from the UK dropped 4%.

The purchase is "a major step in generating revenues from other sources," said chairman Rodney Walshe, in a statement.

Southern Travel stock last traded at 26 cents and has declined 32% this year.

By Jonathan Underhill

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