Singapore - China Credit Holdings, parent company of China Xpress, which Anglo-French Travel (AFT) Singapore aligned with last October, is financing AFT’s plans to be a global travel company with an annual sales turnover of at least S$500 million (US$294 million) and a public listing in three years.

China Credit Holdings will invest at least S$10 million over the next three years, a move which is expected to see AFT go on a further buying spree.

Prior to the partnership, AFT already bought the business division of the now defunct Ken-Air Travel Group in 2001, making it one of the biggest TMCs in Singapore.

AFT chairman and CEO, Mr Lee Liat Cheng, said the global playing field was dominated by players from the west and now that he had the financial backing, he hoped to be the first Asia-based TMC to grow just as big through mergers and acquisitions.

“We are prepared to take a stake in some corporate travel companies in the region and are in fact already in partnership negotiations with a couple of companies,” he said.

These will be announced in the next three to six months.

China Xpress and China Credit Holdings managing director, Mr Tony Chan, said: “AFT, with its corporate and leisure services, and China Xpress, with its banking and card services, can fashion a global conglomerate with a fully-integrated set of products and services in the travel business that can serve the needs of clients worldwide.

“We have plans to achieve this within a short period of time.”

The joint-venture AFT/China Xpress will also be introducing card services to its clients in some of its markets “very soon”.

The company aims to have 4,000 travel stores, including franchisees, by the time it goes public.

Since the alliance, AFT has established a Hong Kong-based tour agency, Hong Kong Express Travel, and acquired 60 per cent of JCA International in Japan. The company is also waiting to buy major stakes in agencies in Australia, Malaysia, Thailand, Indonesia, China and Europe, and should wrap up the purchase agreements within the next three to six months.

Meanwhile it has signed a memorandum of understanding with China Diaoyutai International Travel Service, which is under China’s Ministry of Foreign Affairs.

The partnership will give AFT/China Xpress and its subsidiaries worldwide a significant foothold into China’s inbound business and leisure market as it will allow it to process visa applications into China.

“We believe this partnership will give us a wider customer base because of the convenience.

“We will be a one-stop shop that can take care of their entire China business or leisure programme,” Mr Lee said.