Engelberg Municipality Increases Stake In Titlis Bergbahnen

Engelberg-Titlis Tourismus AG (ETT AG) owns 8,720 shares in Bergbahnen Engelberg-Trübsee-Titlis AG (BET AG). ETT AG intends to sell most of these shares. It is not part of ETT AG's core mission to hold these shares. At the same time, ETT AG can invest the proceeds from the sale of these shares in the marketing of the destination. This in turn benefits all service providers.

The local council has decided to take the opportunity to purchase the BET shares mentioned above, which are owned by ETT AG. BET AG is the most important tourism player in the valley and of great importance for the Engelberg economy. The local council is therefore very interested in strengthening the local community's involvement. In addition, the local council assumes that the investment will also be worthwhile from a financial point of view in the long term based on the current forecasts (tourism outlook, share price development, dividend expectations). It was agreed to purchase a total of 8,710 shares as of May 24, 2024 at the average price of the last 30 days. In total, the Engelberg community will pay CHF 357,806.80 for the 8,710 shares.

Based on the principles of the financial budget law of the canton of Obwalden, the BET shares are accounted for in the balance sheet of the municipality as an investment in financial assets. These are assets that can be sold again without affecting the performance of public duties. The decision-making authority for this transaction therefore lies with the municipal council. With this purchase, the municipality of Engelberg now owns 127,475 shares in BET. This represents a new stake of around 3.8% in the company.