18th Nov 2013 09:49
LONDON (Alliance News) - Exhibitions group ITE Group PLC Monday said its subsidiary International Trade and Exhibitions Overseas Ltd, has established a 50:50 joint venture with Hong Kong-based Worldcoat Exhibitions Ltd.
As part of the transaction, the new venture, Sinostar ITE, acquired the ChinaCoat/SF China exhibition from Sinostar International Ltd, a company controlled by Raymond Ho, owner of Worldcoat.
The exhibition serves the paints, coatings and surface finishing industries in China and the surrounding region. The exhibition is held in November each year and alternates between Shanghai and Guangzhou.
ITE's investment in Sinostar ITE is around GBP33 million, financed out of the group's existing cash and bank facilities and is expected to be earnings-enhancing in the current financial year, it said.
The stock was trading at 310.70 pence Monday morning, down 0.90p.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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