3rd Nov 2015 08:40
LONDON (Alliance News) - Exhibitions company ITE Group PLC on Tuesday said its Airgate Holdings Ltd subsidiary has exercised its option to buy a further 31.7% stake in Mumbai-based ABEC Exhibitions and Conferences Pvt Ltd for around GBP14.0 million.
The acquisition of the new stake increases Airgate's stake in ABEC to 60%, following on from the minority stake it bought in the company in December 2012. It will be financed from ITE's existing debt facilities.
ABEC is a leading exhibition business in India, ITE said, handing more than 20 exhibitions in the building, education, fashion, real estate and oil and gas sectors.
"ITE is continuing to build businesses in strategically important industry sectors and the increase in our holding of ABEC enhances our presence in the Indian exhibition market which offers significant potential. ABEC continues to perform well and this move represents further progress in achieving the Group's ambitions to expand its operations in markets and geographies with further potential for growth as well as continuing to diversify the geo-political risk in our portfolio," said Russell Taylor, ITE's chief executive.
Shares in ITE were down 0.4% to 142.50 pence on Tuesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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