LONDON (Alliance News) - ITE Group PLC said on Wednesday it has sold a 75% stake in Malaysia-based events business ECMI ITE Asia Sdn Bhd and other Indonesian assets to UBM PLC's subsidiary UBMMG Holdings Sdn Bhd for MYR15 million, or GBP2.8 million.
The sale is part of ITE's Transformation and Growth programme.
ECMI runs the Cosmobeauté series of beauty trade exhibitions in Malaysia, Indonesia and Vietnam, and the biennial Lab series of Scientific Instrument and Laboratory Equipment trade exhibitions in Malaysia and Indonesia.
"A key element of our TAG Programme is managing our portfolio of events, and this transaction marks a further step in delivering this strategy. We are pleased to have found a supportive Malaysia-based partner for ECMI's events which can ensure the investment required for ECMI's continued success. I would like to thank the ECMI team for their contribution to ITE and wish them well for the future," said Chief Executive Officer Mark Shashoua.
Shares in ITE were up 0.4% at 85.60 pence on Wednesday.