LONDON (Alliance News) - ITE Group PLC said Tuesday it sold Malaysian subsidiary and Metaltech-owner TradeLink ITE Sdn Bhd for GBP4.2 million to UBMMG Holdings Sdn Bhd, a subsidiary of UBM PLC.
The business exhibitions firm sold TradeLink ITE for MYR23.0 million, or GBP4.2 million, and said the proceeds would be reinvested into the firm.
For the year ended September, TradeLink ITE generated a pretax loss of MYR1.7 million, or GBP300,000, on revenue of MYR12.4 million or GBP2.3 million. Over the same period, ITE Group generated GBP3.2 million pretax loss on revenue of GBP152.6 million.
"We continue to progress well against our strategy. A key element of our transformation and growth programme is managing our portfolio of events and this transaction marks a further step towards this strategy," ITE Chief Executive Mark Shashoua said.
"For the Metaltech team, this represents a logical and exciting development - their new parent has an existing business in Malaysia and can ensure the investment and continued success of the exhibition," Shashoua added. "I would like to thank our team in Malaysia for their contribution to ITE over the years and wish them well for the future."
Shares in ITE were 3.3% lower at 150.80 pence on Tuesday.