24 Apr 2018 13:23
24 April 2018
ITE Group plc
("ITE" or the "Group")
Disposal of Metaltech in Malaysia
ITE Group plc today announces that it has sold TradeLink ITE Sdn. Bhd., the owner of Metaltech, the metalworking exhibition in Malaysia, to UBMMG Holdings Sdn. Bhd., a subsidiary of UBM plc for a total cash consideration of MYR 23 million (£4.2m)1. The total consideration will be payable upon completion and the proceeds will be reinvested into the Group.
In the year to 30 September 2017, Tradelink ITE had gross assets of MYR 29.4m (£5.4m), reported a turnover of MYR 12.4m (£2.3m) and, due to non-recurring costs, made a loss before tax of MYR 1.7m (£0.3m).
Mark Shashoua, CEO, ITE Group plc said:
"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.
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. I would like to thank our team in Malaysia for their contribution to ITE over the years and wish them well for the future."
1 Subject to working capital adjustment at completion
For further information please contact:
ITE Group plc Melissa McVeigh, Director of Communications
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+44 (0) 20 7596 5017
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FTI Consulting Charles Palmer/Emma Hall
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+44 (0)20 3727 1000
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About ITE Group plc
ITE Group plc was founded in 1991 and is now one of the world's leading organisers of international exhibitions and conferences.
ITE Group's strategic vision is to create the world's leading portfolio of content-driven, must-attend events delivering an outstanding experience and ROI for our customers. In May 2017 the Group launched its Transformation & Growth (TAG) programme, which is designed to transform the Company from a geographic-led business to a product-led business that focuses on market-leading events, wherever they are in the world. ITE strives to run the best shows and offer the best service to its customers throughout the world regardless of location. By putting exhibitors and visitors at the heart of everything we do, we plan to drive sustainable growth for our shareholders.
ITE Group is a public limited company and has been listed on the main market of the London Stock Exchange since 1998.