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ITE Subsidiary Buys 28.3% Of Shares Of Asian Business Exhibitions & Conferences

12/4/2012 2:27 AM ET

ITE Group plc (ITE.L) announced the acquisition by wholly owned subsidiary Airgate Holdings Ltd, of 28.3% of the shares of Asian Business Exhibitions & Conferences Ltd. from QInvest, Qatar's leading Investment bank. The total consideration is 14 million pounds, which is payable in cash on completion. ITE Group expects the acquisition to be earnings neutral for the financial year ending 30th September 2013.

ABEC is one of India's leading exhibition businesses, running 19 exhibitions across 11 vertical markets including construction, architecture, design, education, lifestyle, real estate, and oil & gas.

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by RTT Staff Writer

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