QInvest sells its stake in ABEC, India's leading trade exhibition organizer
- Qatar: Wednesday, December 05 - 2012 at 16:39
- PRESS RELEASE
QInvest, Qatar's leading Investment bank, has sold its stake in Asian Business Exhibitions and Conferences ("ABEC"), India's leading trade exhibition organizer, to ITE plc, the London-listed global trade exhibition organizer focused on emerging markets.
Franco Danesi, QInvest's representative on ABEC's Board of Directors, commented saying: "ABEC has been a great investment for QInvest. We are delighted to have contributed to their continuing success by facilitating a strategic tie-up with ITE, which will surely strengthen ABEC's capabilities by providing global reach and best practices."
S. M. Gandhi, ABEC's Chairman, said: "QInvest has been a great partner for ABEC and helped us tremendously in building the foundations for our next phase of growth. We are delighted to be working with a great partner such as ITE, who shares with us a strong belief on India's prospects in our industry."
ABEC runs 19 exhibitions across 11 vertical markets including architecture, design, construction, education, lifestyle, real estate and oil & gas. Characterized by strong local management and with 2012 revenue c. $20m, ABEC's 8% market share makes it India's largest exhibition organizer. ABEC's portfolio of events is complementary to ITE's existing exhibition interests in India and the two businesses shall be run concurrently.
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