QInvest, a leading Qatari investment bank, has sold its stake in Asian Business Exhibitions and Conferences to ITE plc, the London-listed global trade exhibition organiser focused on emerging markets.
India's leading trade exhibition organiser ABEC runs 19 exhibitions across 11 vertical markets including architecture, design, construction, education, lifestyle, real estate and oil & gas.
ABEC's portfolio of events is complementary to ITE's existing exhibition interests in India and the two businesses shall be run concurrently.
ABEC's Chairman S M Gandhi 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."
QInvest's newly appointed CEO Tamim Hamad Al-Kawari said that QInvest's successful realisation of its investment in ABEC shows the firm's capability in private equity and its ability to manage and profitably exit investments in a difficult economic environment."
Franco Danesi, QInvest's representative on Asian Business Exhibitions's Board of Directors, said: "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."