By Andy Sambidge
Investment bank says it has sold interest in ABEC, India's leading trade exhibition organiser
QInvest, the Qatar-based investment bank, has sold its stake in Asian Business Exhibitions and Conferences (ABEC), India's leading trade exhibition organiser.
It has sold its interest to ITE plc, the London-listed global trade exhibition organiser focused on emerging markets, QInvest said in a statement. No value was given for the deal.
ABEC runs 19 exhibitions across 11 vertical markets including architecture, design, construction, education, lifestyle, real estate and oil & gas.
ABEC's eight percent market share makes it India's largest exhibition organiser, the statement said.
Commenting on the transaction, Tamim Hamad Al-Kawari, QInvest's newly appointed CEO, said: "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 ABEC's board, added: "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."
SM 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."
Last month, it was reported that five senior members of QInvest, the Qatari investment bank forming a joint venture with Egypt’s EFG-Hermes, had left the firm.
The heads of investment banking, financial institutions and structured finance, placement and wealth management, corporate services and risk management, and compliance are no longer at QInvest.
The departures follow the stepping down last week of CEO Shahzad Shahbaz. Shahzad was replaced by his deputy Tamim Al Kuwari, previously a managing director at Goldman Sachs.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.