Singapore

Temasek’s SingEx Holdings to merge with SPH’s Sphere Exhibits

State investor Temasek's SingEx Holdings, which operates the Singapore Expo and the Max Atria, will merge with Singapore Press Holdings (SPH) events subsidiary Sphere Exhibits, under an agreement by the two owners.

Temasek will own 60 per cent of the new SingEx-Sphere Holdings, while SPH, which publishes The Straits Times, takes the remaining 40 per cent. The agreed transaction value of 40 per cent of SingEx-Sphere is $24.4 million.

SingEx and Sphere said the new company aims to be a regional meetings, incentives, conventions and exhibitions (Mice) market leader for hybrid events, from a combined portfolio of events management, venue and consultancy businesses.

SingEx chairman Robin Hu said events and exhibitions remain the most robust marketing channels for businesses around the world today.

The two companies, with their combined five decades of experience in organising and hosting both trade and consumer shows across sectors, have built a strong foundation for the Mice scene in Singapore and in the region.

SPH chief executive Ng Yat Chung said: "This merger will allow us to tap each other's expertise, resources and networks to seize new opportunities to enhance the portfolio and achieve growth regionally."

Before the Covid-19 pandemic, the Singapore Expo welcomed more than six million visitors and held over 600 events annually. The Asia-Pacific region was the largest Mice market in 2019, according to a Business Wire report last year. - THE STRAITS TIMES

BUSINESS & FINANCE