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Eastern Holdings unit to sell four fairs to SPH - Sep 22, 2007 (ST)

BackSep 22, 2007

The Straits Times / The Business Times News On SPH

Eastern Holdings unit to sell four fairs to SPH

If the deal goes through, the IT Show, Comex, Food and Beverage Fair and World Food Fair will all be sold to SPH.

By Chua Hian Hou
Sep 22, 2007
The Straits Times

A UNIT of Eastern Holdings has signed a non-binding letter of intent to sell four technology and food and beverage shows to Singapore Press Holdings (SPH).

NEW EVENTS: If the transaction with Eastern is successful, SPH will run the IT Show (above), Comex, Food and Beverage Fair and World Food Fair. Photo/ BT

If the deal goes through, the IT Show, Computer Exhibition (Comex), Food and Beverage Fair and World Food Fair will all be sold to SPH.

Comex, which ended earlier this month, is one of the more popular technology fairs in Singapore.

It attracted 700,000 visitors who spent more than $51 million during the four-day event.

Eastern, a listed publishing, events and property company, told the Singapore Exchange yesterday that the deal will have a 'material financial impact' on its results.

Its announcement did not give any figures - as talks over 'final terms' are continuing - or a timeframe for the completion of the transaction.

An SPH spokesman said that 'if SPH decides to proceed, the completion of the proposed transaction would depend on the negotiations and time to obtain the requisite approvals'.

Eastern will need shareholding backing and will call an Extraordinary General Meeting once a sales agreement has been signed.

SPH, the publisher of The Straits Times, runs other exhibitions in Singapore, including the World Book Fair, SPH Supercar Show and ST CATS Recruit Career Discovery.

The deal 'is not expected to have any material financial impact' on its results.

Eastern shares closed up three cents at 42 cents yesterday, while SPH shares ended at $4.30, down six cents.