Temasek Holdings and Singapore Press Holdings (SPH) announced on Feb 1 that both companies will merge their respective meetings, incentives, conventions and exhibitions (MICE) subsidiaries, SingEx Holdings Pte. Ltd and Sphere Exhibits Pte Ltd, to form SingEx-Sphere Holdings Pte Ltd.
Under the agreement, Temasek will own 60% in SingEx-Sphere. SPH will own the remaining 40%.
The new entity, SingEx-Sphere, aims to be a regional MICE market leader for hybrid events from a combined portfolio of events management, venue and consultancy businesses.
According to Temasek Holdings and SPH, the parties see “tremendous potential” in the MICE space with Singapore remaining a dynamic business hub with an ecosystem that connects businesses globally. Singapore was the largest MICE market in 2019.
SingEx-Sphere, which has an established track record in holistic venue and events businesses held by a team of cross-disciplinary specialists, will be in a unique position to provide end-to-end solutions within the industry.
“Events and Exhibitions remain the most robust marketing channels for businesses around the world. Both SingEx and Sphere Exhibits, with over five decades of combined experience in organising and hosting trade and consumer shows across a variety of sectors, have built a strong foundation for the MICE scene in Singapore and our region,” says Robin Hu, SingEx chairman.
“The ambition of the merged entity is to continue building on its firm foundation by adding to it additional intellectual properties in the form of new events and exhibitions via both organic curation and inorganic investments,” Hu adds.
“We look forward to working with Temasek to achieve SingEx-Sphere’s vision and push the MICE industry in Asia-Pacific to greater heights for the benefit of both consumers and businesses. This merger will allow us to tap on each other’s expertise, resources and networks to seize new opportunities to enhance the portfolio and achieve growth regionally,” says SPH CEO Ng Yat Chung.
Hu will be appointed Chairman of SingEx-Sphere. The completion of the transaction is subject to customary closing conditions.
Shares in SPH closed 2 cents higher or 1.7% up at $1.20 on Feb 1.