June 11 (Reuters) - Exhibitions organiser ITE Group Plc said it signed a binding contract to acquire a 50 percent stake in Indonesia’s PT Debindo Unggul Buana Makmur (DUBM) from a group of three private individuals for an undisclosed amount.
The deal, which is subject to the approval from the Indonesian Investment Coordinating Board, will be financed using ITE’s existing balance sheet and is expected to add to earnings in the first full year of ownership, the company said.
DUBM owns the Indobuildtech exhibitions, which organises events for the building and construction industries in the region, the company said.
The sellers will continue to manage the business, ITE said. (Reporting by Noor Zainab Hussain in Bangalore; Editing by Gopakumar Warrier)