Beijing, 28th February: GL events announced plans to acquire 55% of CIEC Union, subject to approval from the Ministry of Commerce of the People’s Republic of China (MOFCOM). Financial details for the acquisition were not released.
CIEC, China International Exhibition Center Group, is a Chinese stated-owned company and is also a subsidiary of the government body, the China Council for the Promotion of International Trade (CCPIT). After the acquisition, CCPIT will retain a 39% stake in CIEC, while CIEC managers will hold the remaining 6%. This is an unusual acquisition in that an international organiser is acquiring a controlling stake in a large, state-owned organiser.