Temasekand Singapore Press Holdings Limited (“SPH”) have entered into an agreement to merge their respective meetings, incentives, conventions and exhibitions (MICE) subsidiaries, SingEx Holdings Pte. Ltd (“SingEx”) and Sphere Exhibits Pte Ltd (“Sphere Exhibits”), to form SingEx-Sphere Holdings Pte Ltd (“SingEx-Sphere”). Temasek will own 60% in SingEx-Sphere, with SPH owning 40%.
SingEx-Sphere aims to be a regional MICE market leader for hybrid events driving best-in-class solutions from a combined portfolio of events management, venue and consultancy businesses.
Notwithstanding the short term challenges posed by COVID-19, the parties see tremendous potential in the MICE space. Singapore, for instance, remains a dynamic business hub with a spanning ecosystem that connects businesses globally. The region was the largest MICE market in 2019.1
Becoming Asia-Pacific’s MICE industry champion
The merger brings together two leading MICE players with an ambition to become a MICE industry champion of growth for the Asia-Pacific region. Driven by an intrepid team of cross- disciplinary specialists, an established track record in holistic venue and events businesses hybrid or otherwise, and multiple awards and accolades in designing impactful experiences, SingEx-Sphere will be in a unique position to provide end-to-end solutions within the MICE industry, fostering the development of new value creation and communities as industries intersect in a post-COVID world order.
Mr Robin Hu, Chairman of SingEx, said, “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.
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.
We believe COVID, while having a dampening impact in the short term, had given rise to new opportunities in the form of hybrid activities hitherto unimagined. Our industry is fast becoming a digitally enabled intellectual property business. Those who are adaptable, nimble and unafraid to reinvent will succeed.”
Mr Ng Yat Chung, CEO of SPH, added, “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.”
Mr Robin Hu will be appointed Chairman of SingEx-Sphere. The completion of the transaction is subject to customary closing conditions.
1 “MICE Market – Growing contribution toward GDP and employment to boost the market growth”, Businesswire, 4 Nov 2020