February 2011Conference+Meetings World5NEWSITE buys Moscow's MVK for $44mSite winnersRUSSIA- Emerging marketsspecialist ITE Group hasacquired Moscow-basedinternational events companyMVK from a group of privateshareholders for US$44m.According to an ITEspokesman, MVK's event portfolio will both"broaden and strengthen"ITE's core activities in thegrowth markets of Russia and neighbouring states.MVK owns 20 major events,including PolygraphInter,Rosupak, Euroexpofurnitureand Woodex, and managesannual volume sales of morethan 55,000sqm. It alsoorganises a number of smallerevents focusing on industrialsectors including construction,welding, labels and cables."Moscow is home to ourlargest exhibitions and thisdeal will significantly expandour portfolio of events here,"said ITE CEO Russell Taylor. "Business hasremained robust despite thechallenges of the economicdownturn and with many ofour Moscow-based eventsanticipating a return togrowth in the near future; thisdevelopment is well timed tobuild on the confidence that iscurrently evident in theRussian economy."MVK had acquired grossassets of $5.08m at the timeof the deal being signed, andreported gross profit beforetax of $2.8m for the 2009calendar year. The business performedstrongly throughout 2010 andis expected to report grossprofit before tax ofapproximately $7.33m for the12 months to 31 December2010. ITE believes theacquisition will boost itsresults within nine months ofthe takeover.ITE Moscow GeneralDirector Alexander Shtalenkovsaid he was "delighted thatMVK staff and partners whohave built up this business,and possess the expertise andknowledge of each event, arejoining the [new] company". SOUTH AFRICA- Theinternational incentive travelassociation Site recognised itsaward winners at the recentSite International Conferencein Cape Town, South Africa.Site Member of the Year wasGu Xiaoyuan, Deputy Director-General of Beijing TourismAuthority.Madam Gu was instrumentalin bringing the association tothe emerging market of China,lobbying the Beijing MunicipalGovernment and NationalTourism Administration tosupport and host Site's 2012International Conference. A Site release described Guas "The voice making both thecentral and local governmentunderstand the incentive andmeeting industry, and theimportance of industryorganisations such as Site".Site Southeast USA wasnamed Chapter of the YearAward. Four other chaptersreceived excellence awards forachievements in 2010: Education - Site Ireland Membership - SiteCanada Special Event - Site Texas Wild Card - Site Italy Seoul shares its G20preparatory strategy SOUTH KOREA- Previouslyclassified information aboutpreparation for the G20Summit has been released bySeoul's Coex convention centre.The G20 Summit took placeat Coex on 11 and 12November last year and wasthe first to take place in Asia.Preparation by Coex, whichacted as co-PCO as well asvenue for the event, includedconstruction of the leaders'summit hall, planning in-venue security and operatingthe media and broadcastcentre. Security preparationsincluded high-intensityphysical drills and massdisaster-prevention equipmenttraining.The venue's loading docksbecame the main secureentrance for the 33 worldleaders after undergoing arenovation and makeover.This allowed them to enterthe venue without publicexposure.There were almost 15,000diplomats, security personneland members of the press andnearly a third of the Coex staffwas assigned to a special taskforce team nearly a yearbefore the summit itself.Canberra's beton conventionsrevealed AUSTRALIA - Australian Cabinetrecords from 1980 released bythe National Archives reveal theFraser government chose to funda convention centre in Canberra,rather than approve a casino. Proponents of the casino planfor the capital had at the timeargued that their project wouldhelp fund the convention centre.The Cabinet papers reveal thecentre, which eventually openedin 1989, was first costed atAU$60m (US$60.58m), withministers rejecting the casinoplans on moral grounds.The Canberra NationalConvention Centre had a $30mrefurbishment in 2007.
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