Staging Sell Dubai

Staging Connections Group Limited has sold its 51% shareholding in the Gearhouse Dubai (“Gearhouse”) operations to their partners in Gearhouse.The sale was made following the Board’s decision to focus on their core integrated event services and exhibitions businesses.

The sale proceeds of AED30.0 million or approximately AUD$9.0 million will be applied to debt reduction. This is a good outcome for the Australian firm, which remains part owned by a subsidiary of the National Australia Bank, and an investment arm of UK / South African bank, Investec.