Airport Authority takes control of AsiaWorld-Expo Management in HK$900m dealBusiness | 24 Sep 2018 3:35 pm
The Airport Authority Hong Kong announced today it acquired the rights and equity interest held by IEC Investments Limited, and the ownership of AsiaWorld-Expo Management for HK$900 million.
In 2003, the AsiaWorld-Expo, the Hong Kong Government, the AA and IEC Investments formed a joint-venture company known as Hong Kong IEC Limited, of which the Hong Kong Government was the majority shareholder. After the Acquisitions, the Government continues to own the majority interest of Hong Kong IEC, with the AA being the sole minority shareholder, whereas the AA has become the sole owner of AsiaWorld-Expo Management Limited which manages and operates the AWE facilities.
AWE stage one, opened since December 2005, occupies 11 hectares of land on the airport island, providing over 70,000 square meters of space for conventions and exhibitions, as well as sports and entertainment events.