SINGAPORE - Singapore Press Holdings (SPH) today announced that its wholly-owned events subsidiary Sphere Exhibits will take up an additional 40 per cent shareholding stake in Beerfest Asia Pte Ltd, the company that organises the annual Beerfest Asia event.
With this latest investment, Sphere Exhibits will have an 80 per cent stake in the company. The remaining 20 per cent stake will be held by Edward Chia (13 per cent) and Danny Loong (7 per cent), both of whom are the co-founders and shareholders of Timbre Group.
The Beerfest Asia event was first launched in 2009 by Timbre Group, with Sphere Exhibits coming in as the co-organiser in the following year.
Timbre is a Singapore-based music and lifestyle company with businesses ranging from food and beverage, concert and festivals promotion and music education. In 2013, the two parties formed a joint-venture company, Beerfest Asia Pte Ltd, to own the trademark and operate the event.
Sphere Exhibits had owned 40 per cent stake in the joint venture company then.
The 4-day lifestyle event held in June has grown over the years. It showcases more than 400 kinds of craft and commercial beers from around the world.
Beerfest Asia also features local and international stand-up comedy and live entertainment from tribute music bands.
Last year's Beerfest Asia attracted more than 32,000 visitors to the Marina Promenade over the four days.
Mr Chua Wee Phong, Chairman of Sphere Exhibits and Executive Vice-President of Circulation, SPH, said: "This latest investment by Sphere Exhibits in Beerfest Asia is in line with our commitment to expand our food and beverage vertical. We have already created a diverse range of proprietary gourmet and lifestyle events such as Asian Masters, Gourmet Japan, Gusto Italiano and Salon Gourmet."
He added: "Beerfest Asia has been a commercial success in Singapore over the last seven years and offers good growth prospects in the long term. With our majority stake, we are well-positioned to grow Beerfest Asia beyond Singapore and reach out to a wider audience."
Mr Edward Chia, Managing Director and Co-Founder of Timbre Group, said: "Both Danny and I are pleased that Sphere Exhibits sees the value of Beerfest Asia. With their investment, we are confident that Beerfest Asia will be elevated to the next level and enhance festival attendees' overall experience. We remain committed to developing the festival to become the premier beer marketplace in Asia and to play a vital role in the rise of Asia's beer industry."