The Star Media Group sells off its stake in events and exhibition company, Cityneon

The Star Media Group has sold its 52.51% stake in Singapore-listed events and exhibition company Cityneon Holdings Ltd.

According to a report in The Star, The Star Media group sold its stake in the company for RM360.18mil cash which is valued at almost 33 times the earnings of Cityneon.

Earlier in February The Star reported that it the group saw a significant 693% surge in net profit, jumping from a net profit of USD S$800,000 in 2015 to USD S$6.6mil. The profit was mainly due to its acquisition of US-based exhibition producer Victory Hill Exhibitions (VHE) which has launched several popular international exhibitions.

One of the popular exhibits by the company includes the Avengers S.T.A.T.I.O.N tour which has debuted in Paris, Las Vegas and Singapore. The company owns the sole rights to run the exhibition.