Hyve sells Kazakh portfolio

London, 8th April: London-listed Hyve Group (formerly ITE) announced the sale of Iteca LLP to ICA (JV) Ltd, a company owned and operated by a former consultant to Hyve, for an expected consideration between £4.8 million (US$6.6 million) and £5.8 million (US$8..0 million) over the next five to seven years. After closing of the deal, Hyve will have completed its planned exit from Central Asia.

Iteca is the operating company for 25 of the company’s non-core, regionally focused oil, gas and engineering events in Kazakhstan. According to Hyve, the Kazakhstan portfolio generated revenues of £2.1 million (US$2.7 million) and reported an operating loss of £600,000 (US$772,000) in the financial year ended 30th September 2020.