Tuesday, March 20, 2012

Formula One seeking IPO in Singapore or Hong Kong

SINGAPORE: Motor racing organiser Formula One may be headed for a listing in Asia within 12 months.

According to media reports, Formula One head Bernie Ecclestone said he was looking to launch an initial public offering (IPO) and preferred to do this in either Hong Kong or Singapore.

The shares offered will be for part of the stake held by its current owners, CVC Capital Partners, and would value the motor racing firm at over US$10 billion.

The Singapore Exchange (SGX) declined to confirm media reports that Formula One is considering an IPO in Singapore.

A spokesperson for SGX said, "It is not our practice to publicly comment on our dealings with individual entities."

- CNA/wm

View the original article here

Source From Channel News Asia

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