Friday, March 23, 2012

Singapore welcomes potential Formula One IPO

SINGAPORE: A potential listing of motor racing group Formula One (F1) in the Singapore exchange is an interesting prospect. This is according to Minister in the Prime Minister's Office and Second Minister for Trade and Industry Mr S Iswaran.

Speaking on the sidelines of the Tourism Conference on Friday, Mr Iswaran said that the listing has no bearing to the ongoing discussions about the future of the F1 event in Singapore.

Formula One chief Bernie Ecclestone has recommended Singapore as the best place to float the motor racing business. F1 is majority-owned by London-based CVC Capital Partners and is valued at over US$10 billion.

A floatation for F1 has long been mooted but analysts are pondering on the expiry this year of a confidential commercial agreement between the rights holding company and the teams.

Also, the five-year contract for the Singapore Night Race will end this year.

Mr Iswaran said: "It's interesting to know that they are considering an IPO in Singapore and we wish them well. That does not have a bearing on our own discussion on F1 in Singapore."

-CNA/ac

View the original article here

Source From Channel News Asia

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