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Singapore : Formula One: Singapore approves $3.1 billion F1 float
Publish Date : 23-May-2012
Formula One has been given the go-ahead for a US$2.5 billion (S$3.1 billion) share sale in Singapore, a source close to the deal told on Tuesday, but analysts said conditions may not be ideal after Facebook\'s recent disappointment.
Private equity firm CVC Capital Partners, which has a majority stake in the glitzy motor sport\'s holding company, will gauge interest among investors and fund managers with a view to selling part of its stake at the end of June.
The source said the Singapore Exchange had approved a listing by Formula One, which has been rumoured for the past two months.
A spokesman for the bourse, citing standard policy, said: \'It is not our practice to publicly comment on our dealings with listing aspirants.\' Singapore hosts a popular Formula One night race, one of 20 stops on the F1 tour this year, and has a strong fanbase for the sport. This year\'s Singapore Grand Prix is scheduled for Sept 23.
