Two Singaporeans poised for F1 board seats

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http://www.todayonline.com/Sports/EDC120523-0000124/Two-Singaporeans-poised-for-F1-board-seats

As Formula 1 gears up for a US$2.5 billion (S$3.2 million) flotation on the Singapore Stock Exchange (SES), it has emerged that two prominent corporate figures from the Republic are set to join the sports company's board of directors.

According to a Skysports blog report yesterday (this morning, Singapore time), the pair are Liew Mun Leong, the president and chief executive of CapitaLand, and Kwa Chong Seng, who is the deputy chairman of Temasek Holdings.

They will join Unilever's chief financial officer Jean-Marc Huet on the Formula 1 board that will also include the sports' long-time boss Bernie Ecclestone and representatives from Ferrari, McLaren, Red Bull Racing and possibly Mercedes.

Peter Brabeck-Letmathe, the chairman of Nestle and an existing F1 director, has agreed to chair the company when Formula 1 floats, scheduled for sometime next month.

The report added that the Singaporeans' inclusion in the board is "in accordance with the city-state's listing rules".

Earlier this week, the SES approved Formula 1's plan to raise as much as US$3 billion in an initial public offering here.