SISTIC, Singapore's leading ticketing services provider, to be divested

The SISTIC board announced today that its shareholders would be divesting their stakes in SISTIC.com Pte Ltd (SISTIC). The Singapore Sports Council (SSC) currently holds a 65% share in SISTIC with the remaining held by The Esplanade Co Ltd. Originally a part of the Singapore Indoor Stadium, SISTIC was incorporated in Singapore on 28 July 2000 to provide ticketing services to a wide range of sports, arts and entertainment events. Since then, SISTIC has grown to be Singapore’s premier ticketing services provider.

The move capitalises on today’s robust and vibrant sports and entertainment events scene. Through the sale, the new owner will be expected to further unlock the growth potential of the growing number of events, shows and concerts through innovative marketing strategies.

Said Mr Alex Chan, Chairman of SSC, “The divestment is a strategic move to accelerate the growth of the ticketing industry, which possesses vast potential in Singapore as well as in the region. We look forward to engaging a strong industry player who possesses key innovative and market-focused capabilities to lead SISTIC into its next phase of growth and to further benefit event promoters and consumers.”

The divestment exercise is expected to take place over six months. Interested bidders can contact KPMG Corporate Finance Pte Ltd, the financial advisor to the shareholders, at (65) 6213 3388 (phone) or sisticbid@kpmg.com.sg (email) to register their interest and obtain a copy of the tender documents for their bid submission. Shortlisted bidders will be invited to conduct their due diligence and submit their final bids thereafter. The successful bidder is expected to be selected in the last quarter of 2008.

Said Mr Kenneth Tan, Deputy Chief Executive Officer of SISTIC, “Over the years, SISTIC has grown to become a household name in Singapore. More recently, our name, our expertise and our technology have expanded to many entertainment operations across the Asia Pacific region. Clearly, SISTIC is now ready to move on to the next level of expansion. We look forward to working with new partners who share common strategic synergies to further accelerate SISTIC’s growth well beyond its pace. We are excited by this development and are geared up to take on the new challenges and opportunities that are waiting for us.”