01 Mar '11, 2pm

SingTel shares on the rise after F1 sponsorship renewal

SINGAPORE: Shares of telecom giant SingTel gained one per cent to S$3.00 on Tuesday on news that it has bagged the title sponsorship for the Singapore Grand Prix for another two years until 2012. Analysts said the sponsorship will further boost the company's profile and could potentially bolster its share price as well going forward. The sponsorship renewal follows the expiry of its initial three-year contract last month. In a statement, SingTel said the Formula One race in Singapore has raised awareness and strengthened SingTel as a global brand. Market watchers agree but warn that after three years, SingTel may have to re-inject some energy into the race experience and prevent any 'fan fatigue'. Ben Flint, Head of Asia Pacific at sports and entertainment marketing agency Fuse said: "2010 felt flat in comparison to the initial euphoria of the first event in 2008 and the a...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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