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indiantelevision.com Team
MUMBAI: In a case of turnarounds, owners of Manchester United have delayed their plans to sell stock in Singapore as the market is very volatile.
Though the Glazers aren?t in hurry to proceed immediately, it is understood that the Florida-based owners are prepared to wait until market conditions are more favourable and postpone their preferred mid-October listing if required.
Yesterday, Singapore?s stock exchange had approved the football club?s application to raise about $1 billion in an initial public offering. After the approval, the Glazers were given the go ahead to press ahead with their partial flotation of the club selling up to 30 per cent of their stake holding.
Accordingly, the Glazers had informed the Singapore Stock Exchange that some of the proceeds of the flotation would go towards reducing United?s debt that stands at ?308.3 million net.
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