Singapore comes under fire over Man United IPO

 
Steve Dinneen
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THE SINGAPORE stock exchange has come under fire for its decision to wave through the controversial share structure proposed in the Manchester United IPO.

It is understood the Old Trafford club will create a tiered structure whereby stock held by its US owners the Glazer family will have twice the voting rights of the new shares.

Singapore-based corporate governance expert Mak Yuen Teen branded the move a “backward step for the exchange from the perspective of good corporate governance”.

The club was tipped to list in Hong Kong but lawyers say Singapore, which has struggled to compete with its rival for big listings, may have been more willing to accommodate its demands.

The club could raise as much as $1bn (£625m) in a bid to help reduce a debt pile of more than £300m.