SINGAPORE: The online ticketing system SISTIC is being put up for sale.

Its shareholders Singapore Sports Council (SSC) and The Esplanade Company are divesting their stakes in SISTIC.com

The SSC own 65 per cent of SISTIC, with the remaining held by The Esplanade Company.

They are now looking for an external party to take the business forward.

The Singapore Sports Council said 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.

In a statement, SSC said that 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.

The divestment exercise is expected to take place over six months.

The successful bidder is expected to be named in the last quarter of 2008.

KPMG Corporate Finance is acting as the financial advisor to the shareholders.

SISTIC was incorporated in July 2000 to provide ticketing services to a wide range of sports, arts and entertainment events.

It has grown to be the dominant ticketing services provider. - CNA/vm