AUGUST 30, 2001
Yoong backer joins Minardi
The Kuala Lumpur-based betting operation works through Malaysian four-digit numbers in world of forecast betting. Formed in 1968, Magnum was the first private company to be granted a license to promote, operate, and manage four-digit forecast betting in Malaysia, was floated on the stock market two years later and subsequently became a feature of the Kuala Lumpur stock exchange.
Today, Magnum Corporation Berhad is principally engaged in the gaming business, but is also involved in property and leisure, overseas investments, printing and information technology. It has been behind Yoong's efforts to get a place in the sport's top flight from the very first contact with team principal Paul Stoddart, working together with the Malaysian government to ensure local support for the well regarded but under-subscribed Malaysian Grand Prix.
It is believed that a 'homegrown' star will bring about much local interest in the sport and help revive flagging gate receipts and investment in the race. Magnum's yellow "M" logo will make its debut on the Minardis this weekend in Belgium before Yoong steps in to take over the team's second car from Brazilian Tarso Marques for the final three races of this year.
Lim Teong Leong, Executive Director of Magnum Corporation Berhad, has stated: "I'm very happy to see how well Alex is doing with the European Minardi team. Magnum Corporation Berhad wanted to do all it possibly could to support his bid to make it to Formula 1, which is what all Malaysians were hoping for, and now we have made it. I would like to say good luck to Alex and European Minardi - we are all behind you and willing you to succeed."