SingTel finally confirms Singapore GP extension

SingTel has finally confirmed a new two-year agreement to remain the naming sponsor of the Singapore grand prix.

We reported last October that the local telecommunications company had inked a new estimated $30 million contract to associate with the city-state’s popular night race.

But a spokesman had told us that SingTel was "still in discussions" with F1 officials.

SingTel announced the 2011-2012 extension on Tuesday.

"We are proud to be continuing as the title sponsor," said group chief executive Chua Sock Koong.