In brief: SPH, Keppel get majority control of M1

Konnectivity, a company jointly owned by Keppel Corporation and Singapore Press Holdings (SPH), has announced that its voluntary conditional general offer for M1 Limited is now unconditional, as Konnectivity and its concert parties have achieved shareholding above 50 percent. Axiata Group, a long-term shareholder of M1, has tendered its entire 28.6 percent stake in acceptance of the offer.

Konnectivity has received valid acceptances that result in it and its concert parties holding 75.5 percent of the maximum potential issued share capital of M1.

Source: SPH

M1 is one of Singapore’s four licensed telcos, alongside Singtel, Starhub, and TPG. The carrier has been facing increased competition, with the recent entry of Australia’s TPG and the emergence of mobile virtual network operators such as Circles.Life, MyRepublic, and Zero Mobile.

Axiata, Keppel, and SPH sought buyers for their M1 shares in 2017. US private equity giant Warburg Pincus, China Broadband Capital, and MyRepublic were among the rumored suitors.

But the three shareholders called off their search in July 2017, saying that “despite a favorable level of interest,” proposals from interested parties didn’t meet their “minimum criteria and parameters” for a sale.