M1 majority shareholders end strategic review of shareholdings, SPH announces

Three majority shareholders in M1 are not proceeding with a strategic review of their stakes, said SPH.
Three majority shareholders in M1 are not proceeding with a strategic review of their stakes, said SPH. PHOTO: M1

SINGAPORE - Three majority shareholders in M1 are not proceeding with a strategic review of their stakes, one of the trio, Singapore Press Holdings, said on Tuesday (July 18).

SPH had said in March (2017) that - together with Axiata Group and Keppel Telecommunications & Transportation - it would be taking a look at its stake in the telecommunications company. The three jointly appointed Morgan Stanley Asia (Singapore) as financial adviser to assist with the strategic review, which, they said at the time, "may or may not lead to a transaction".

In the latest statement, SPH said: "The majority shareholders have taken into consideration the proposals from interested parties, which despite a favourable level of interest, have not met the minimum criteria and parameters as determined by the majority shareholders.

"For the avoidance of doubt, no arrangement or agreement with any third party has been reached in relation to each majority shareholders' respective shareholdings in M1."

As at March, the combined stake of the three shareholders in M1 was more than 60 per cent.