Keppel, SPH to compulsorily acquire remaining M1 shares before delisting telco

As at 5pm on March 6, Keppel and SPH, through their joint venture firm Konnectivity, holds 92.2 per cent of all the shares in M1.
As at 5pm on March 6, Keppel and SPH, through their joint venture firm Konnectivity, holds 92.2 per cent of all the shares in M1.PHOTOS: ST FILE, AFP

SINGAPORE - Keppel Corporation and Singapore Press Holdings (SPH) will compulsorily acquire all the remaining shares they do not already own in telco M1 at the offer price of $2.06 apiece, after which they will delist the company.

As at 5pm on Wednesday (March 6), Keppel and SPH, through their joint venture firm Konnectivity, held 92.2 per cent of all the shares in the company, crossing the threshold of 90 per cent of the total number of issued shares other than those already held by Konnectivity and its concert parties.

This came after the offer first crossed the 90 per cent threshold last week, causing M1 to lose its free float.

The date of delisting will be announced in due course.

The offer remains open for acceptance till 5.30pm on March 18.

Keppel closed on Wednesday at $6.19, down four cents or 0.64 per cent. SPH's counter closed unchanged at $2.49 that evening.

SPH is the publisher of The Straits Times.