SPH backing Keppel's buyout offer for M1

The purchase offer will be made through joint venture company, Konnectivity Pte Ltd, which is majority owned by KCL.
The purchase offer will be made through joint venture company, Konnectivity Pte Ltd, which is majority owned by KCL.PHOTOS: ST FILE, AFP

Keppel Corp, with the support of Singapore Press Holdings (SPH), is seeking to buy all M1 shares that the two do not own at $2.06 apiece.

Yesterday, the companies announced the pre-conditional voluntary general offer, which values Singapore's third largest mobile operator at around $1.91 billion.

Joint venture firm Konnectivity - majority-owned by Keppel - will lodge the offer. Keppel Corp, which owns 19.33 per cent of M1 through a 79.22 per cent stake in Keppel Telecommunications and Transportation, is also making a general offer for Keppel T&T at $1.91 per share in cash.

A version of this article appeared in the print edition of The Straits Times on September 28, 2018, with the headline 'SPH backing Keppel's buyout offer for M1'. Print Edition | Subscribe