M1's biggest shareholders conclude stakes review

They took into consideration proposals from interested parties.

Keppel Telecommunications & Transportation (KPTT), Axiata Group (Axiata) and Singapore Press Holdings (SPH) have decided not to proceed further with the Strategic Review of their stakes in M1.

To recall, KPTT, Anxiata, and SPH have 28.5%, 19.2% and 13.4% respective stakes in M1.

"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," SPH said in an announcement submitted to the Singapore Exchange.

It added, "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 Limited."

RHB analysts commented on the matter and said, “The development does not come as a surprise, as we had earlier flagged that the planned divestments may have hit a brick wall due to recent industry developments and the lower transaction premiums accorded.”