M1 shareholders exploring stake sale: SPH

SHAREHOLDERS of telco operator M1 are exploring a stake sale, Singapore Press Holdings (SPH) said on Friday.

"Singapore Press Holdings, Keppel Telecommunications & Transportation Ltd and Axiata Group are currently undertaking a strategic review in respect of their respective shareholdings in M1 which may or may not lead to a transaction," an SPH spokeswoman said in a media release.

They have jointly appointed Morgan Stanley Asia (Singapore) Pte as their financial adviser to assist with the strategic review.

Shares of M1 were halted late on Friday evening, following unusual trading that invited a query from the Singapore Exchange. Its listed shareholders, SPH and Keppel Telecommunications & Transportation (Keppel T&T), also called for a trading halt.

Keppel T&T and SPH together own more than 30 per cent of M1. Malaysian telco group Axiata is the biggest shareholder in M1 with a stake of just over 28 per cent.