SPH, Axiata, Keppel T&T to drop strategic review of stakes in M1

MEDIA group Singapore Press Holdings (SPH), together with Axiata Group Berhad and Keppel Telecommunications & Transportation (Keppel T&T) - the majority shareholders in M1 - have decided not to proceed further with the strategic review of their stakes in the telco.

In a filing to Singapore Exchange on Tuesday, 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 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 Limited," the group said.

In March this year, SPH, Keppel T&T and Malaysia's Axiata had jointly appointed Morgan Stanley Asia (Singapore) as financial adviser to assist with a strategic review of their stakes in M1.