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Hot stocks: Keppel T&T, SPH rally on potential stake sale in M1
SHARES of M1, Singapore Press Holdings (SPH) and Keppel Telecommunications & Transportation (Keppel T&T) were sharply higher on Monday after they resumed trading following news that the latter two were looking to sell their stakes in the telco.
At 9.54am, M1 was trading around S$2.22, up 3 Singapore cents, or 1.37 per cent. About 6 million shares changed hands.
SPH hit S$3.62 before trading around S$3.56, up 3 Singapore cents, or 0.85 per cent. Some 4.8 million shares were traded. Keppel T&T was trading around S$1.76, up 5.5 Singapore cents, or 3.23 per cent.
On Friday, SPH said that it has, together with Keppel T&T and Malaysia's Axiata Group Berhad, jointly appointed Morgan Stanley Asia (Singapore) as financial adviser to assist with a strategic review of their stakes in M1.
Malaysian telco Axiata is the biggest shareholder in M1 with a 29 per cent stake, while Keppel T&T has a 19 per cent holding and SPH a 13.38 per cent stake.