Corporate digest

M1

KONNECTIVITY is to compulsorily acquire all the issued and paid-up ordinary shares in M1 Limited that the joint venture between Singapore Press Holdings and Keppel Corporation does not own.

Konnectivity has exercised its right of compulsory acquisition over all the shares of dissenting shareholders - who have not accepted its voluntary conditional general offer - at the offer price of S$2.06 per share and on the same terms and conditions of the offer.

The acquisition payment will be held by M1 on trust for dissenting shareholders in a separate bank account it established.

M1 will transfer to Konnectivity the shares held by dissenting shareholders and register the offeror as the holder of all those shares when the acquisition payment has been made.

MeGroup

CATALIST-LISTED MeGroup has snagged its first Hyundai dealership, with the rights to operate a Hyundai 3S (sales, service and spare parts) centre in Bandar Bukit Raja in Klang, Selangor, awarded by the marque's official Malaysian distributor Hyundai-Sime Darby Motors.

For the purpose of the award, MeGroup will incorporate a new wholly owned subsidiary called MN Automart, under its existing unit Menang Nusantara Holdings, it said in a regulatory filing on Tuesday.

The dealership is expected to be fully operational in the second half of 2019.