Keppel Corp, SPH could bid for M1: Bloomberg

KEPPEL Corp and Singapore Press Holdings (SPH) are considering making a bid for telco M1, according to a Bloomberg report citing people with knowledge of the matter.

The two companies, which control almost 33 per cent of M1, have approached Malaysia's Axiata Group, which holds a 28.7 per cent stake in M1, the news agency said. A deal could be announced in the next few days.

Axiata may decide to make its own offer if the price by Keppel Corp and SPH is too low, Bloomberg added.

Keppel Corp, which holds about 19.3 per cent of M1 through Keppel Telecommunications and Transportation (Keppel T&T), had approached SPH to consider a transaction involving their M1 interests, according to exchange filings earlier this week.

Keppel Corp has also said that it is considering a possible transaction involving its 79.2 per cent stake in Keppel T&T.

Trading in Keppel T&T and M1 shares has been halted. Keppel Corp was trading at S$7.17 as at 11.46am on Wednesday, up 0.6 per cent or 4 Singapore cents. SPH was trading at S$2.82, down 0.4 per cent or 1 Singapore cent.

SPH owns The Business Times.