Keppel, SPH to compulsorily acquire all shares in M1 before delisting telco

KEPPEL Corporation and Singapore Press Holdings (SPH) will compulsorily acquire all the remaining shares they do not already own in telco M1 at the offer price of S$2.06 apiece, after which they will delist the company.

As at 5pm on Wednesday, Keppel and SPH, through their joint venture firm Konnectivity, hold 92.2 per cent of all the shares in the company, crossing the threshold of 90 per cent of the total number of issued shares other than those already held by Konnectivity and its concert parties. (see amendment)

This came after the offer first crossed the 90 per cent threshold last week, causing M1 to lose its free float.

The date of delisting will be announced in due course.

The offer remains open for acceptance till 5.30pm on March 18.

Keppel closed on Wednesday at S$6.19, down S$0.04 or 0.64 per cent. SPH's counter closed unchanged at S$2.49 that evening.

SPH is the publisher of The Business Times.

Amendment note: A previous version of the story said that Keppel and SPH will exercising their right to buy up all the remaining shares given the 90 per cent threshold. This has been revised.