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Keppel, SPH to exercise right to compulsory acquisition of all M1 shares before delisting telco

Singapore

KEPPEL Corporation and Singapore Press Holdings (SPH) will exercise their right to 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 as at the commencement of the offer.

This was thanks to "strong shareholder support", Konnectivity said in a statement on Wednesday night.

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M1 lost its free float last week after less than 10 per cent of its issued shares remain in the hands of the public. The date of the delisting will be announced in due course.

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

Konnectivity urged those who have yet to accept its offer to do so.

"The offer therefore remains an opportunity for shareholders to realise their shares at the offer price as soon as practicable, instead of waiting until the offeror exercises its right of compulsory acquisition."

Keppel and SPH announced in December last year their "firm intention" to make a voluntary general offer of $2.06 per share for the remaining M1 shares that they do not own.

In February, Keppel and SPH obtained majority control of M1, after long-time shareholder Axiata Group accepted their joint offer for its entire stake of 28.6 per cent.

Keppel shares closed flat on Thursday at S$6.19 while SPH shares ended one cent lower at S$2.48.