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M1 sells stake in smart retail solutions company for S$1.5m in portfolio review
M1 has divested its stake in a Singapore-based smart retail solutions associate, as part of a regular investment portfolio review, according to the board of the telco.
A wholly-owned M1 subsidiary sold its 30 per cent interest in Octopus Retail Management Pte Ltd for S$1.5 million in cash on Friday to an existing shareholder called Eleos Web Pte Ltd.
The net tangible asset value of the stake was about S$58,000 as at Sept 30, based on Octopus Retail Management's unaudited management accounts, said M1's board.
It added that the value of the sale was reached after arm's length negotiations and weighed factors such as Octopus Retail Management's assets, intellectual property, financial position and business prospects.
The deal is not expected to have any material effect on M1's earnings per share and net tangible assets per share for the year to Dec 31, said the board.
M1 closed flat on Friday at S$2.09 before the announcement.