MyRepublic needs to set record straight about interest in M1

LOCAL ISP (internet service provider), MyRepublic, has promised to "set the record straight", later this week, on "recent market rumours" surrounding the company. Presumably MyRepublic CEO, Malcolm Rodrigues, and his team would be talking about the "rumour" that the company is interested in buying local telco, M1, which has around 24 per cent market share. Assuming Mr Rodrigues does talk about M1 and not about something else, then this would have very interesting implications for Singapore's telecoms market.

But first a bit of background.

Singapore's third telco M1 has been in the news since March this year when the three principal shareholders, Malaysian telco Axiata, Keppel Telecommunications & Transportation (Keppel T&T) and Singapore Press Holdings (SPH) said they were undertaking a "strategic review" of their stakes in the company. Morgan Stanley Asia (Singapore) was appointed as a financial adviser to assist with the strategic review, which "may or may not lead to a transaction". The three together own more than 60 per cent of the company.