Keppel: Weighing transactions involving M1 and Keppel T&T stakes

M1 retail outlet at Orchard Road In SingaporeM1 retail outlet at Orchard Road In Singapore. Image taken pre-Covid

Keppel Corp. said on Monday that it was “concurrently” considering deals involving its stakes in Singapore telco M1 and Keppel Telecommunications & Transportation, both of which could lead to transactions in the shares.

Both M1 and Keppel T&T made SGX filings requesting share halts about a half hour after Keppel’s filing before the market open on Monday. Both said the halts were pending the release of an announcement.

According to its annual report for 2017, Keppel holds a 19 percent stake in M1, via its 79 percent owned subsidiary Keppel T&T, both of which are listed on Singapore Exchange.

“The company wishes to emphasise, in each case, that there is no certainty or assurance that any transaction will occur,” it said in the filing to SGX before the market open on Monday.

Keppel T&T is involved in two core businesses, logistics and data centers, with the latter having operations in both Europe and Asia.

M1 is the smallest of the three telcos currently operating in Singapore, although a fourth is expected to begin operations in the near-term.

This article was originally published on Monday 24 September 2018 at 7:41 A.M. SGT; it has since been updated with news of the share halts.

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