SPH: Approached by Keppel on possible transaction on subsidiary’s M1 shares

Straits Times reading sculpture at Changi AirportStraits Times reading sculpture at Changi Airport

Singapore Press Holdings said on Monday before the market open that it was approached by Keppel Corp. to participate in a possible transaction involving the M1 shares held via wholly owned subsidiary SPH Multimedia.

The possible deal could lead to a transaction in the shares of M1, SPH said in the filing to SGX.

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.

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.

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