M1 to be delisted as takeover acceptances top 90 percent

M1 location in Singapore Geylang neighbourhoodM1 location in Singapore’s Geylang neighbourhood

M1 will be delisted from the SGX as acceptances of the takeover bid for the Singapore telco have crossed over 90 percent, Konnectivity said in a filing to SGX late on Wednesday.

That followed a previous announcement that Axiata, which had held 28.6 percent of M1, had agreed to tender its shares for the S$2.06 a share takeover bid, the filing said.

With the percentage of M1 owned, controlled or agreed to be acquired by Konnectivity at 90.15 percent, the free float of the company would fall below the required 10 percent minimum. Konnectivity doesn’t intend to preserve the listing status and will take steps to delist the company, the filing said.

“Shareholders who may not want to hold shares in an unlisted company should consider accepting the offer before the closing date,” which has been extended to the close of business on 18 March, it said.

Konnectivity, which is a special purpose vehicle set up by M1 shareholders Singapore Press Holdings and Keppel Corp., made a S$2.06 a share voluntary conditional general offer for the Singapore telco last year.

The bid for M1 aimed to gain control of at least 50 percent of the telco to more easily engage in a “transformational” restructuring, which would likely include lower dividends, Konnectivity has previously said.

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