Konnectivity said on Monday its takeover offer for M1 has closed with control of 94.55 percent of the Singapore telco’s shares, and it will exercise its rights to compulsorily acquire the remaining shares.
M1 will be delisted after the shares are acquired, subject to approval from Singapore Exchange, Konnectivity said in a filing to SGX on Monday after the market close.
After the compulsory acquisition, Konnectivity, which is a special purpose vehicle set up by M1 shareholders Singapore Press Holdings and Keppel Corp., is expected to hold 80.69 percent of M1, while Keppel Telecommunications and Transportation, a related company, will hold the remainder, the filing said.
“We are pleased to acquire, together with SPH, control of M1, which will allow us to more effectively drive changes in M1 to improve its
competitiveness,” Loh Chin Hua, CEO of Keppel Corp., said in the statement. “We will also be able to benefit from closer collaboration between M1 and the Keppel Group, as well as SPH, which can unleash synergies for all parties.”
Manjot Singh Mann, CEO of M1, said the telco would work to accelerate efforts to deliver more innovative products and services and to better compete.
As of the close of business on Monday, Konnectivity controlled, acquired or agreed to acquire 95.02 percent of M1 options, the filing said.
Konnectivity made a S$2.06 a share voluntary conditional general offer for the Singapore telco last year.