SINGAPORE (Sept 24): Keppel Corp and Singapore Press Holdings (SPH) are considering a potential transaction involving their respective stakes in telco M1.

Keppel owns 19.3% of M1, via Keppel T&T, while SPH owns 13.5% of M1. A general offer for M1 would be triggered should both Keppel and SPH divest their respective stakes in M1 to a third-party investor.

Malaysian telco Axiata Group is M1’s largest single shareholder with a 28.7% stake.

In a filing this morning, Keppel says there is no certainty or assurance that any transaction will occur.

If, and when, there are any material developments which warrant disclosure, Keppel says the company will, in compliance with applicable rules, make further announcements as appropriate.

Last year in March, SPH, Keppel T&T and Axiata undertook a strategic review of their stakes in M1, with a view to a possible sale.

Three biggest shareholders of M1 mulling stake sale

However, the three parties decided not to proceed further with the review, saying that proposals from interested parties did not meet their minimum criteria despite a favourable level of interest.

Year to date, shares in M1 are down 8.4% to close at $1.63 on Friday.

Storm clouds darken over M1 as stake sale plans by major shareholders fall through

M1 hits six-month low as major shareholders call off strategic review

Block sale by M1 major shareholders could also lead to general offer: DBS

Who would buy the smallest of Singapore’s 3 telcos

Foreign player could swoop in on M1

Is it a good 'buy' for M1 amid potential stake sale?

'Small special dividend' expected for SPH shareholders from M1 stake sale: UOB