Konnectivity owns 94.55% in M1 at close of offer; will go ahead to compulsorily acquire all other shares and delist telco

Konnectivity owns 94.55% in M1 at close of offer; will go ahead to compulsorily acquire all other shares and delist telco

PC Lee
19/03/19, 07:14 am

SINGAPORE (Mar 19): Konnectivity, the offer vehicle jointly owned by Keppel Corporation and Singapore Press Holdings (SPH), and its concert parties have gained a 94.55% stake in M1 at the close of the voluntary unconditional general offer.

Konnectivity will therefore go ahead and exercise its rights to compulsorily acquire all the shares of shareholders who have not accepted the offer at the offer price of $2.06 for each share.

M1 will then be delisted, subject to the approval of the Singapore Exchange.

See: SPH and Keppel in $2.06/share offer to privatise M1; Keppel seeking to privatise Keppel T&T with $1.91/share offer

See also: Privatisation of Keppel T&T at $1.91 highly likely to go through

See also: M1 deal hangs in balance as Keppel, SPH stand ground

See also: Offer for M1 turns unconditional after Konnectivity achieves majority control

After compulsory acquisition, Konnectivity is expected to hold 80.69% of M1 with the remaining 19.31% being held by Keppel Telecommunications and Transportation, a company related to offeror.

Following the close of the offer, Keppel Corporation will, together with SPH, work with M1 to “start a multi-year transformational journey to enhance its competitiveness. M1 will devise a multi-pronged strategy of innovation, technology adoption and digitalisation, to better meet the needs of its customers.”

Manjot Singh Mann, CEO of M1, says, “As a member of the Keppel Group, M1 looks forward to working closely with the Keppel Group and with SPH to accelerate the changes needed to deliver even more innovative and compelling products and services, to stay ahead of the competition. M1 shall endeavour to transform to be at the heart of convergence of various digital services and technologies that present day consumers and enterprises demand. Keppel and SPH bring with them their organisational strengths and stability, which will help us chart our growth plans aggressively, while seeking significant opportunities of synergy with them.”

Shares in M1 closed 1 cent lower at $2.05 on Monday.

Right timing: STI’s upclimb supported by momentum and moving averages

SINGAPORE (Apr 20): There has been little change in the trend and chart pattern of the Straits Times Index. The index has been on a very glacial ascent towards 3,420, the target indicated when the index broke out of resistance at 3,190 in mid-Jan. Quarterly momentum eased during the past four trading sessions. The 100- and 200-day moving averages have turned positive. This coupled with positively placed DIs and rising ADX should continue to underpin the STI. The only cautionary signals are the somewhat overbought levels of short term stochastics and 21-day RSI, and stagnant vol....

SMI takes legal action against Hyflux; Maybank moves on Tuaspring

(Apr 20): SM Investments (SMI) has terminated its rescue agreement with Hyflux, it announced on Friday. Hyflux, on its part, had already on April 4 terminated the same agreement with SMI. SMI claims it has thus far abided by the agreement. “To clarify, SMI does not accept the purported termination of the Restructuring Agreement by Hyflux on 4 April 2019. This is because the termination was not in accordance with the terms of the Restructuring Agreement," said SMI. Under the agreement reached last October, SMI, led by Indonesian tycoon Anthoni Salim, was to have invested $530 million in....

CCT reports 3.8% higher 1Q DPU of 2.20 cents on higher property contributions

SINGAPORE (April 19): The manager of CapitaLand Commercial Trust (CCT) has reported a 1Q19 distribution per unit (DPU) of 2.20 cents, rising 3.8% y-o-y from 2.12 cents due to higher contributions from Gallileo and Asia Square Tower 2. Gross revenue and net property income (NPI) for the quarter increased by 3.5% and 3.4% to $99.8 million and $79.8 million, respectively. This comes after booking contributions from Gallileo – an office building in Frankfurt, Germany which the trust acquired a 94.9% stake in during June 2018 – as well as higher occupancy at Asia Square Tower 2, both of w....