M1 Limited (M1)

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

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.

As US-China tussle over 5G intensifies, dividends of local telcos come under pressure

SINGAPORE (Feb 18): Huawei Technologies Co and the 5G, or fifth-generation, mobile network has been grabbing headlines. US secretary of state Mike Pompeo is reported to have warned European countries that using technology from Huawei could harm their relationship with the US. In Singapore, M1 and Huawei have been in 5G trials together. If M1 is privatised, the spotlight is likely to fall on telecommunications companies such as StarHub and Singapore Telecommunications (Singtel).

Offer for M1 turns unconditional after Konnectivity achieves majority control

SINGAPORE (Feb 16): The offer for M1 by Konnectivity has become unconditional in all aspects after the latter gained majority control of the telco.

This comes after 28.6% shareholder Axiata Group tendered its entire stake in acceptance of the offer.

Konnectivity is the offer vehicle jointly owned by Keppel Corporation and Singapore Press Holdings (SPH).

Accept the offer as outlook still looks murky for M1, says OCBC

SINGAPORE (Jan 31): Keppel Corp and Singapore Press Holdings (SPH), through offer vehicle Konnectivity, and together with concert parties and valid acceptances, have amassed a total stake of 34.41% in M1.

A total stake of 50% is needed for the offer to turn unconditional.

The offeror also announced that it does not intend to increase the offer price of $2.06/share under any circumstances and has extended the offer to Feb 18.

This follows on the heels of the IFA’s “fair and reasonable” opinion that has since been published.

M1 to support Jurong Port in digital smart port transformation

SINGAPORE (Dec 5): M1 will provide Jurong Port with a terminal-wide wireless private network, to support the transformation of the port into an advanced digital smart port.

An Memorandum of Understanding was signed on Wednesday between Willis Sim, M1’s chief corporate sales and solutions officer, and Desmond Lim, Jurong Port’s chief commercial officer and chairman of technology development committee.

M1 VGO seen to go through as Axiata unlikely to make counter bid: CGS-CIMB

SINGAPORE (Nov 5): CGS-CIMB Securities is downgrading M1 to “hold” with an unchanged target price of $2.06 on expectations the Voluntary General Offer (VGO) will go through and that Axiata is unlikely to make a counter-bid at a much higher price.

As at 1.31pm, shares in M1 are trading 1 cent lower at $2.10.

“Other shareholders will accept the VGO, says Foong, as M1’s share price will likely drop if the VGO is called off,” says CGS-CIMB analyst Foong Choong Chen in a Nov 2 report.

Are institutional investors betting on a higher M1 bid?

SINGAPORE (Oct 5): Institutional investors are buying shares of M1 at levels above the offer price from major owners Keppel Corp and Singapore Press Holdings, showing they are  betting on an increase in the bid.

The Keppel-SPH offer is at $2.06, and M1 is currently at $2.10 as at 11.39am.

Axiata's Asia dream fades as rivals bid for overseas units

(Oct 2): Axiata Group Bhd’s dream of building a carrier that spans southern Asia from Singapore to Pakistan, Indonesia and India is fading as it risks losing hold of overseas units to rivals.

Malaysia’s biggest wireless carrier received an offer from Singapore Press Holdings and Keppel Corp to buy out its stake in M1, the latest in a series of challenges to its regional presence.

Changes in dynamics among telco players could see StarHub turn acquirer

SINGAPORE (Oct 1): Changes in dynamics among Singapore’s telco players could see StarHub or M1 turn acquirer during an industry consolidation in two to three years, says UOB KayHian.

In a Monday report, UOB KayHian analyst Jonathan Koh says possible M&A scenarios include StarHub acquiring TPG Singapore, M1 acquiring TPG Singapore or StarHub and M1 in a merger of equals, says UOB KayHian.

Firstly, Keppel Corporation and Singapore Press Holdings have made a joint pre-conditional voluntary general offer for M1 at $2.06.

Decent offer for M1 minority shareholders but will Axiata bite?

SINGAPORE (Sept 28): RHB Research and CGS-CIMB Securities say Keppel Corp and M1's $2.06 per share valuation of M1 is fair.

To be sure, M1’s share price has de-rated by a significant 30% on worries over escalating threats posed by new players in the market over the past 18 months.

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