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

PC Lee

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.