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Key shareholders of Singapore telecom firm M1 evaluating stake sales-source
March 17, 2017 / 10:02 AM / 10 months ago

Key shareholders of Singapore telecom firm M1 evaluating stake sales-source

SINGAPORE, March 17 (Reuters) - Singapore telecom firm M1 Ltd’s three biggest shareholders are evaluating selling their combined stakes worth more than S$1.14 billion ($813.5 million) in the company, a source aware of the matter said on Friday, as the firm called for a trading halt.

Keppel Telecommunications & Transportation Ltd and Singapore Press Holdings, which together own just over 32 percent in M1, are gauging interest for their stakes, the source said, adding that the process is in an early stage.

Malaysian telecom firm Axiata Group, the biggest shareholder in M1 with a stake of just over 28 percent, is also evaluating selling its stake, said the source, who was not authorised to speak to the media.

M1 has a market value of over S$1.91 billion.

Keppel and Singapore Press Holdings, whose shares were halted for trading, had no immediate comment. There was no immediate response from Axiata to an email from Reuters.

M1’s shares jumped nearly 8 percent ahead of the trading halt. ($1 = 1.4014 Singapore dollars) (Reporting by Anshuman Daga; Additional reporting by Aradhana Aravindan; Editing by Muralikumar Anantharaman)

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