M1 to delist on 24 April

Keppel and Singapore Press Holdings will own 91.15% of its shares.

M1 will be delisted from the official list of the Singapore Exchange Securities Trading (SGX-ST) on 24 April with effect from 9 a.m., an announcement revealed.

The telco had requested for a trade suspension with effect from 9 a.m. on 19 March after the buyout offer from Konnectivity, a company jointly owned by Keppel and Singapore Press Holdings (SPH), was closed.

Konnectivity announced its intention to make a voluntary conditional general offer for all the issued and paid up ordinary shares in the capital of M1. Konnectivity’s offer for the majority control of M1 stood at $2.06 for each M1 share as they aim to restructure the telco to better compete with sector rivals.

Also read: Keppel-SPH buyout offer extends lifeline to embattled M1

In 18 February, Axiata Group, which owned a 28.7% stake in M1, accepted the Keppel-SPH buyout offer.