M1 to be delisted after crossing buyout threshold
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Konnectivity Corp has succeeded in its takeover attempt for Singapore’s third largest operator M1 and will now take the company private. Konnectivity, the joint venture established by major M1 shareholders Keppel Corp and Singapore Press Holdings, has announced in a stock exchange filing that its share in M1 has now crossed the 90% threshold.
With fewer than 10% of shares now owned by the public, M1 now no longer meets the threshold of listing on the Singapore stock exchange and will be delisted.
Remaining shareholders will have until March 18 to accept the S$2.06 ($1.52) per share buyout offer if they do not want to own shares in a delisted company.
Keppel and SPH first mounted their buyout offer for M1 in January, after announcing an intention to do so in December. Their joint venture Konnectivity gained majority control of M1 in mid-February.
Questions & Answers
Q.What is the new ownership structure of M1 after the takeover?
What is the new ownership structure of M1 after the takeover?
M1 is now privately owned by Konnectivity Corp, a joint venture. Konnectivity was established by major M1 shareholders Keppel Corp and Singapore Press Holdings, who now hold over 90% of M1's shares.
Q.Why is M1 being delisted from the stock exchange?
Why is M1 being delisted from the stock exchange?
M1 no longer meets the listing threshold on the Singapore stock exchange. This is because Konnectivity's share in M1 has crossed the 90% threshold, meaning fewer than 10% of shares are now publicly owned.
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