Keppel Corp and SPH Eye Big Moves in M1 Stakes
Yesterday, the Singapore Exchange revealed that Keppel Corp is eyeing a possible sale of its 79.2 % share in Keppel Telecommunications & Transportation (Keppel T&T). Meanwhile, Singapore Press Holdings (SPH) has been invited to join the fray for a potential swap involving their M1 holdings.
What’s the Deal, If Any?
No concrete terms have been disclosed yet, and it remains a poseidon‑style question – there’s no guarantee this to go anywhere.
Crunching the Numbers
- Keppel T&T closed at S$1.36 on Friday; a 79.2 % stake is worth roughly S$602 million.
- Ked? 19.33 % in M1 via Keppel T&T: value about S$292 million.
- SPH holds 13.45 % in M1: valuation around S$203 million.
- All of this was paused when trading was halted on Monday.
Full Pictures of the Involved Groups
Keppel Corp – a multifaceted conglomerate that builds rigs and deals in real estate, pivoting into…well, it’s a conglomerate.
SPH – a media and property co‑owner, running The Business Times and yet again on the lookout for new streets.
Axiata Group – the biggest single shareholder in M1, with a 28.7 % stake.
Past Attempts at a Sale
Back in March 2017, the trio (SPH, Keppel T&T, and Axiata) enlisted Morgan Stanley Asia for a possible hands‑off—sort of a strategic check‑list for a sale. But in July, they decided no proposals were “good enough”. The market was cool; no deals materialized then.
Market Reaction Monday
Keppel Corp dipped by 0.1 % (one cent) to S$7.02, while SPH stayed stubbornly flat at S$2.82. The curtain on the M1 and Keppel T&T stalls resumed after Friday’s close.
Final Thought
As it stands, we’re watching a dance of numbers and possibilities. Stay tuned – this could be the latest chapter in Singapore’s telco saga.
