Three top shareholders of Singapore telecoms company M1 seek to sell majority stake

Three shareholders holding a combined majority stake in Singapore telecoms company M1 Ltd have approached potential buyers to sell their stake, Reuters reported on Saturday, citing sources familiar with the matter.

Malaysia's Axiata Investments, Singapore's SPH Multimedia and Keppel Telecoms, who hold a combined 61.15 per cent in M1, had conducted a strategic review of their investments last month and jointly appointed Morgan Stanley as their financial adviser, the report said.

Axiata holds 28.54 per cent stake in MI, while, Keppel holds 19.23 per cent, SPH 13.38 per cent, and the remaining are owned by institutional and public investors.

The three shareholders have approached telecoms firms like China Mobile, private equity firms, cash-rich business groups in China and Japanese tech firms to gauge their interest, the report said.

First-round bids for M1 are expected in a few weeks, the report added.

M1 is one of the three major full service communications providers in Singapore having over 2 million customers.