Tough competition: M1’s shares have rallied 26 to trade at S2.05 yesterday but are little changed over the past two years. — Reuters
SINGAPORE: Singapore conglomerate Keppel Corp and Singapore Press Holdings (SPH) said they would not raise their offer price to gain majority control of mobile operator M1 Ltd, a move that could put pressure on Axiata Group, M1’s single largest shareholder.
Keppel and SPH, which together control 34.3% of Singapore’s smallest mobile operator, said in September they would offer S$2.06 (US$1.50) per share for majority ownership of M1 in a bid to support its falling share price and restructure the firm to better compete against sector rivals.
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