Konnectivity, the joint venture buying out Singapore's M1, has revealed plans to embark on a multi-year transformation of the operator to enhance its competitiveness in the market.
The venture revealed it will compulsorily acquire the remaining shares in M1 after securing a 94.55% stake.
Konnectivity, which is jointly owned by Keppel Corporation and Singapore Press Holdings, announced it will exercise its rights to acquire all remaining M1 shares at the offer price of S$2.06 ($1.52) per share, and then take the company private.
After the compulsory acquisition, Konnectivity will own 80.69% in M1, while Keppel Corp subsidiary Keppel Telecommunications and Transportation will own the remainder.
After the acquisition closes, Keppel Corporation and SPH plan to work with M1 on a transformation strategy focused on the three prongs of innovation, technology adoption, and digitalization to help Singapore's smallest operator better compete with larger rivals Singtel and StarHub.
“As a member of the Keppel Group, M1 looks forward to working closely with the Keppel Group and with SPH to accelerate the changes needed to deliver even more innovative and compelling products and services, to stay ahead of the competition,” M1 CEO Manjot Singh Mann said.
“M1 shall endeavour to transform to be at the heart of convergence of various digital services and technologies that present day consumers and enterprises demand. Keppel and SPH bring with them their organisational strengths and stability, which will help us chart our growth plans aggressively, while seeking significant opportunities of synergy with them."
Image credit: iStock photo