M1 to be delisted after crossing buyout threshold

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.