Reports indicate that Singapore based infrastructure firm, Keppel Corporation, and Singapore Press Holdings, nation’s leading media organization, would be compulsorily acquiring all the remaining shares the the companies do not currently own in telco M1. Apparently, the firms would buy the shares at an offer price of US$2.06 per piece, before they delist the company.

As of March 6, 2019, Singapore Press Holdings and Keppel allegedly held 92.2 percent of all the shares in the telco company, through their joint venture Konnectivity, surpassing the 90 percent threshold of all the shares issued apart from those that were already held by Konnectivity as well as its concert parties.

Further from the reports, this move came after the offer first crossed the 90 percent threshold, which caused M1 to lose its free float. Sources familiar with the matter stated that the date for delisting would be announced in due time and this offer has been kept open for acceptance until 5.30 pm on March 18, 2019. Konnectivity has apparently urged people to accept this offer if they have not already done so.

Sources added that this offer presents an opportunity for M1’s shareholders to realize their shares at the price offered quickly, rather then wait until the offeror will have to exercise its option of compulsory acquisition. Keppel and SPH had made an announcement in December that they would be making a voluntary general offer of $2.06 a piece for the remaining shares in M1.

For the record, the companies had taken over majority control of the telco recently, after Axiata Group, the long-time shareholder of M1, had accepted a joint offer for its entire 28.6 percent stake.

At the end of trading on Wednesday, 6 March 2019, the shares of Keppel had closed on $6.19, which was a 0.64 percent fall on previous closing. The same day, shares of SPH closed at an unchanged price of $2.49.