20 Oct 2005
MobileOne (M1), Singapore’s smallest wireless network operator, recorded an 18% increase in third quarter profit in the three months ended 30 September to SGD43.8 million, on the back of a 5% rise in revenues to SGD196.8 million. During the quarter the operator added 19,000 new customers to take its total to 1.2 million. Some 12,500 users are connected to the company’s 3G network, which was launched on 16 February this year. M1 recently changed ownership when Sunshare Investments, an 80/20 joint venture between Telekom Malaysia’s TM International and the Malaysian government’s investment arm Khazanah Nasional, bought Great Eastern’s (a joint venture between Cable & Wireless and PCCW) 12.06% stake plus an additional 5.64% holding in MobileOne for SGD377.2 million, giving it a 17.7% share. Sunshare is planning to buy additional shares from existing 14.1% shareholders Keppel and SPH, to raise its holding to 30% in the short-term. The remainder is held by institutional and private investors.