M1 shareholders approach China Mobile, others regarding potential sale interest

The top three shareholders in Singapore telco M1 Limited (M1) have reportedly approached a number of potential buyers, including China Mobile, unnamed private equity firms and others, to weigh up interest in the sale of their majority stake in the company. According to sources with knowledge of the situation the three shareholders – Singapore Press Holdings (SPH), Keppel Telecommunications & Transportation and Axiata Group, which between them collectively control a roughly 60% stake in M1 – have reached out to other telecoms operators, cash-rich business groups in China and Japanese tech firms to gauge their interest. The sources suggest that bids for M1 – widely considered as a takeover target due to its diverse shareholding and small size – is expected in the coming weeks, although they concede that talks are at an early stage and may not result in a sale. Reuters notes that when contacted for comments, the three shareholders referred to their joint statement issued last month on the matter, which confirmed that they were undertaking a strategic review of their shareholdings. China Mobile declined to comment, while M1 referred queries back to its owners.