Singapore Telco M1 Rises; Top Shareholders Look to Sell Stakes

Telecom company M1 Ltd rises as much as 3.9 pct to S$2.12.

Top shareholders in M1 have approached potential buyers China Mobile and global private equity firms to sell their combined majority stake in the firm, sources familiar with the matter said.

The three main shareholders – Malaysia’s Axiata Group , Singapore Press Holdings and Keppel Telecommunications & Transportation own a combined 61 pct stake in M1.

Some of the sources said M1’s main shareholders would require a substantial control premium for the sale to get done. First-round bids for M1 are expected in a few weeks, the sources said

Stock posts its biggest intraday pct rise in five weeks. Stock up 4.1 pct this year as of Friday’s close