Konnectivity, the joint venture with a majority interest in Singapore-based operator M1, plans to start a multi-year transformational journey to boost the number three operator’s competitiveness and drive growth.
The JV, owned by Keppel and Singapore Press Holdings (SPH), in February acquired the 28.7 per cent stake in M1 held by Malaysia-based Axiata Group for MYR1.65 billion ($404 million).
The venture, which now has a 94.55 per cent stake in M1, announced plans to exercise its rights to acquire the remaining M1 shares at the offer price of SGD2.06 per share and then take the company private.
M1 CEO Manjot Singh Mann said the partners bring organisational strengths and stability which “will help us chart our growth plans aggressively, while seeking significant opportunities of synergy with them”.
He added M1 looks forward to working closely with Keppel and SPH to accelerate the changes needed to deliver more innovative and compelling products and services.
In a statement that was light on specific detail, Konnectivity said M1 will “devise a multi-pronged strategy of innovation, technology adoption and digitalisation, to better meet the needs of its customers”.
M1, with a 23 per cent market share by subscribers, trails number two StarHub by just 3 percentage points. Market leader Singtel has a 50 per share, Q4 data from GSMA Intelligence showed.
The three operators face increased competition after four MVNOs launched services over the last two years and Australia-based TPG Telecom prepares to launch commercial service as the city state’s fourth major operator.Subscribe to our daily newsletter Back