Storm clouds darken over M1 as stake sale plans by major shareholders fall through

SINGAPORE (July 19): M1’s share price has shed 14 cents or some 7% to $1.96 this morning.

The drop follows last night’s announcement that its majority shareholders – Axiata Group, Singapore Press Holdings (SPH) and Keppel Telecommunications & Transportation (Keppel T&T) – have decided not to proceed with their strategic review to dispose of their stakes in the local telco.