SINGAPORE: Keppel Corporation Limited announced that M1 Limited is divesting its entire 51% shareholding in Kliq Pte. Ltd. to Merchantrade Asia and Qala Tech for an aggregate cash consideration of S$1.4 million.

Completion of the divestment is conditional upon, among others, receipt of approval from regulatory authorities.

The aggregate consideration will be fully payable in cash upon completion of the divestment, and was arrived at on a willing buyer willing seller basis taking into account, among others, KLIQ’s financial position and business prospects, as well as the book value and net asset value attributable to the sale shares, both of which were approximately S$880,000 as at 31 May 2020.

Following completion of the divestment, which is expected to take place in the third quarter of 2020, KLIQ will cease to be a subsidiary of the company.

None of the directors and controlling shareholders of the Company has any interest, direct or indirect, in the Divestment, other than through their shareholding interests, if any, in the company.

The divestment is not expected to have any material impact on the net tangible assets per share or earnings per share of the Company for the current financial year.

M1 Limited, a Keppel Corporation company, is a leading communications service provider in Singapore, with more than two million customers. Since the launch of commercial services in 1997, M1 has achieved many firsts, including being the first operator to offer nationwide 4G service, as well as ultra high-speed fixed broadband, fixed voice and other services on the Next Generation Nationwide Broadband Network. Widely known as an innovative operator with an established brand, M1 aims to be the leader in personal voice, business and data communications, focusing on value, quality and customer service.