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Friday, September 28, 2018

KEPPEL, SPH TO BUY M1 AND PLANNED PRIVATISATION OF KEPPEL T&T: THREE EXCITING INSIGHTS!


M1 STOCK, KEPPEL CORP STOCK, SPH STOCK, KEPPEL T&T STOCK
Dear readers, needless to mention anymore but yesterday’s biggest news on the local bourse was the combined proposals of Keppel Corp and SPH to buy out M1 and Keppel’s intended plan to take Keppel T&T private. The above developments came after M1 stock was earlier put on trading halt pending a corporate announcement.

I was expecting a privatization of M1 (and hence the title of one of my yesterday’s posts) but it turned out that Keppel T&T would be the stock to be taken private instead. But judging from yesterday’s corporate developments, there were some exciting insights to be gleaned, from my own humble viewpoints.

1) Data, Digital, Connectivity and IT are in : these still seem to be an attractive theme for government-linked companies: this sentiment of mine arose from the statements issued by Keppel Corp and SPH. It was reported that Keppel’s intended purchase of M1 was to augment its urban sustainability solution offerings. While for SPH, it was reported that the company may wish to structure the business of M1 along SPH’s current and future digital solutions.

2) Possible Privatisation candidates? Keppel T&T, one of Keppel Corp’s listed subsidiaries would be planned to be taken private. If taken private, Keppel T&T would not be the first listed subsidiaries of Keppel to be privatized; since before, Keppel Land was taken private. Thus, I am wondering here; whether going forward, would investors continue to see another listed Keppel’s listed subsidiaries (there are quite a couple of them on SGX), especially those non-core businesses of Keppel going down the same path of privatization?

3) More acquisitions by SPH? : the proposed buyout of M1 seems to suggest to me that further acquisitions could be a business path that CEO of SPH will consider in growing SPH’s businesses.This proposed participation of the buyout by SPH seems to me a rather significant move by SPH’s CEO, Mr Ng Yat Chung ever since he assumed the top executive post of SPH. Hence, I would not be surprised if more acquisitions from SPH are in the offing.

There you have, the three insights of mine, hope they are exciting to you as well!
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