SINGAPORE-Mobile-phone operator M1 might be listed in Singapore as early as the last quarter of 2000, according to Keppel Telecommunications & Transportation Managing Director Ng Eng Ho. The company is in the process of choosing among six merchant banks, including Merrill Lynch, UBS Warburg, Salmon Smith Barney, CLSA and Morgan Stanley Dean Witter.
Ng said it was a question of giving shareholders final say. He also added it depended on market sentiment whether the last quarter of 2000 or the first quarter 2001 would be the best time to list. Keppel T & T and Singapore Press Holdings each hold a 35-percent stake in the company, while Cable & Wireless and Hong Kong’s HKT CyberWorks hold the remaining 30 percent.
M1 officials said raising funds through shares will be the best way to generate capital for the rollout of third-generation cellular services. In addition, Cable & Wireless is considering leaving the consortium. The consortium is discussing with the British multinational how to divest its stake. A number of companies in Singapore have shown interest in taking over the Cable & Wireless stake.
