45. M1 is not a new business for Keppel. Keppel was one of the founding shareholders in 1994, before its telephone service was launched in 1997, and the IPO in 2002. We have worked with and supported M1 for over 20 years, and it has yielded very good
46. Keppel has invested S$170 million over the years, and in return received S$737 million of dividends and proceeds from the sale of some shares. In addition, Keppel’s present 19.33% stake, held through Keppel T&T, had a market value of S$291 million as at 21 September 2018, before we announced our offer.
47. In short, M1 has been a good investment for Keppel. We believe that with the necessary transformation, it can continue to be a valuable asset for the Group. But we have no illusion that the transformation journey will be quick or easy. It will take at least a few years. In the meantime, subject to the approval of IMDA, we are offering a compelling premium to minority shareholders of M1, who are not prepared to wait and bear the related risks, to realise their investment in M1 upfront.
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