Singapore’s Keppel Divesting S$1.4 Billion M1 Telco at Loss

Singapore’s Keppel Ltd. is looking to divest its interest in one of the country’s major telecommunication providers for an estimated S$222 million ($173 million) accounting loss.

The move, announced in exchange filings early Monday, will mark an end to the conglomerate-turned asset manager’s long-time backing of M1, which Keppel co-founded in 1994. The divestment is expected to generate nearly S$1 billion in cash proceeds for Keppel, which controls about 83.9% of M1’s stakes.