Bitcoin price today: gains to $120k, near record high on U.S. regulatory cheer
Investing.com-- Singaporean conglomerate Keppel Limited (SGX:KPLM) said on Monday that it entered a deal to sell the telecommunication arm of its unit M1 to Simba Telecom for an enterprise value of S$1.43 billion ($1.1 billion) in cash.
Keppel (OTC:KPELY) said it will receive cash proceeds of close to S$1.0 billion for its 83.9% stake in M1, but will retain the unit’s information and communications technology business, which includes data centers and subsea cables.
Keppel will log an estimated asset loss of S$222 million from the sale, the company said in a filing to the Singapore exchange. Keppel was one of M1’s founding members in 1994.
The sale comes as Keppel seeks to trim several facets of its business and operate as an “asset-light global asset manager and operator.”
Simba Telecom (BCBA:TECO2m) is one of Singapore’s big four telecos, and was spun off from Australia’s TPG Telecom Ltd (ASX:TPG) in 2020, before being rebranded to Simba in 2022.