M1 share price continues to extend recent gains on Thursday as more Chinese bidders emerged as potential buyers of the Singapore mobile operator.
After rising almost 5 per cent to S$2.19 a share on Thursday morning, M1 was trading around S$2.16 by 12:11pm, up 7 Singapore cents, or 3.35 per cent. This compares to its S$2.04 close on Friday.
Shanxi Meijin Energy Co and China Broadband are reported to have separately submitted first-round offers for M1, which has a market value of about S$1.9 billion. Bahrain Telecommunications Co and private equity funds have also made non-binding bids, Bloomberg reported.
Axiata Group has a 28.54 per cent stake in M1, while Keppel Corp has a 19.23 per cent holding and SPH owns 13.38 per cent, according to SGX StockFacts. The three have appointed Morgan Stanley to help explore options including a sale of the telecom operator, according to March filings.
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