Slide 1: Proposed Divestment of M1 Limited
Proposed Divestment of M1 Limited 11 August 2025
Slide 2: Creating a nimble & competitive digital-first telco
Creating a nimble & competitive digital-first telco Together, Simba and M1 can scale more efficiently and contribute to Singapore’s digital economy. • The proposed transaction strengthens Singapore’s telco sector and can benefit both the industry and consumers by bringing together two agile and inno
Slide 3: Proposed divestment of M1 Limited
Proposed divestment of M1 Limited • On 11 August 2025, Keppel Ltd. (“Keppel”)1 entered into a sale and purchase agreement (“SPA”) with Simba Telecom Pte. Ltd. (“Purchaser”), for the sale of M1 Limited (“M1”) after the Restructuring (as defined below) (the “Proposed Transaction”) • Prior to the compl
Slide 4: Transaction overview
Transaction overview • Transaction enterprise value of S$1,430M, with an implied FY2024 EV/EBITDA (ex-ICT) of 7.3x1 • Keppel will receive close to S$1.0 billion in cash proceeds2 for its 83.9% effective stake in M1 • While Keppel is expected to record an estimated accounting loss of S$222 million3,
Slide 5: Expected net cumulative cash of more than S$700M
Expected net cumulative cash of more than S$700M • Keppel is expected to receive net cumulative cash of more than S$700M, considering: i) Keppel’s initial investment in M1 in 1994 and the subsequent privatisation of M1; and ii) Expected proceeds from the Proposed Transaction and cash proceeds from d
Slide 6: Strategic rationale of the Proposed Transaction
Strategic rationale of the Proposed Transaction Proposed transaction brings together two agile and digitally-driven companies to strengthen 1 Singapore’s telco sector and benefit both the industry and consumers In line with Keppel’s strategy as an asset-light global asset manager and operator, and w
Slide 7: Pro forma financial effects
Pro forma financial effects Earnings Per Share (EPS)1 Net Tangible Assets (NTA) Per Share2 New Keppel Net Debt to EBITDA3 (S$ cents) (S$) (x) 5.29 4.72 2.4x 20.8 21.3 1.7x 9.1 Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 1H 2025 1H 2025 1H 2025 30 Jun 2025 30 Jun 2025 30 Jun
Slide 8: Expected transaction timeline
Expected transaction timeline Subject to IMDA’s review process and timeline SPA signing & SGX Joint consolidation Outcome of IMDA Completion of announcement application to IMDA application transaction 11 Aug 2025 The Proposed Transaction is not subject to any shareholder approvals from Keppel nor th
Slide 9: Appendix
Appendix
Slide 10: Appendix: Pro forma financial effects
Appendix: Pro forma financial effects Pro Forma Pro Forma As (excludes (includes (S$ cents) (S$) As Reported Pro Forma7 Reported one-off one-off effects)3 effects)4,5 EPS1,2 NTA per share6 52.3 51.5 39.5 5.12 5.66 (FY2024) (31 December 2024) 1 The pro forma financial effects of the Proposed Transact
Slide 11: Disclaimer
Disclaimer NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION. THIS PRESENTATION SHALL NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL, SUBSCR