Logo of M1 from Yahoo Finance

Temasek Holdings, owner of Singapore Press Holdings and Keppel Telecommunication & Transport, have reportedly approached foreign state company China Mobile, several private equity firms and Japanese technology companies to sell off the M1 shares they are holding.

Along with Malaysia’s Axiata Group, the three companies owned 61% of M1 and according to a Reuters report they are desperately seeking buyers for the M1 shares. No reason was given for the attempted sale and no company approached could confirm if they are interested either.

The Singapore-listed telecommunication company is however seeing a bearish future as Australia’s TPG Telecom won the recent mobile spectrum bid to become the 4th mobile service provider in Singapore.

State media is assisting the sale of the M1 shares with TodayOnline claiming the Singapore market is “well-regulated” and offers “steady cash flow”. TodayOnline also wrote that foreign technology companies are looking to Singapore to be the launch pad for telecommunication developments in the region.