Telecom firm M1's shares fell as much as 8.3 percent on Wednesday after its majority shareholders decided not to proceed further with the strategic review.
Singapore Press Holdings said in a statement that Axiata Group Berhad, Keppel Telecommunications & Transportation and the company have decided not to proceed further with the review of M1.
The three shareholders, which own about 60 percent of M1, were evaluating the sale of their stakes.
"The majority Shareholders have taken into consideration the proposals from interested
parties, which despite a favourable level of interest, have not met the minimum criteria," Singapore Press Holdings said in a regulatory filing.
Shares of M1 fell 7.1 percent at S$1.95 at 0535 GMT on the Singapore Exchange.