Keppel Corp and Singapore Press Holdings (SPH) have offered to buy the remaining shares in Singapore-based telecom operator M1, Reuters reported.

The companies, through a special purpose vehicle, have offered to pay S$2.06 per M1 share, a premium of 26 percent to the stock’s last closing price, to buy the balance stake that they do not already own.

The companies and their related parties have a deemed interest of 33.27 percent in M1.

Malaysia’s Axiata Group is the largest shareholder in M1, Singapore’s smallest mobile network operator, with a 28.3 percent stake.

Separately, Keppel said it was seeking to privatize Keppel Telecommunications & Transportation for S$1.91 per share.