M1's IPO plans set aside

However, he declined to comment on the possible sale of the company, said Reuters. M1 is believed to be weighing bids from two potential buyers--Malaysia's Maxis Communications Bhd and Regional Wireless Co, a joint venture between Telstra Corp and Pacific Century CyberWorks Ltd.

In November last year, the local cellular phone operator said it would not go ahead with its listing plans until it resolved UK Cable & Wireless' (C&W) shareholding in the company. C&W had announced in August that it planned to divest its 15 percent stake in M1.

Since then, the company's four major shareholders--Singapore Press Holdings (35 percent), Keppel T&T (35 percent) and C&W and Pacific Century CyberWorks (30 percent)--have brought up the possibility of disposing their stakes in M1.

M1's unofficial floor sale price, according to Reuters, is set at US$1.2 billion.