SINGAPORE (Reuters) -Singapore's Keppel is selling its 83.9% stake in subsidiary M1 Ltd to Simba Telecom while retaining the non-telecoms operations of its unit in a deal that will give the asset manager net cash of S$1 billion ($778.15 million).

Singapore’s Keppel Ltd. is looking to divest its interest in one of the country’s major telecommunication providers for an estimated S$222 million ($173 million) accounting loss, as it seeks to ramp up a drive to offload legacy assets.

Keppel said it has agreed to sell its 83.9% stake in Singapore-based mobile carrier M1 to Simba Telecom for almost S$1 billion ($779 million). It will retain M1's digital infrastructure business.