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Tuesday, October 15th, 2019

Axiata says no sale of Singapore telco M1

by July 18, 2017 General

KUALA LUMPUR: Singapore telecom company M1 Ltd’s three biggest shareholders – including Axiata Group Bhd – are not going ahead with the strategic review to dispose of their collective stakes.

Axiata said on Tuesday the majority shareholders – Keppel Telecommunications & Transportation Ltd and Singapore Press Holdings Ltd (SPH) and itself – had taken into consideration the proposals from interested parties.

“… despite a favourable level of interest, (they) have not met the minimum criteria and parameters as determined by the majority shareholders,” it said.

Axiata is M1’s largest shareholder with a 28.5% stake and combined with Keppel Telco and SPH, they hold a combined stake of just over 61% in M1

“For the avoidance of doubt, no arrangement or agreement with any third party has been reached in relation to each majority shareholders’ respective shareholdings in M1,” it said.