July 18, 2017 / 10:39 AM / a year ago

Malaysia's Axiata calls off review of stakes in Singapore's M1

KUALA LUMPUR, July 18 (Reuters) - Malaysian telecommunications group Axiata Group Bhd has called off a strategic review of major shareholdings of Singapore unit M1 Ltd, saying parties interested in buying those stakes did not meet certain criteria.

Axiata said, in a stock exchange filing on Tuesday, that it and other major shareholders Keppel Telecommunications & Transportation Ltd and Singapore Press Holdings Ltd (SPH) have decided to not proceed with the review of Singapore’s smallest telecom firm.

Keppel and SPH filed similar statements on in Singapore.

The three shareholders, which own about 60 percent of M1, were evaluating the sale of their stakes. Axiata announced the review in March.

“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 and parameters as determined by the majority shareholders,” Axiata said, without specifying the criteria.

Axiata said no arrangement or agreement with any third party has been reached in relation to each of the major shareholders’ respective stakes in M1. (Reporting by Liz Lee; Editing by Christopher Cushing)

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