September 26, 2018 / 10:10 AM / 3 months ago

Malaysia's Axiata reviews position in M1 after Keppel, SPH express interest

KUALA LUMPUR, Sept 26 (Reuters) - Malaysia’s Axiata Group Bhd said it is reviewing its stake in M1 Ltd after Keppel Corporation Ltd and Singapore Press Holdings Ltd (SPH) expressed an interest in Singapore’s smallest mobile network provider.

The comment comes after conglomerate Keppel on Monday said it was considering “a transaction for the shares in M1” alongside media group SPH.

The Malaysian telecommunications firm, in a statement on Wednesday, said it is in discussion with a financial institution to act as its advisor “to review various options available to Axiata with the sole objective that the company continues to vigorously protect and enhance shareholders’ value of both Axiata and M1”.

Axiata said the financial institution will also act as adviser should Keppel and SPH officially announce the transaction.

Axiata is M1’s largest shareholder with a 28.3 percent stake.

In July last year, Axiata and other major M1 shareholders considered and then called off a strategic review of their M1 shareholding, citing unmet criteria from parties interested.

Shares in Axiata closed 4.2 percent higher on Wednesday.

Reporting by Liz Lee

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