Axiata corporate headquarters
KUALA LUMPUR: Axiata Group Bhd has confirmed that it and the other substantial shareholders of M1 Ltd - Singapore Press Holdings Ltd (SPH) and Keppel Telecommunications & Transportation Ltd - are undertaking a strategic review in respect of their respective shareholdings in the Singapore-based telecommunication firm.
Axiata, which is M1’s largest shareholder with a 28.5% stake, told Bursa Malaysia that the review “may or may not” lead to a transaction.
The three key shareholders, which hold a combined stake of just over 61% in M1, had jointly appointed Morgan Stanley Asia (Singapore) Pte as their financial adviser to assist with the strategic review, said Axiata in response to a Bloomberg News article M1’s Shareholders Said to Explore Sale of Singaporean Operator.
“There is no assurance that any transaction will materialise from such strategic review or that any definitive or binding agreement will be reached. If and when there are any material developments which warrant disclosure, the company will, in compliance with applicable rules, make further announcements as appropriate,” it said.
“Shareholders are advised to exercise caution when dealing in the shares of the company and to refrain from taking any action in respect of their investments which may be prejudicial to their interests. In the event that shareholders wish to deal in the shares of the company, they should seek their own professional advice and consult with their own stockbrokers.”
M1 share price surged on Friday, leading M1, SPJH and Keppel to call for a trading halt on Singapore Exchange. The last traded price was S$2.19, up almost 8% from Thursday’s closing price of S$2.03.
For an earlier story, see Axiata, other key shareholders of M1 evaluating stake sale - source
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