Axiata Says Singapore's M1 Shareholders Undertaking Strategic Review

KUALA LUMPUR, March 18 (Bernama) -- Axiata Group Bhd and two major shareholders of Singapore's M1 Ltd are currently undertaking a strategic review of their respective shareholdings in the former. Axiata, the major shareholder of M1, owns about 28 per cent equity while Singapore Press Holdings Ltd and Keppel Telecommunications & Transportation Ltd together own more than 30 per cent in the telecommunication firm, M1. "The company (Axiata), Singapore Press Holdings Ltd and Keppel Telecommunications & Transportation Ltd are currently undertaking a strategic review of their respective shareholdings in M1 Ltd," said Axiata in a filing to Bursa Malaysia (Malaysia's Stock Exchange). It, however, noted that the review may or may not lead to a transaction. Axiata, Singapore Press and Keppel Telecommunications have jointly appointed Morgan Stanley Asia (Singapore) Pte as their financial adviser to assist with the strategic review. "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," said Axiata. Hence, 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, they should seek their own professional advice and consult their stockbrokers," it added. Axiata is a Malaysian telecommunications conglomerate with extensive operations in Asia. --BERNAMA