Axiata may lift stake in Singapore’s M1

Malaysia’s Axiata Group is considering increasing its stake in Singapore’s M1 as a strategic investment.

Axiata CEO Tan Sri Jamaludin Ibrahim told that the company would “seriously consider” lifting its stake in M1 “if the price is right”.

Axiata is already M1’s largest shareholder with a 28.5% stake. M1’s second largest shareholder Keppel Corp’s parent company Temasek Holdings is meanwhile reportedly considering selling Keppel’s stake in the operator.

But the prospect of heightened competition in Singapore’s mobile market arising from the award of the nation’s planned fourth mobile license may limit the attraction of a potential deal.

Jamaludin told that the company is not pursuing any major mergers and acquisitions, noting that even if the group wanted to expand into another country, the opportunity is not there.