M1’s largest shareholder Axiata Group has accepted an offer for its stake in the Singapore telco that will see it exiting the local market and finally bring to close a buyout bid that began in September last year. The move is estimated to generate a gain of 126.5 million ringgit (US$31.02 million) for Axiata’s wholly-owned subsidiary, Axiata Investments, which investment in M1 since 2005 has yielded dividends totalling 1.1 billion ringgit (US$269.69 million) in the past decade.
The Malaysian telco group said the voluntary conditional general offer for all of its 28.7 percent stake was priced at 1.65 billion ringgit (US$272.14 million) and would see the company exiting its investment in Singapore.