Axiata Will Continue to Evaluate All Options Available for Our Stake in M1 Limited
Kuala Lumpur, 27 September 2018 – Axiata Group Bhd (“Axiata” or the “Company”) refers to the pre-conditional offer announcement made by Konnectivity Pte. Ltd. (the “Offeror”), a company jointly owned by Keppel Corporation Limited and Singapore Press Holdings Limited, to make a voluntary conditional general offer (the “Offer”) for all the issued and paid up ordinary shares in the capital of M1 Limited (“M1”) as well as our media announcements dated September 24, 2018 and September 26, 2018.
The Company has been clear in our position that the Offer should reflect the accurate future value of M1 (inclusive of an acceptable control premium), consistent with market standards.
Hence, the above shall be the primary bases for Axiata to review the Offer together with other considerations, including but not limited to, comparable premium on precedent transactions within the Asean market, M1’s historical trading trend whereby the price has been depressed for more than a year vis a vis its true value potential, long-term growth potential, and future competitive outlook.
We will continue reviewing all options available to us in relation to our shares in M1, with the sole objective of vigorously protecting and enhancing shareholders’ value of both Axiata and M1, the latter via our Board representation.
Axiata is one of the leading telecommunications groups in Asia with approximately 350 million customers and with a presence in 11 countries. In pursuit of its vision to be the New Generation Digital Champion by 2021, the Group has transformed itself from a holding entity with a portfolio of pure-play mobile assets into a Triple Core Strategy driven business with the focus on Digital Telco, Digital Businesses and Infrastructure.
Within ASEAN and South Asia, Axiata has controlling stakes in market-leading mobile and fixed operators in the region including ‘Celcom’ in Malaysia, ‘XL’ in Indonesia, ‘Dialog’ in Sri Lanka, ‘Robi’ in Bangladesh, ‘Smart’ in Cambodia and 'Ncell' in Nepal. The Group also holds strategic interests in ‘Idea’ in India and ‘M1’ in Singapore. Axiata is in the cusp of transforming its mobile operations into Digital Telcos through digitisation and convergence.
‘edotco’, the Group’s infrastructure company, operates in six countries to deliver telecommunications infrastructure services, amassing approximately 27,500 towers. Presently the 12th largest independent tower companies globally, it aims to be one of the top regional telecommunications tower companies and is committed to responsible and sustainable business operations.
Axiata Digital and Axiata Business Services are the digital businesses arms of the Group. Together, these businesses are focused on capturing the rapid growth in digital financial services (‘Boost’), digital advertising (‘ada’), enterprise solutions/IoT (‘Xpand’) and platform services (‘APIgate’) with user access to global markets.
As a committed and long-term investor, Axiata provides employment to 25,000 people within its operations. In line with its sustainability goals, the Group actively supports and drives young talent development; disaster response and recovery; as well as green initiatives. Axiata’s broader goal Advancing Asia pieces together the best in the region in terms of innovation, connectivity and talent.
Axiata Group Berhad
Axiata Corporate Headquarters, Axiata Tower,
9 Jalan Stesen Sentral 5, Kuala Lumpur Sentral.
50470 Kuala Lumpur
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