M1 to receive a shot in the arm from Malaysia's Axiata

The foreign investor seeks to expand operations in Asia.

M1 may be at the most disadvantaged position now that a fourth telco company is about to enter the city-state, but it may still up its game especially with extra support coming from Axiata Group, Malaysia’s biggest mobile-phone operator.

According to a report by Bloomberg, Axiata’s CEO Jamaludin Ibrahim is interested in raising its stake in M1 as part of plans to turn the Malaysian firm into a bigger regional carrier. However, Jamaludin revealed there is no negotiation underway as of the moment.

Bloomberg data showed Axiata is M1’s biggest shareholder with a 28.5 percent stake, followed by the 19.2 percent held by Temasek Holdings Pte’s Keppel Corp.

Following the news, M1 shares rose as much as 1.2 percent to S$2.54 in Singapore trading on Monday, while Axiata climbed as much as 0.7 percent in Kuala Lumpur.

Read the full report here.