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Malaysia's Axiata Group exits investment in Singapore mobile operator M1

Reuters

KUALA LUMPUR, Feb 15 (Reuters) - Malaysia's Axiata Group has disposed of its equity interest in Singapore-based mobile operator M1 Ltd, it said on Friday.

In a stock exchange filing, the telecoms group said it had accepted a voluntary conditional general offer by Konnectivity Pte. Ltd for its entire stake in M1 for a total cash consideration of about 1.65 billion ringgit ($404.11 million) at the offer premium price of S$2.06.

"The group will effectively divest its 28.7-percent stake in M1 and exit its investment in Singapore with an estimated gain of 126.5 million ringgit from this deal," it said. ($1=4.0830 ringgit) (Reporting by Liz Lee; Editing by Clarence Fernandez)