KUALA LUMPUR (Sept 26): Axiata Group Bhd, which holds a 28.69% stake in Singapore's M1 Ltd, said it is already in discussion with "a financial institution" to act as adviser to review various options that M1's two substantial shareholders might offer.

Axiata reiterated that it would "vigorously protect" and enhance shareholders' values of both Axiata and M1 when options are being reviewed.

"We believe that any offer from any party should not only reflect and consider the accurate future value of M1, but also incorporate acceptable control premium based on market norms and precedent transactions of similar nature," said Axiata.

The financial institution will also advise the group once Keppel Corp Ltd and Singapore Press Holdings Ltd (SPH) officially announce their proposed transaction, said the statement.

To recap, on Monday, Keppel Corp announced to Singapore Stock Exchange that it is considering a possible transaction together with SPH on M1 shares.

Axiata is the single largest shareholder of M1 holding 28.69% stake in the Singapore-listed telco, followed by KT&T (19.33%) and SPH (13.45%). Keppel owns its equity interest in M1 via KT&T.

M1, which was suspended from trading since Monday, last closed at S$1.63, valuing it at S$1.51 billion.

Based on M1's last traded price of S$1.63, Axiata's stake is worth S$432.6 million.