KUALA LUMPUR (Sept 28): Shares of Singapore-listed M1 Ltd jumped 30.67% to SG$2.13 after it resumed trade on early Friday, higher than the SG$2.06 buyout offer per share led by Keppel Corp announced yesterday. 

However, shares of Axiata Group Bhd — M1’s largest shareholder with 28.29% — dipped 2.74% or 13 sen in early trade, despite opening 1.27% or six sen higher.

At 11.59am, M1 shares were still trading up 28.22% to SG2.09 — still higher than the joint offer by its 19.33% shareholder Keppel Corp Ltd 13.45%-shareholder Singapore Press Holdings Ltd (SPH) to acquire the island-nation’s smallest mobile network provider.

The deal gives M1 a valuation of some SG$1.9 billion.

Meanwhile, Reuters, quoting a source, reported Axiata is “likely to reject an offer led by conglomerate Keppel Corp to acquire M1”. 

This was after Axiata issued a statement that it pledges to prioritise shareholders' value in its evaluation of the buyout offer. 

Axiata is also in talks to team up with private equity firms and other companies, as it considers options to launch its own offer for a bigger stake in M1, Reuters reported the source as saying.

At 12.05pm, Axiata recouped some losses, but was still trading 1.27% or six sen lower at RM4.67, with 2.21 million shares traded.