KUALA LUMPUR (Sept 27): Axiata Group Bhd has pledged to prioritise shareholders' value in its evaluation of the buyout offer to its 28.69% stake in M1 Ltd.

In a statement today, Axiata said it has been clear in its 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," the statement said.

"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 added.

This morning, M1's second- and third largest shareholder Keppel Corporation Ltd and Singapore Press Holdings Ltd (SPH), jointly made a SG$2.06 per share general offer to buyout remaining M1 share that do not already belong to them.

The offer was made through Konnectivity Pte Ltd, which is jointly owned by Keppel Corp and SPH.

Keppel Corp owns an indirect stake of 19.33% in M1, while SPH owns 13.45% stake.

At market break, Axiata shares were trading at RM4.65, down 10 sen or 2.1%, giving it a market capitalisation of RM43.08 billion.