China Mobile (CHL) , a Chinese state-owned telecommunication firm, has denied reports that it was interested in purchasing a majority stake in Singapore telco M1, Chinese financial news site AAstocks.com reports.
Last week top shareholders in M1, Malaysia's Axiata Group, Singapore Press Holdings and Keppel Telecommunications & Transportation, approached both China Mobile and private equity firms to try and offload their combined stake, according to Reuters.
Together they own 61% of the shares in M1.Had the deal come to fruition, it would have represented China Mobile's biggest ever overseas acquisition.
Shares of China Mobile were higher during mid-morning trading on Wednesday.
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