False alarm: Malaysian telco Axiata denies claims of raising stakes in M1

But it is still a possibility in the future.

As the threat of the fourth player looms over Singapore's telco trio, another bad news came for M1 Limited, as its supposed support from Axiata Group was belied by the latter's CEO.

In a report by Malaysia's Starbiz, Axiata CEO Tan Sri Jamaludin Ibrahim confirmed that there have been no talks between the two to increase Axiata's 28.57% stake in the telco.

“However, being one of the leading regional operators and a long-term investor in Asean and South Asia, we are always looking to consider any worthwhile opportunities in the region," Jamaludin was quoted saying.

“This is subject to the right timing and pricing, among other important criteria and whether they meet our strategic merger and acquisition (M&A) objectives,” he added.

Earlier reports stated that Anxiata was keen on increasing its stake in M1 as part of expansion plans in the region.