Singapore’s Regulator has suspended its review of TUAS (SIMBA) acquisition of M1 Limited in Singapore just 3 days before 21st May 2026. This came as a surprise to many as IMDA said they found SIMBA used radio frequency that it was not authorised to.
Below is the official statement filed on the ASX.
“On Sunday 17 May 2026, Tuas Limited (ASX:TUA) was advised by the IMDA that it has suspended its review of Tuas’s proposed acquisition of M1 Limited (the Transaction) that was announced on 11 August 2025.
The circumstance identified by the IMDA as giving rise to its decision to suspend the review is that it had learned that Simba may have been using radio frequency bands that it was not authorised to use, which would be a breach of the Telecommunications Act and the conditions of Simba’s Facilities-Based Operations Licence.
Simba is fully co-operating with the IMDA. The Board of Tuas will also be reviewing the circumstances concerning the alleged unauthorised use of spectrum.
Tuas notes that the Share Purchase Agreement for the Transaction has a long-stop date of 21 May 2026. At this time, discussions with the counterparties to the Share Purchase Agreement are ongoing. Tuas will keep the market advised as developments occur.”
On the other hand, Keppel has announced that it will allow the sale and purchase agreement with Simba to lapse on its May 21 deadline – CEO Loh Chin Hua on Monday (May 18).
“There is a long stop date and it is on Thursday this week. There is no discussion to extend the long stop date, which means that at the passing of the long stop date, the existing agreement will lapse,” Mr Loh said at a media briefing, adding that Keppel has been working on alternative plans.
In short, the deal has fallen through and Singapore remain with 4 telcos. Share prices of Keppel dip to $10.08 before rebounding back to S$10.40 at 2.19pm. ASX listed TUA parent company of SIMBA suffered a massive sell off from A$6.10 (last closed price) and closed the market at Sydney time at the price of A$2.27. Starhub remains at S$1.00 and Singtel at S$4.84 at 2.23 pm.
