Simba’s parent company Tuas terminates deal to buy shares in M1

SINGAPORE - Tuas Limited, the Australian-listed owner of telecommunication operator Simba, said on May 22 it has terminated its sale and purchase agreement to buy shares in another telco M1.

The agreement to purchase M1, owned by Singapore-based asset manager Keppel, was announced on Aug 11, 2025.

Under its terms, the agreement would be terminated if conditions were not fulfilled or waived before May 21, the long-stop date, the deadline by which an agreement can be terminated without a penalty, if conditions were not satisfied or waived.

Simba continues to cooperate with the investigation being undertaken by Singapore’s Infocomm Media Development Authority into potential breaches of the Telecommunications Act and the conditions of Simba’s facilities-based operator licence, Tuas said in a statement released on the Australian Securities Exchange.

Tuas will keep shareholders updated in relation to that investigation.

In the meantime, Tuas said Simba will continue to operate its business in the Singapore telecommunications market.

Keppel had allowed the $1.43 billion deal, which would have been the first telco consolidation in Singapore’s history, to lapse on May 21 after IMDA suspended its review of the proposed deal.

IMDA said it was investigating whether Simba had been using radio frequency bands that were not assigned to it to provide mobile services, an unprecedented breach if confirmed.

It had previously been assessing whether the consolidation would significantly reduce competition or raise public interest concerns.

Simba is owned by Australia-listed company Tuas, incorporated in March 2020 as part of the Australian TPG Group. In 2022, the telco rebranded itself after usage rights to the TPG brand expired.

Tuas shares fell more than 60 per cent on May 18 following IMDA’s statement that precipitated the failed merger between M1 and Simba, Singapore’s third- and fourth-largest telcos.