Tuas Limited, owner of Simba, ended its agreement to acquire M1 from Keppel on May 22, 2026. The deal was valued at about S$1.4 billion (around $1.43 billion) and would have marked Singapore’s first telecoms consolidation, potentially easing competition among four operators [1, 2, 3, 4, 5, 6].
The Infocomm Media Development Authority (IMDA) stopped reviewing the acquisition on or before May 19 pending an investigation into Simba’s alleged unauthorized use of radio frequency bands. IMDA said Simba may have used spectrum not assigned under Singapore’s Telecommunications Act [3, 4, 5, 6].
Following the termination, Keppel postponed plans to divest M1 by one to two years and announced a 90-day turnaround plan focusing on cost cutting and automation to improve M1’s performance [1, 2, 5]. On the Australian Securities Exchange, shares of Tuas Limited plunged more than 60% after IMDA’s probe became public [4, 5, 6].
Keppel shares rose between 4.4% and 6.1% on May 22, closing at about S$10.91 amid mixed analyst reactions, with JPMorgan upgrading Keppel to "overweight" and UOB Kay Hian maintaining a "buy" rating [1, 4, 5, 6].
Meanwhile, Singtel shares fell 4.97% over the week, closing at S$4.59 on May 22, reflecting investor concerns about a weak local consumer business amid an aggressive price war [1, 2]. Singtel reported a net profit of S$2.2 billion for the six months ending March 31, down 20.9% from S$2.8 billion a year earlier, missing analyst estimates [1, 2].
Singtel CEO Yuen Kuan Moon said Singapore’s four telcos are unsustainable compared to consolidated markets in Thailand, Indonesia and India, adding, "We would be keen to participate in market consolidation if we get the green light from the Infocomm Media Development Authority (IMDA)" [1, 2].
Keppel was ranked among the top 1% in its industry in the S&P Global Sustainability Yearbook 2026 and included in the Dow Jones Best-in-Class World and Asia Pacific Indices for the fourth straight year [5, 6].
The initial acquisition deal was announced in August 2025. IMDA halted its assessment around May 17 to 19, with the extended approval deadline on May 21 missed. The termination announcement came May 22 [3, 4, 5, 6].
