Tuas Limited, the Australian-listed parent company of Simba, terminated its agreement to acquire shares in Singapore’s telecommunications company M1 on May 22, 2026 [1, 2, 3, 4]. The original sale and purchase agreement was announced on August 11, 2025, with an estimated value of around S$1.4 billion [1, 3, 4].
The termination occurred because required conditions were not met or waived by the long-stop date of May 21, 2026 [1, 2, 3, 4]. The delay stemmed from an investigation by Singapore’s Infocomm Media Development Authority (IMDA), which had suspended its review of the proposed M1-Simba consolidation on or before May 19. IMDA discovered indications that Simba may have used radio frequency bands not assigned to it to provide mobile services [1, 2, 3, 4].
Such unauthorized use of spectrum, if confirmed, would violate Singapore’s Telecommunications Act and the terms of Simba’s Facilities-Based Operator Licence [1, 2, 3, 4]. IMDA has the authority to impose financial penalties of up to S$1 million or 10% of annual turnover for such breaches [2]. Simba is cooperating with the investigation and continues to operate its telecommunications business in Singapore during the probe [1, 2, 3, 4].
Following IMDA’s announcement about the investigation on May 18, Tuas shares plunged more than 60% amid investor concerns [1]. On May 22, after the deal termination was officially announced, Tuas shares fell 0.7% while Keppel shares, which also have an interest in the M1 deal, rose 4.3% on their respective stock exchanges [4].
Singtel’s CEO Yuen Kuan Moon said the company is seeking regulatory clarity on its future role in market consolidation. He added, "If we are able to participate in the consolidation, we will definitely evaluate where are the opportunities and how we would help lift the industry altogether in Singapore" [2].
