IMDA Suspends Review of Simba's Proposed Acquisition of M1 Amid Probe Into Potential Regulatory Breach
The regulator halted its merger review after learning Simba may have used unassigned spectrum, and it will decide on enforcement after the probe ends.
- On Monday, the Infocomm Media Development Authority suspended its review of Simba Telecom's $1.43 billion bid for M1 amid an investigation into allegations that Simba used unauthorized radio frequency bands to provide mobile services.
- Singapore-based asset manager Keppel announced its intention to sell M1 to Simba last August, with the Share Purchase Agreement now facing a May 21 deadline, after which the deal will lapse.
- Shares of Australia-listed firm Tuas, which owns Simba, fell 60 per cent on Monday, while Keppel shares closed over 2 per cent lower as the company began executing a 'Plan B' to enhance M1's efficiency.
- Keppel chief executive Loh Chin Hua confirmed on Monday that there are no discussions to extend the deadline, stating, "At the passing of the long stop date, the existing agreement will lapse."
- The company's 90-day efficiency plan involves rightsizing and reducing costs through AI automation and platform optimization, while IMDA's review of M1's critical telecommunications infrastructure remains "detailed and thorough" amid heightened cybersecurity risks.
11 Articles
11 Articles
Singapore operator deal stalls on regulatory probe
The majority owner of Singaporean operator M1 was reported to be set to let an agreement to sell its telecoms unit to Simba lapse and execute an efficiency drive in the wake of an investigation into the buyer’s spectrum usage. Reporting comments from M1 parent company Keppel’s CEO Loh Chin Hua, The Straits Times stated the company would let the share purchase agreement announced in 2025 lapse after the deadline of 21 May. Earlier today (18 May) …
Singapore suspends review of proposed $1.1B M1-Simba telco consolidation
Singapore’s Infocomm Media Development Authority (IMDA) has suspended its assessment of the proposed consolidation between M1 and Simba worth S$1.43 billion ($1.12 billion), pending the outcome of an investigation into Simba’s use of radio frequency spectrum. M1, under Singapore’s Keppel, Simba, StarHub, and Singtel are four major telecommunications companies in Singapore. In a statement on Monday, the regulator said it has reviewed the proposed…
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