IMDA Suspends Review of Tuas' Acquisition of M1 Limited
Key points
- IMDA suspended review of Tuas' acquisition of M1 Limited
- Suspension due to unauthorized use of radio frequency bands by Simba
- Tuas' Board reviewing the circumstances
- Share Purchase Agreement has a long-stop date of 21 May 2026
- Discussions with counterparties ongoing
Full summary
Tuas Limited (ASX:TUA) was informed by the Infocomm Media Development Authority of Singapore (IMDA) on Sunday, 17 May 2026, that the review of its proposed acquisition of M1 Limited, announced on 11 August 2025, has been suspended. The suspension is due to IMDA's discovery that Simba may have been using radio frequency bands without authorization, which would violate the Telecommunications Act and Simba's Facilities-Based Operations Licence. Simba is cooperating with IMDA, and Tuas' Board is reviewing the situation. The Share Purchase Agreement for the Transaction has a long-stop date of 21 May 2026, and Tuas is in ongoing discussions with the counterparties to the Share Purchase Agreement.
Outlook
Tuas will keep the market informed as developments occur regarding the acquisition of M1 Limited.
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