Keppel announces termination of proposed M1 divestment
This comes after IMDA halts its assessment of the proposed M1-Simba consolidation
[SINGAPORE] Keppel on Friday (May 22) announced the termination of its proposed divestment of M1.
The sale and purchase agreement to divest M1 to Simba Telecom has terminated and ceased to have effect, said Keppel. Accordingly, the proposed transaction has terminated, it added.
This followed the Infocomm Media Development Authority’s (IMDA) announcement on Monday that it is has halted its assessment of the proposed M1-Simba consolidation until further notice.
Keppel said on Tuesday that the termination comes as the condition relating to obtaining relevant approvals from IMDA was not fulfilled by the extended long-stop date of Thursday.
In a separate statement on Friday, Simba’s parent company Tuas, which is listed on the Australian Exchange, also announced the termination of the sale and purchase agreement related to M1.
It said that Simba “continues to cooperate with the investigation being undertaken IMDA” in relation to alleged spectrum breaches by Simba.
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