The Simba-M1 transaction lapsed because Singapore’s Infocomm Media Development Authority (IMDA) suspended its assessment after learning that Simba may have used radio-frequency bands not assigned to it to provide mobile services. IMDA considered the investigation potentially material to its merger assessment and said enforcement action would follow if a breach were established. With the review halted, Keppel allowed the sale-and-purchase agreement to expire at its long-stop date; Tuas, Simba’s parent, subsequently terminated the agreement.
Keppel therefore activated its contingency plan: a 90-day programme focused on rightsizing M1 and reducing costs, while remaining open to future divestment opportunities. The central consumer test is whether M1 can demonstrate that efficiency measures do not erode responsiveness, choice, resilience or network quality.