Market Chatter: Keppel to Let M1 Deal with Simba Lapse; to Look for New Buyers

MT Newswires05-19 11:03

Keppel (SGX:BN4) will allow the sale and purchase agreement for the disposal of M1 to Simba Telecom to lapse, according to the company's chief executive, Loh Chin Hua, during a briefing with media outlets and analysts late Monday, as cited by The Straits Times.

This comes after the Singapore regulator, Infocomm Media Development Authority (IMDA), suspended its review of Simba's SG$1.4 billion bid to acquire M1's telecommunications business due to alleged breaches of the Telecommunications Act, the report said.

The agreement with the ASX-listed Tuas (ASX:TUA) unit Simba will lapse when the long-stop date comes up on May 21, the report noted.

Simba can be fined up to SG$1 million due to regulatory breaches if found guilty, the report added.

The Singapore-based asset manager confirmed that it has not shelved plans to dispose of M1, with plans to monetize M1 in about one to two years, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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