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Singapore Regulator Suspends Assessment of Keppel's SG$1.4 Billion Sale of M1; Shares Down 3%

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Singapore's Infocomm Media Development Authority (IMDA) suspended its evaluation of Keppel's (SGX:BN4) proposed SG$1.4 billion sale of telecommunications provider M1 to Simba Telecom, a unit of ASX-listed Tuas Ltd. (ASX:TUA), according to a Monday filing with the Singapore Exchange.

This comes after IMDA's review revealed that Simba Telecom could have been using radio frequency bands that had not been assigned to it to provide mobile services, which is a breach of the city-state's laws.

Under the agreement between Keppel and Simba, the sale purchase agreement will cease to have effect in case the proposed disposal fails to secure approval from the IMDA on or before the long-stop date of May 21.

Shares of the company were down over 3% in early Monday morning trading.

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