Tuas (ASX:TUA) said the Infocomm Media Development Authority of Singapore paused the review of the proposed acquisition of Singaporean telecommunications firm M1 by its Simba Telecom subsidiary, according to a Monday filing with the Australian bourse.
The decision comes as the authority learned that Simba may have been using radio frequency bands that it was not authorized to use, breaching the conditions of its facilities-based operations license and the Telecommunications Act, the filing said.
Tuas shares fell 67% in morning trade on Monday and earlier hit their lowest since late 2023.