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SINGAPORE: Simba's owner, Australia's Tuas, announced on Friday (May 22) that the deal to acquire M1 has been terminated.
In a statement posted on the Australian Securities Exchange on Friday morning, Tuas said that it and Keppel - M1's parent company - would be released and discharged from their respective obligations if certain conditions under the terms of the sales and purchase agreement were not fulfilled or waived before the long stop date.
The long stop date was previously extended to May 21.
Tuas also said that Simba continues to cooperate with the Infocomm Media Development Authority's (IMDA) investigation into whether it had been using radio frequency bands that were not assigned to it to provide mobile services.
IMDA had said that this would constitute a breach of the Telecommunications Act and the conditions of Simba’s Facilities-Based Operations Licence.
Tuas will keep shareholders updated on that investigation, it said.
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Under the Telecommunications Act, IMDA can impose a financial penalty of S$1 million (US$780,700) or up to 10 per cent of the licensee’s annual turnover, whichever is higher, if there are breaches.
"In the meantime, Simba continues to operate its business in the Singapore telecommunications market," Tuas said.
Keppel said on Monday that it would allow the sale and purchase agreement with Simba to lapse.
Yuen Kuan Moon, the CEO of Singtel, Singapore's largest telco, said on Thursday that the company was seeking clarification from regulators on whether it can participate in any further moves to consolidate Singapore's telecommunications market.
“If we are able to participate in the consolidation, we will definitely evaluate where are the opportunities and how we would help lift the industry altogether in Singapore,” he said.
Source: CNA/nh(rj)
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FAST
SINGAPORE: Simba's owner, Australia's Tuas, announced on Friday (May 22) that the deal to acquire M1 has been terminated.
In a statement posted on the Australian Securities Exchange on Friday morning, Tuas said that it and Keppel - M1's parent company - would be released and discharged from their respective obligations if certain conditions under the terms of the sales and purchase agreement were not fulfilled or waived before the long stop date.
The long stop date was previously extended to May 21.
Tuas also said that Simba continues to cooperate with the Infocomm Media Development Authority's (IMDA) investigation into whether it had been using radio frequency bands that were not assigned to it to provide mobile services.
IMDA had said that this would constitute a breach of the Telecommunications Act and the conditions of Simba’s Facilities-Based Operations Licence.
Tuas will keep shareholders updated on that investigation, it said.
CNA Games
Show More Show Less
Under the Telecommunications Act, IMDA can impose a financial penalty of S$1 million (US$780,700) or up to 10 per cent of the licensee’s annual turnover, whichever is higher, if there are breaches.
"In the meantime, Simba continues to operate its business in the Singapore telecommunications market," Tuas said.
Related:
Keppel said on Monday that it would allow the sale and purchase agreement with Simba to lapse.
Yuen Kuan Moon, the CEO of Singtel, Singapore's largest telco, said on Thursday that the company was seeking clarification from regulators on whether it can participate in any further moves to consolidate Singapore's telecommunications market.
“If we are able to participate in the consolidation, we will definitely evaluate where are the opportunities and how we would help lift the industry altogether in Singapore,” he said.
Related:
Source: CNA/nh(rj)
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