PUBLISHED ONMay 18, 2026 4:30 AMUPDATEDMay 18, 2026 8:50 AMBYSean LerOngoing assessment of the proposed consolidation between telco operators M1 and Simba has been suspended, the Infocomm Media Development Authority (IMDA) announced on Monday (May 18).
In a media release, IMDA said its reviewers had uncovered alleged unauthorised use of radio frequency bands by Simba to provide mobile services.
As part of the telcos' proposed consolidation, IMDA has been conducting its assessment according to the framework set out in the Telecom and Media Competition Code. This includes evaluating whether the proposed consolidation would significantly lessen competition or raise public interest concerns.
During the assessment, reviewers will also determine if the operation of critical telecommunications infrastructure meets the stringent cybersecurity requirements necessary in a heightened cyber risk landscape.
"Since M1, the target of the acquisition, operates large mobile and broadband networks in Singapore, the assessment has necessarily been detailed and thorough," said IMDA.
As of 2025, M1 has over 2 million mobile subscribers and 223,000 fixed broadband customers.
The authority said it learnt during the review that Simba could have been using radio frequency bands that had not been assigned to them to provide mobile services.
The unauthorised use of frequency spectrum is a breach of the Telecommunications Act and also a breach of the conditions of Simba's facilities-based operations licence, IMDA added.
In view of the ongoing investigations, which may be material to IMDA's assessment of the proposed consolidation, the authority said it has decided to suspend the review pending completion of ongoing investigations.
It added that "appropriate enforcement action" will be taken if a breach of conditions is proven.
Following news of the review's suspension, Keppel's share price fell 3 per cent on Monday morning. In August 2025, Keppel announced its intention to sell its subsidiary M1 to Simba for $1.43 billion.
Keppel chief executive Loh Chun Hua also told the media on Monday that they will allow the sale and purchase agreement with Simba to lapse on its May 21 deadline.
"There is a long stop date and it is on Thursday (May 21) this week. There is no discussion to extend the long stop date, which means that at the passing of the long stop date, the existing agreement will lapse," Loh said.
A long stop date is a practice in merger and acquisition transactions where parties agree on a timeframe in which all the conditions necessary for a transaction need to be fulfilled and the transaction completed.
Keppel extended that date in March to May 21. It is now reportedly working on alternative plans for M1.
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