SINGAPORE: Keppel will allow the sale and purchase agreement with Simba to lapse on its May 21 deadline, said Keppel chief executive officer Loh Chin Hua on Monday (May 18).
This is in view of the Infocomm Media Development Authority’s (IMDA) announcement on Monday morning that it has suspended its assessment of telco Simba’s proposed acquisition of M1.
“There is a long stop date and it is on Thursday 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,” Mr Loh said at a media briefing, adding that Keppel has been working on alternative plans.
A long stop date is a deadline for the completion of a corporate deal. In March, Keppel extended that date to May 21.
IMDA said on Monday morning that it has suspended its review of the proposed deal after uncovering a potential regulatory breach by Simba.
Responding to a question on whether Keppel will be pursuing any legal costs against Australia’s Tuas, which owns Simba, Mr Loh told reporters that “the thought has not crossed our minds”.
