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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.<\/p>\n
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.<\/p>\n
The long stop date was previously extended to May 21.<\/p>\n
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.<\/p>\n
IMDA had said that this would constitute a breach of the Telecommunications Act and the conditions of Simba\u2019s Facilities-Based Operations Licence.\u00a0<\/p>\n
Tuas will keep shareholders updated on that investigation, it said.<\/p>\n
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\u2019s annual turnover, whichever is higher, if there are breaches.<\/p>\n<\/div>\n<\/div>\n<\/div>\n