Keppel shares fall as much as 4.7% after M1-Simba deal delayed again
IMDA has halted its assessment of the proposed merger between M1 and Simba Telecom until further notice
[SINGAPORE] Shares of Keppel fell as much as 4.7 per cent on Monday (May 18) morning after news of another delay to the M1-Simba deal.
The counter dropped as low as S$10.10 as at 9.37 am, erasing more than S$900 million in Keppel’s market capitalisation with a S$0.50 drop.
The Infocomm Media Development Authority (IMDA) on Monday said it had halted its assessment of the proposed consolidation between M1 and Simba Telecom until further notice. This comes as it learnt that Simba could have been using radio frequency bands that it was not assigned to provide mobile services.
Shares of Keppel also fell as much as 4.6 per cent in January after news of a mutually agreed extension of the long-stop date for the proposed M1 deal.
Keppel in August last year announced plans to sell M1’s telco business to mobile network operator Simba for S$1.4 billion in an all-cash deal.
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