Keppel's M1 Divestment Deal Terminated Amid Regulator's Probe Suspension; Shares Rise 4%
MT Newswires05-22 11:27
Keppel (SGX:BN4) said the proposed divestment of its telecommunications arm, M1, to Tuas Ltd. (ASX:TUA) subsidiary Simba Telecom has been terminated, according to a Friday filing with the Singapore Exchange.
The termination comes after the Singapore regulator, Infocomm Media Development Authority (IMDA), suspended its review of Simba's SG$1.4 billion bid to acquire M1's telecommunications business due to alleged breaches of the Telecommunications Act.
The agreement with Simba lapsed when the long-stop date came up on May 21.
Shares of the asset manager were up over 4% in late-morning trade Friday.
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