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Simba admits exceeding spectrum limits amid failed M1 deal; parent firm’s full-year profit surges 277%

Management attributed the unauthorised usage to a combination of both hardware and software issues. Read more at straitstimes.com.

The Straits TimesThe Straits Times2026-09-23 10:00查看原文 ↗

Tuas’ net profit stood at about $26 million for the full year ended Jul 31.

Tuas’ net profit stood at about $26 million for the full year ended July 31.

ST PHOTO: LIM YAOHUI

Young Zhan Heng and Shikhar Gupta

Published Sep 23, 2026, 10:00 AM

Updated Sep 23, 2026, 07:57 PM

SINGAPORE – Simba has shed more light on the unauthorised spectrum usage that contributed to the collapse of its proposed acquisition of M1, saying on Sept 23 that it used spectrum beyond the limits permitted by the regulator.

“There was some use of spectrum that was permitted by the IMDA (Infocomm Media Development Authority), and we then used it outside the limitations that were in that purpose,” said Tony Moffatt, company secretary of Simba’s Australian-listed parent Tuas, in an earnings call.

Management attributed the unauthorised usage of the 2,300 megahertz spectrum – used for 4G networks – to a combination of both hardware and software issues, without giving further details.

In May, the $1.4 billion deal between Simba and M1 fell through after IMDA said that Simba could have used radio frequency bands it was not assigned to provide mobile services, which would constitute a breach of Singapore’s Telecommunications Act.

Tuas said in its annual report that IMDA has yet to advise Simba on what consequences would follow should it find that spectrum has been misused.

Such consequences may include financial penalties, modifications to, or termination of Simba’s licences to operate in Singapore, and personal consequences for individuals found to have been involved, it added.

Moffatt said that the company does not have further information about when IMDA will be making its decision.

“We remain fully cooperative with the IMDA regarding the unauthorised spectrum usage matter and are currently awaiting their formal decision,” wrote David Teoh, executive chairman of Tuas, in the annual report.

In a statement to The Business Times on Sept 23, an IMDA spokesperson said that the regulatory body is still investigating the matter.

The spokesperson added that the authority will take the “appropriate enforcement actions” should any issues be established.

Profits more than treble

Despite ongoing regulatory uncertainty, Tuas saw its full-year net profit more than treble on the back of subscriber growth and a broader mix of plans catering to different customer segments.

Net profit stood at about $ 26 million for the full year ended July 31, up 277 per cent from about $6.9 million in 2025 .

Revenue increased 24 per cent year on year to $187.6 million, from $151.3 million.

Earnings per share rose from 1.48 cents to 4.78 cents, while underlying earnings before interest, taxes, depreciation and amortisation (Ebitda) was up 22 per cent at $83.8 million.

Underlying Ebitda excluded “significant items of $3.7 million” related to due diligence and professional engagements around the failed M1 acquisition from Keppel.

Tuas raised $322 million from institutional investors through a placement and $42.5 million through a share purchase plan from existing shareholders to support the M1 acquisition.

With the deal now off, the board said it is yet to make a decision on the use of the raised capital.

Simba’s active mobile services increased from about 1.3 million at the end of the 2025 financial year to nearly 1.5 million as at July 31, 2026 , despite an “increasingly competitive market”.

Its fibre broadband business ended the 2026 financial year with 62,000 subscribers.

Gross mobile average revenue per user stood at $9.42 and did not include interconnect revenue, which is growing with Simba’s larger subscriber base, said the company.

Tuas does not believe that Simba would necessarily be excluded from future consolidation in Singapore’s telco market following the failed M1 acquisition.

“I don’t think we will be blocked from participating in consolidation should an opportunity arise,” said Moffatt. “But there is nothing that is happening at this stage that would lead us to a view that it is likely to happen in the near term.”

For the new financial year, Tuas said that it expects Simba to incur an additional $15 million to $30 million in capital and operating expenditure.

This will help it meet cybersecurity requirements imposed by Singapore regulators, said management.

Teoh added that Simba is also developing “new innovative products for the Singapore market”, set to be launched in the new financial year.

Richard Tan, CEO of Simba, noted that the telco is eyeing more growth in the business and enterprise space, specifically within the enterprise broadband space.

Shares of Tuas on the Australian Securities Exchange closed 23.4 per cent or 54.4 Australian cents lower at A$1.785 on Sept 23, after the announcement.

In the year to date, shares of Tuas have fallen A$5.30 or 74.8 per cent from A$7.08. THE BUSINESS TIMES

截至7月31日的整个财年，Tuas的净利润约为2600万美元。

ST 照片：林耀辉

杨占恒和希卡尔·古普塔

发布于2026年9月23日上午10:00

更新于2026年9月23日晚上7:57

新加坡——Simba 就其收购 M1 的计划失败所导致的未经授权的频谱使用问题作出了进一步说明。该公司于 9 月 23 日表示，其使用的频谱超出了监管机构允许的范围。

Simba 的澳大利亚上市母公司 Tuas 的公司秘书 Tony Moffatt 在财报电话会议上表示：“我们利用了 IMDA（新加坡资讯通信媒体发展局）允许的一些频谱，然后将其用于超出该目的限制之外的用途。”

管理层将未经授权使用 2300 兆赫频谱（用于 4G 网络）归咎于硬件和软件问题的综合影响，但没有提供更多细节。

今年 5 月，Simba 与 M1 之间价值 14 亿美元的交易告吹，原因是新加坡资讯通信媒体发展局 (IMDA) 表示，Simba 可能使用了未被分配的无线电频段来提供移动服务，这将构成对新加坡电信法的违反。

Tuas在年度报告中表示，IMDA尚未就如果发现频谱被滥用将会产生哪些后果向Simba提供建议。

声明还补充说，此类后果可能包括经济处罚、修改或终止 Simba 在新加坡的经营许可证，以及对被发现参与其中的个人采取个人行动。