SG Property Intelligence KEP: IMDA suspends assessment of proposed consolidation between M1 and Simba

Research evidence excerpt

SG Property Intelligence KEP: IMDA suspends assessment of proposed consolidation between M1 and Simba

J P M O R G A N Asia Pacific Equity Research

18 May 2026

SG Property Intelligence

KEP: IMDA suspends assessment of proposed

consolidation between M1 and Simba

Singapore/ASEAN Property and

REITs

Keppel Ltd: IMDA suspends assessment of proposed consolidation between M1 AC Terence M Khi

and Simba.The Infocomm Media Development Authority (IMDA) has suspended its

(65) 6882-1518

assessment of the Proposed Consolidation between M1 and Simba until further terence.ml.khi@jpmorgan.com

notice. This is due to Simba potentially using radio frequency bands that have not been AC Mervin Song, CFA

assigned to them to provide mobile services. This would constitute unauthorized use (65) 6882-7829

of frequency spectrum, which is a breach of the Telecommunications Act, 1999 and mervin.song@jpmorgan.com

the conditions of Simba’s Facilities-Based Operations Licence. IMDA is J.P. Morgan Securities Singapore Private Limited/

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

investigating this matter and will take the appropriate enforcement actions if it is Morgan Broking (Hong Kong) Limited

established. KEP notes that while awaiting the outcome of IMDA’s assessment, it had

been working on a Plan B, in case KEP retains majority ownership of M1, which it will

now start executing. KEP will activate with immediate effect, a 90-day plan to drive

M1’s efficiency by rightsizing the company and reducing costs, without adversely

affecting customer experience. KEP reiterates that its target to monetise S$2bn-3bn

of non-core assets in 2026 remains unchanged. However, the proposed divestment of

M1’s telecommunication business will be removed from Keppel’s announced

monetisation for 2025.