Simba admits unauthorized spectrum use as M1 deal collapses, profits surge 277%

Simba revealed that it transmitted on 2,300 MHz spectrum beyond the limits set by Singapore's Infocomm Media Development Authority, attributing the over-use to a mix of hardware and software problems. This unauthorized activity caused the regulator to intervene, resulting in the termination of the S$1.4 billion acquisition of M1 that had been announced earlier in the year. IMDA has not yet communicated what sanctions, if any, will follow, though potential outcomes include fines, licence modifications, or personal repercussions for involved staff.

Meanwhile, Tuas Limited, Simba's Australian-listed parent, posted a full-year net profit of roughly S$26 million, a 277% increase from the previous year, supported by rising mobile subscribers—up to nearly 1.5 million—and a growing fibre broadband base. Revenue climbed 24% to S$187.6 million, and underlying EBITDA rose 22% to S$83.8 million, excluding S$3.7 million of due-diligence costs linked to the failed M1 deal. The group secured S$322 million from institutional investors and S$42.5 million via a share purchase plan, but has not yet decided how the funds will be used now that the acquisition is off. Simba plans additional capital and operating spend of S$15-30 million in the new financial year to meet cybersecurity requirements and is developing new products for the Singapore market.