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81-100 of 7130
Jipped some
Yes, around there,
usually they start their sharebuyback at around 10am singapore time.
usually they start their sharebuyback at around 10am singapore time.
Newbie2025 ( Date: 19-May-2026 09:28) Posted:
|
Sir, is Keppel spend abt $210mil in the share buyback as of today?
PiRPiR ( Date: 19-May-2026 07:33) Posted:
|
https://bt.sg/fueZ
Analysts tip StarHub as 'obvious' front runner for M1 after Simba merger stalls
The setback is expected to weigh on Keppel, which had planned to monetise M1 through the deal
Analysts tip StarHub as 'obvious' front runner for M1 after Simba merger stalls
The setback is expected to weigh on Keppel, which had planned to monetise M1 through the deal
https://www.straitstimes.com/business/companies-markets/failed-simba-m1-deal-could-pose-setback-to-keppel-lead-to-more-cost-pressures-for-telcos
Failed Simba-M1 deal could pose setback to Keppel, lead to more cost pressures for telcos
SINGAPORE - Singapore?s telco operators will likely face further cost pressures in the near term, after the Infocomm Media Development Authority (IMDA) on May 18 suspended its review of a proposed merger between M1 and Simba.
The failed merger of M1 and Australia-backed Simba, Singapore?s third- and fourth-largest telcos, could also pose a setback to M1?s parent company Keppel?s asset-light transformation strategy. The sale of the telco would have unlocked around $1 billion for the asset manager.
Analysts told The Straits Times that the telco industry would have benefited from market consolidation as it would have eased highly competitive pricing and helped the recovery of the telcos? average revenue per user (ARPU), which has already been in decline.
But this deal is now likely dead in the water, with Keppel confirming in a briefing with the media and analysts on May 18 that it will allow the sale and purchase agreement between M1 and Simba to lapse upon reaching the long-stop date on May 21.
This deadline had already been extended on March 26 when it was originally supposed to expire.
A long-stop date is the contractual deadline by which conditions, including regulatory approvals, must be satisfied or waived, or the parties involved can walk away.
Ms Chu Peng, an analyst at OCBC Bank, said the failed deal would preserve the current dynamic of a fragmented four-player structure that has long suffered from intense price competition, keeping margins under pressure and likely sustaining aggressive consumer pricing in the near term.
?A merger would have been structurally positive for the industry. Without it, competition among the telco operators is unlikely to ease, which will continue to weigh on the earnings outlook of their Singapore telco businesses.?
Mr Hussaini Saifee of Maybank added that the Singapore market is suffering from high single-digit to double-digit revenue declines, and therefore too small and crowded to sustain four telco players.
Market recovery will be further delayed with the failed consolidation, he said.
StarHub chief executive Nikhil Eapen had previously told ST in an interview in January 2026 that a prolonged cut-throat price war would deter telcos from increasing investments in critical areas such as cybersecurity and innovation.
Shares of StarHub and Singtel briefly dipped by around 1 per cent and 0.6 per cent respectively after the market opened on May 18. By midday, Singtel?s counter had bounced back and it climbed through the day to close 1 per cent higher at $4.87. StarHub, meanwhile, closed flat at $1.
The merger between M1 and Simba was first announced in August 2025 but subject to a prolonged review by IMDA afterwards.
The regulator had been evaluating whether the consolidation would significantly lessen competition or raise public interest concerns. The review also includes ensuring that the operation of critical telecoms infrastructure meets the stringent cybersecurity requirements necessary in a heightened cyber-risk landscape, IMDA said.
Simba?s alleged breach of the Telecommunications Act and the conditions of its facilities-based operations licence is also unprecedented, analysts noted.
Mr Robson Lee, director of law firm Legal Solutions, said this is the first reported incident of such a nature by a telco operating in Singapore.
?Without firmer details of the conditions that Simba had allegedly breached, it would be difficult to determine the consequences and potential penalties meted out.?
It is also unclear if the breach was done by Simba?s officers or the company as an entity, he added.
Market recovery will be further delayed with the failed consolidation, he said.
StarHub chief executive Nikhil Eapen had previously told ST in an interview in January 2026 that a prolonged cut-throat price war would deter telcos from increasing investments in critical areas such as cybersecurity and innovation.
Shares of StarHub and Singtel briefly dipped by around 1 per cent and 0.6 per cent respectively after the market opened on May 18. By midday, Singtel?s counter had bounced back and it climbed through the day to close 1 per cent higher at $4.87. StarHub, meanwhile, closed flat at $1.
The merger between M1 and Simba was first announced in August 2025 but subject to a prolonged review by IMDA afterwards.
The regulator had been evaluating whether the consolidation would significantly lessen competition or raise public interest concerns. The review also includes ensuring that the operation of critical telecoms infrastructure meets the stringent cybersecurity requirements necessary in a heightened cyber-risk landscape, IMDA said.
Simba?s alleged breach of the Telecommunications Act and the conditions of its facilities-based operations licence is also unprecedented, analysts noted.
Mr Robson Lee, director of law firm Legal Solutions, said this is the first reported incident of such a nature by a telco operating in Singapore.
?Without firmer details of the conditions that Simba had allegedly breached, it would be difficult to determine the consequences and potential penalties meted out.?
It is also unclear if the breach was done by Simba?s officers or the company as an entity, he added.
Keppel, lead to more cost pressures for telcos
Failed Simba-M1 deal could pose setback to Keppel, lead to more cost pressures for telcos
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The failed Simba-M1 merger would prolong an aggressive price war and hurt telcos' earnings, analysts said.
The failed Simba-M1 merger would prolong an aggressive price war and hurt telcos' earnings, analysts said.
ST PHOTO: SHINTARO TAY
Google Preferred Source badge
Published May 18, 2026, 08:45 PM
Updated May 19, 2026, 12:01 AM
Listen
SINGAPORE - Singapore?s telco operators will likely face further cost pressures in the near term, after the Infocomm Media Development Authority (IMDA) on May 18 suspended its review of a proposed merger between M1 and Simba.
The failed merger of M1 and Australia-backed Simba, Singapore?s third- and fourth-largest telcos, could also pose a setback to M1?s parent company Keppel?s asset-light transformation strategy. The sale of the telco would have unlocked around $1 billion for the asset manager.
Analysts told The Straits Times that the telco industry would have benefited from market consolidation as it would have eased highly competitive pricing and helped the recovery of the telcos? average revenue per user (ARPU), which has already been in decline.
But this deal is now likely dead in the water, with Keppel confirming in a briefing with the media and analysts on May 18 that it will allow the sale and purchase agreement between M1 and Simba to lapse upon reaching the long-stop date on May 21.
This deadline had already been extended on March 26 when it was originally supposed to expire.
A long-stop date is the contractual deadline by which conditions, including regulatory approvals, must be satisfied or waived, or the parties involved can walk away.
Ms Chu Peng, an analyst at OCBC Bank, said the failed deal would preserve the current dynamic of a fragmented four-player structure that has long suffered from intense price competition, keeping margins under pressure and likely sustaining aggressive consumer pricing in the near term.
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?A merger would have been structurally positive for the industry. Without it, competition among the telco operators is unlikely to ease, which will continue to weigh on the earnings outlook of their Singapore telco businesses.?
Mr Hussaini Saifee of Maybank added that the Singapore market is suffering from high single-digit to double-digit revenue declines, and therefore too small and crowded to sustain four telco players.
Market recovery will be further delayed with the failed consolidation, he said.
StarHub chief executive Nikhil Eapen had previously told ST in an interview in January 2026 that a prolonged cut-throat price war would deter telcos from increasing investments in critical areas such as cybersecurity and innovation.
Shares of StarHub and Singtel briefly dipped by around 1 per cent and 0.6 per cent respectively after the market opened on May 18. By midday, Singtel?s counter had bounced back and it climbed through the day to close 1 per cent higher at $4.87. StarHub, meanwhile, closed flat at $1.
The merger between M1 and Simba was first announced in August 2025 but subject to a prolonged review by IMDA afterwards.
The regulator had been evaluating whether the consolidation would significantly lessen competition or raise public interest concerns. The review also includes ensuring that the operation of critical telecoms infrastructure meets the stringent cybersecurity requirements necessary in a heightened cyber-risk landscape, IMDA said.
Simba?s alleged breach of the Telecommunications Act and the conditions of its facilities-based operations licence is also unprecedented, analysts noted.
Mr Robson Lee, director of law firm Legal Solutions, said this is the first reported incident of such a nature by a telco operating in Singapore.
?Without firmer details of the conditions that Simba had allegedly breached, it would be difficult to determine the consequences and potential penalties meted out.?
It is also unclear if the breach was done by Simba?s officers or the company as an entity, he added.
More on this topic
IMDA suspends review of proposed Simba-M1 merger amid probe into possible breach
Keppel to allow Simba?s bid for subsidiary M1 to lapse, explore new buyers
Impact on Keppel?s transformation
In a statement on May 18, Keppel chief executive Loh Chin Hua said the company will now embark on a 90-day plan to enhance M1?s efficiency by reducing technology platform and network costs and using AI for automation. He said the company will share more details about these plans in its results briefing for the first half of the 2026 financial year, which is expected to take place in July.
Keppel will remove the proposed divestment of its stake in M1 from its announced monetisation for 2025, while its target to divest $2 billion to $3 billion of non-core assets in 2026 ? announced during its first-quarter business update in April ? will remain unchanged.
Responding to an analyst?s question during Keppel?s briefing, Mr Loh said the company?s objective is to ?strengthen M1 and make it more valuable and attractive?, so that it will receive the optimal valuation when it divests the telco.
M1?s operations will not have an impact on Keppel?s earnings, he added. But the one-off special dividend of seven to 11 cents arising from the sale of M1 to Simba would now be deferred until it has divested the telco.
?We hope to bring other monetisation targets forward to this year to fill the gap,? he added.
M1 chief executive Manjot Singh Mann said that following the complete deployment of its 5G network, the telco will now be looking to reduce its capital expenditure over a period of time to focus more on operations and maintenance.
In the meantime, the failed M1 sale to Simba could put a dent in Keppel?s business, analysts said.
Mr Nicholas Yon, manager at brokerage firm Lim and Tan Securities, said Keppel would now be under pressure to turn M1 around in the face of increased competition from Simba, setting them back on their monetisation goals.
While the merger was also meant to share infrastructure costs between the two merged telcos, he believed that M1 would now have to increase its capex spending in order to compete with incumbents Singtel and StarHub.
OCBC?s Ms Chu said the suspension of the merger is likely to disappoint investors who will be missing out on a chunk of the special dividends payout. But progress on its $3 billion divestment target should help cushion this absence in the interim.
In their note on May 18, CGS International analysts Lim Siew Khee and Meghana Kande downgraded their rating for Keppel from ?add? to ?hold?. They noted that while Keppel could see assets under management growth in FY2026, downside risks include slower-than-expected asset monetisation impacting dividend payout and a weaker integrated power business.
Other assets that Keppel could potentially divest include condominium development Keppel Bay Plot 6, commercial building Keppel South Central, as well as Rigco Holding which holds 13 legacy offshore drilling rigs.
Keppel?s shares tumbled when trading opened on May 18 and were already down 4 per cent at $10.18 at 9.28am. The counter closed 2.1 per cent lower at $10.38.
New suitors for M1, trouble brewing for Simba
Following the expiry of the long-stop date, Keppel would be free to start negotiations with other potential buyers for its divestment of M1.
Mr Loh confirmed at the briefing that it had been in serious discussions with at least two bidders. StarHub, the second-largest telco, had been rumoured for some time to be in the running to acquire M1 before Simba closed the deal with Keppel.
Some analysts say it is possible that StarHub could restart negotiations again, as a successful acquisition would allow it to compete on a more equal footing with Singtel, which has the largest market share at around 45 per cent.
Mr Yon said that a merger between M1 and Singtel is highly unlikely due to Singapore?s antitrust laws forbidding market leaders making such big moves, though exceptions have been made in other industries in the past. He cited the case of leading steel fabricator BRC Asia acquiring its rival Lee Metal Group for $199.3 million in 2018, which was approved by the Competition and Consumer Commission of Singapore.
A StarHub-M1 merger could spell further trouble for Simba. Its market share would be significantly dwarfed by the two incumbents, posing a risk to its long-term viability, he noted.
On the Australian Stock Exchange, shares of Simba?s parent company Tuas plunged as much as 72.1 per cent from last week?s close of A$6.10 to A$1.98. The counter later closed 62.8 per cent down at A$2.27.
Tuas had reported a 26 per cent increase in its revenue at $78.1 million, and 27 per cent EBITDA (earnings before interest, taxes, depreciation and amortisation) growth at $42.1 million for the first half of the financial year ended Jan 31, 2026. It attributed its growth to a ?rapidly expanding subscriber base? for its mobile and broadband business.
It said in its report that it would continue to strengthen Simba?s positioning across both mobile and fibre broadband segments, with a capex of $50 million to $55 million.
The telco did not respond to ST?s queries.
Failed Simba-M1 deal could pose setback to Keppel, lead to more cost pressures for telcos
SINGAPORE - Singapore?s telco operators will likely face further cost pressures in the near term, after the Infocomm Media Development Authority (IMDA) on May 18 suspended its review of a proposed merger between M1 and Simba.
The failed merger of M1 and Australia-backed Simba, Singapore?s third- and fourth-largest telcos, could also pose a setback to M1?s parent company Keppel?s asset-light transformation strategy. The sale of the telco would have unlocked around $1 billion for the asset manager.
Analysts told The Straits Times that the telco industry would have benefited from market consolidation as it would have eased highly competitive pricing and helped the recovery of the telcos? average revenue per user (ARPU), which has already been in decline.
But this deal is now likely dead in the water, with Keppel confirming in a briefing with the media and analysts on May 18 that it will allow the sale and purchase agreement between M1 and Simba to lapse upon reaching the long-stop date on May 21.
This deadline had already been extended on March 26 when it was originally supposed to expire.
A long-stop date is the contractual deadline by which conditions, including regulatory approvals, must be satisfied or waived, or the parties involved can walk away.
Ms Chu Peng, an analyst at OCBC Bank, said the failed deal would preserve the current dynamic of a fragmented four-player structure that has long suffered from intense price competition, keeping margins under pressure and likely sustaining aggressive consumer pricing in the near term.
?A merger would have been structurally positive for the industry. Without it, competition among the telco operators is unlikely to ease, which will continue to weigh on the earnings outlook of their Singapore telco businesses.?
Mr Hussaini Saifee of Maybank added that the Singapore market is suffering from high single-digit to double-digit revenue declines, and therefore too small and crowded to sustain four telco players.
Market recovery will be further delayed with the failed consolidation, he said.
StarHub chief executive Nikhil Eapen had previously told ST in an interview in January 2026 that a prolonged cut-throat price war would deter telcos from increasing investments in critical areas such as cybersecurity and innovation.
Shares of StarHub and Singtel briefly dipped by around 1 per cent and 0.6 per cent respectively after the market opened on May 18. By midday, Singtel?s counter had bounced back and it climbed through the day to close 1 per cent higher at $4.87. StarHub, meanwhile, closed flat at $1.
The merger between M1 and Simba was first announced in August 2025 but subject to a prolonged review by IMDA afterwards.
The regulator had been evaluating whether the consolidation would significantly lessen competition or raise public interest concerns. The review also includes ensuring that the operation of critical telecoms infrastructure meets the stringent cybersecurity requirements necessary in a heightened cyber-risk landscape, IMDA said.
Simba?s alleged breach of the Telecommunications Act and the conditions of its facilities-based operations licence is also unprecedented, analysts noted.
Mr Robson Lee, director of law firm Legal Solutions, said this is the first reported incident of such a nature by a telco operating in Singapore.
?Without firmer details of the conditions that Simba had allegedly breached, it would be difficult to determine the consequences and potential penalties meted out.?
It is also unclear if the breach was done by Simba?s officers or the company as an entity, he added.
Market recovery will be further delayed with the failed consolidation, he said.
StarHub chief executive Nikhil Eapen had previously told ST in an interview in January 2026 that a prolonged cut-throat price war would deter telcos from increasing investments in critical areas such as cybersecurity and innovation.
Shares of StarHub and Singtel briefly dipped by around 1 per cent and 0.6 per cent respectively after the market opened on May 18. By midday, Singtel?s counter had bounced back and it climbed through the day to close 1 per cent higher at $4.87. StarHub, meanwhile, closed flat at $1.
The merger between M1 and Simba was first announced in August 2025 but subject to a prolonged review by IMDA afterwards.
The regulator had been evaluating whether the consolidation would significantly lessen competition or raise public interest concerns. The review also includes ensuring that the operation of critical telecoms infrastructure meets the stringent cybersecurity requirements necessary in a heightened cyber-risk landscape, IMDA said.
Simba?s alleged breach of the Telecommunications Act and the conditions of its facilities-based operations licence is also unprecedented, analysts noted.
Mr Robson Lee, director of law firm Legal Solutions, said this is the first reported incident of such a nature by a telco operating in Singapore.
?Without firmer details of the conditions that Simba had allegedly breached, it would be difficult to determine the consequences and potential penalties meted out.?
It is also unclear if the breach was done by Simba?s officers or the company as an entity, he added.
Keppel, lead to more cost pressures for telcos
Failed Simba-M1 deal could pose setback to Keppel, lead to more cost pressures for telcos
Get ST's newsletters delivered to your inbox
The failed Simba-M1 merger would prolong an aggressive price war and hurt telcos' earnings, analysts said.
The failed Simba-M1 merger would prolong an aggressive price war and hurt telcos' earnings, analysts said.
ST PHOTO: SHINTARO TAY
Google Preferred Source badge
Published May 18, 2026, 08:45 PM
Updated May 19, 2026, 12:01 AM
Listen
SINGAPORE - Singapore?s telco operators will likely face further cost pressures in the near term, after the Infocomm Media Development Authority (IMDA) on May 18 suspended its review of a proposed merger between M1 and Simba.
The failed merger of M1 and Australia-backed Simba, Singapore?s third- and fourth-largest telcos, could also pose a setback to M1?s parent company Keppel?s asset-light transformation strategy. The sale of the telco would have unlocked around $1 billion for the asset manager.
Analysts told The Straits Times that the telco industry would have benefited from market consolidation as it would have eased highly competitive pricing and helped the recovery of the telcos? average revenue per user (ARPU), which has already been in decline.
But this deal is now likely dead in the water, with Keppel confirming in a briefing with the media and analysts on May 18 that it will allow the sale and purchase agreement between M1 and Simba to lapse upon reaching the long-stop date on May 21.
This deadline had already been extended on March 26 when it was originally supposed to expire.
A long-stop date is the contractual deadline by which conditions, including regulatory approvals, must be satisfied or waived, or the parties involved can walk away.
Ms Chu Peng, an analyst at OCBC Bank, said the failed deal would preserve the current dynamic of a fragmented four-player structure that has long suffered from intense price competition, keeping margins under pressure and likely sustaining aggressive consumer pricing in the near term.
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People walking past a billboard about the Strait of Hormuz, in Tehran, Iran, on May 17.
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?A merger would have been structurally positive for the industry. Without it, competition among the telco operators is unlikely to ease, which will continue to weigh on the earnings outlook of their Singapore telco businesses.?
Mr Hussaini Saifee of Maybank added that the Singapore market is suffering from high single-digit to double-digit revenue declines, and therefore too small and crowded to sustain four telco players.
Market recovery will be further delayed with the failed consolidation, he said.
StarHub chief executive Nikhil Eapen had previously told ST in an interview in January 2026 that a prolonged cut-throat price war would deter telcos from increasing investments in critical areas such as cybersecurity and innovation.
Shares of StarHub and Singtel briefly dipped by around 1 per cent and 0.6 per cent respectively after the market opened on May 18. By midday, Singtel?s counter had bounced back and it climbed through the day to close 1 per cent higher at $4.87. StarHub, meanwhile, closed flat at $1.
The merger between M1 and Simba was first announced in August 2025 but subject to a prolonged review by IMDA afterwards.
The regulator had been evaluating whether the consolidation would significantly lessen competition or raise public interest concerns. The review also includes ensuring that the operation of critical telecoms infrastructure meets the stringent cybersecurity requirements necessary in a heightened cyber-risk landscape, IMDA said.
Simba?s alleged breach of the Telecommunications Act and the conditions of its facilities-based operations licence is also unprecedented, analysts noted.
Mr Robson Lee, director of law firm Legal Solutions, said this is the first reported incident of such a nature by a telco operating in Singapore.
?Without firmer details of the conditions that Simba had allegedly breached, it would be difficult to determine the consequences and potential penalties meted out.?
It is also unclear if the breach was done by Simba?s officers or the company as an entity, he added.
IMDA suspends review of proposed Simba-M1 merger amid probe into possible breach
Keppel to allow Simba?s bid for subsidiary M1 to lapse, explore new buyers
Impact on Keppel?s transformation
In a statement on May 18, Keppel chief executive Loh Chin Hua said the company will now embark on a 90-day plan to enhance M1?s efficiency by reducing technology platform and network costs and using AI for automation. He said the company will share more details about these plans in its results briefing for the first half of the 2026 financial year, which is expected to take place in July.
Keppel will remove the proposed divestment of its stake in M1 from its announced monetisation for 2025, while its target to divest $2 billion to $3 billion of non-core assets in 2026 ? announced during its first-quarter business update in April ? will remain unchanged.
Responding to an analyst?s question during Keppel?s briefing, Mr Loh said the company?s objective is to ?strengthen M1 and make it more valuable and attractive?, so that it will receive the optimal valuation when it divests the telco.
M1?s operations will not have an impact on Keppel?s earnings, he added. But the one-off special dividend of seven to 11 cents arising from the sale of M1 to Simba would now be deferred until it has divested the telco.
?We hope to bring other monetisation targets forward to this year to fill the gap,? he added.
M1 chief executive Manjot Singh Mann said that following the complete deployment of its 5G network, the telco will now be looking to reduce its capital expenditure over a period of time to focus more on operations and maintenance.
In the meantime, the failed M1 sale to Simba could put a dent in Keppel?s business, analysts said.
Mr Nicholas Yon, manager at brokerage firm Lim and Tan Securities, said Keppel would now be under pressure to turn M1 around in the face of increased competition from Simba, setting them back on their monetisation goals.
While the merger was also meant to share infrastructure costs between the two merged telcos, he believed that M1 would now have to increase its capex spending in order to compete with incumbents Singtel and StarHub.
OCBC?s Ms Chu said the suspension of the merger is likely to disappoint investors who will be missing out on a chunk of the special dividends payout. But progress on its $3 billion divestment target should help cushion this absence in the interim.
In their note on May 18, CGS International analysts Lim Siew Khee and Meghana Kande downgraded their rating for Keppel from ?add? to ?hold?. They noted that while Keppel could see assets under management growth in FY2026, downside risks include slower-than-expected asset monetisation impacting dividend payout and a weaker integrated power business.
Other assets that Keppel could potentially divest include condominium development Keppel Bay Plot 6, commercial building Keppel South Central, as well as Rigco Holding which holds 13 legacy offshore drilling rigs.
Keppel?s shares tumbled when trading opened on May 18 and were already down 4 per cent at $10.18 at 9.28am. The counter closed 2.1 per cent lower at $10.38.
New suitors for M1, trouble brewing for Simba
Following the expiry of the long-stop date, Keppel would be free to start negotiations with other potential buyers for its divestment of M1.
Mr Loh confirmed at the briefing that it had been in serious discussions with at least two bidders. StarHub, the second-largest telco, had been rumoured for some time to be in the running to acquire M1 before Simba closed the deal with Keppel.
Some analysts say it is possible that StarHub could restart negotiations again, as a successful acquisition would allow it to compete on a more equal footing with Singtel, which has the largest market share at around 45 per cent.
Mr Yon said that a merger between M1 and Singtel is highly unlikely due to Singapore?s antitrust laws forbidding market leaders making such big moves, though exceptions have been made in other industries in the past. He cited the case of leading steel fabricator BRC Asia acquiring its rival Lee Metal Group for $199.3 million in 2018, which was approved by the Competition and Consumer Commission of Singapore.
A StarHub-M1 merger could spell further trouble for Simba. Its market share would be significantly dwarfed by the two incumbents, posing a risk to its long-term viability, he noted.
On the Australian Stock Exchange, shares of Simba?s parent company Tuas plunged as much as 72.1 per cent from last week?s close of A$6.10 to A$1.98. The counter later closed 62.8 per cent down at A$2.27.
Tuas had reported a 26 per cent increase in its revenue at $78.1 million, and 27 per cent EBITDA (earnings before interest, taxes, depreciation and amortisation) growth at $42.1 million for the first half of the financial year ended Jan 31, 2026. It attributed its growth to a ?rapidly expanding subscriber base? for its mobile and broadband business.
It said in its report that it would continue to strengthen Simba?s positioning across both mobile and fibre broadband segments, with a capex of $50 million to $55 million.
The telco did not respond to ST?s queries.
https://www.theedgesingapore.com/news/ma/keppel-will-divest-property-and-rigs-offset-m1-says-ceo-lo
Keppel will divest property and rigs to offset M1 says CEO Loh
The Edge Singapore
Mon, May 18, 2026 ? 09:14 PM GMT+08 ? 3 min read
In August last year, Keppel announced the proposed sale of M1 to Simba for $1 billion in cash. However on May 18 the IMDA announced it has suspended the review of Keppel's planned sale of M1 to Simba. Given that approval from IMDA is one of the conditions required, the deal has been terminated.
?Given IMDA decision, the proposed divestment of our stake in the M1 telco business will be removed from Keppel?s announced monetisation for 2025. At our 1Q2026 business update, we announced our target to monetise $2-3 billion of non-core assets in 2026. This remains unchanged, and we will continue to work towards our monetisation target. In real terms for our investors, the impact is about seven to 11 cents per share in terms of special dividends. We will continue to explore opportunities for monetisation, so the special dividends have not gone away, they have just been deferred,? Loh Chin Hua, group CEO, Keppel, says during a briefing to analysts and media.
The special dividends are at the discretion of the Keppel board, but in FY2025, Keppel announced that it would pay out 10 to 15% of the monetisation received or realized in the financial year. To date, Loh says Keppel completed monetisations range from $300 million to $400 million this year.
Loh says Keppel will look for other non-core assets to divest. ?The market conditions on for offshore rigs have improved,? he adds. Keppel still owns around six legacy rigs and offshore assets which are valued in the $3.5 billion to $4 billion.
?We are also working on some real estate potential, real estate monetisation, so between these and the rigs, we believe that we should be on target to hit $2-3 billion of monetisation for this year. For real estate, specifically, it includes Keppel South Central and also Keppel Plot Six. Plot six will be launched sometime in the middle of the year. Keppel South Central?s leasing is improving, and we believe that at some point when the leasing has reached a certain level, which we hope will be sometime this year, we will look at the monetisation,? Loh elaborates.
Part of FY2026?s ordinary dividend will comprise of the earnings from the sale of Keppel Merlimau Cogen to Keppel Infrastructure Trust for $128 million. Loh says any payout from the sale will be part of ordinary dividends. Keppel?s FY2025 ordinary dividends comprised 15 cents interim dividend and 19 cents final dividend. In addition, Keppel Sakra Cogen will be commissioned in the middle of this year Loh says.
OCBC Credit Research says its base case assumes that disposals and operating cash flow continue to be sufficient to fund new acquisitions and investments. ?If the deal to consolidate M1 and Simba lapses, the industry will be back to a four-player Mobile Network Operator (MNO) market, and price wars could intensify again,? OCBC Credit Research suggests.
According to Loh, for the M1 transaction, there were serious discussions involving at least two bidders.
?We understand that Starhub was previously interested in acquiring M1. If Starhub acquires, we think its credit metrics could be strained if the deal were to be funded by debt. However, a longer-term consolidation in the market should return pricing to a more rational level, which should restore margins and protect longer-term profitability,? OCBC Credit Research adds.
Keppel?s share price fell 2% on May 18, following the M1 announcement, but recovered from a mid-morning low when it was down 4%.
Keppel will divest property and rigs to offset M1 says CEO Loh
The Edge Singapore
Mon, May 18, 2026 ? 09:14 PM GMT+08 ? 3 min read
In August last year, Keppel announced the proposed sale of M1 to Simba for $1 billion in cash. However on May 18 the IMDA announced it has suspended the review of Keppel's planned sale of M1 to Simba. Given that approval from IMDA is one of the conditions required, the deal has been terminated.
?Given IMDA decision, the proposed divestment of our stake in the M1 telco business will be removed from Keppel?s announced monetisation for 2025. At our 1Q2026 business update, we announced our target to monetise $2-3 billion of non-core assets in 2026. This remains unchanged, and we will continue to work towards our monetisation target. In real terms for our investors, the impact is about seven to 11 cents per share in terms of special dividends. We will continue to explore opportunities for monetisation, so the special dividends have not gone away, they have just been deferred,? Loh Chin Hua, group CEO, Keppel, says during a briefing to analysts and media.
The special dividends are at the discretion of the Keppel board, but in FY2025, Keppel announced that it would pay out 10 to 15% of the monetisation received or realized in the financial year. To date, Loh says Keppel completed monetisations range from $300 million to $400 million this year.
Loh says Keppel will look for other non-core assets to divest. ?The market conditions on for offshore rigs have improved,? he adds. Keppel still owns around six legacy rigs and offshore assets which are valued in the $3.5 billion to $4 billion.
?We are also working on some real estate potential, real estate monetisation, so between these and the rigs, we believe that we should be on target to hit $2-3 billion of monetisation for this year. For real estate, specifically, it includes Keppel South Central and also Keppel Plot Six. Plot six will be launched sometime in the middle of the year. Keppel South Central?s leasing is improving, and we believe that at some point when the leasing has reached a certain level, which we hope will be sometime this year, we will look at the monetisation,? Loh elaborates.
Part of FY2026?s ordinary dividend will comprise of the earnings from the sale of Keppel Merlimau Cogen to Keppel Infrastructure Trust for $128 million. Loh says any payout from the sale will be part of ordinary dividends. Keppel?s FY2025 ordinary dividends comprised 15 cents interim dividend and 19 cents final dividend. In addition, Keppel Sakra Cogen will be commissioned in the middle of this year Loh says.
OCBC Credit Research says its base case assumes that disposals and operating cash flow continue to be sufficient to fund new acquisitions and investments. ?If the deal to consolidate M1 and Simba lapses, the industry will be back to a four-player Mobile Network Operator (MNO) market, and price wars could intensify again,? OCBC Credit Research suggests.
According to Loh, for the M1 transaction, there were serious discussions involving at least two bidders.
?We understand that Starhub was previously interested in acquiring M1. If Starhub acquires, we think its credit metrics could be strained if the deal were to be funded by debt. However, a longer-term consolidation in the market should return pricing to a more rational level, which should restore margins and protect longer-term profitability,? OCBC Credit Research adds.
Keppel?s share price fell 2% on May 18, following the M1 announcement, but recovered from a mid-morning low when it was down 4%.
new Keppel aum 12million per quarter
One year +50 million
M1 profit reverse back
originally one in one out , m1 gone cover by Bifrost
now we have both add on to profit
monetization
I2 mall and Seatrium 700million plus so far announce on 1st April and special dividends on April 2027 Ex dividends
Keppel sharebuyback 600k share , the more they buy , the more it come back as profit , take for example if Keppel spend 500m last year , they will get the 5% of 500m instead of the 10 dollar price now. The dividend declare will back to Keppel as dividends as extra investment income .
One year +50 million
M1 profit reverse back
originally one in one out , m1 gone cover by Bifrost
now we have both add on to profit
monetization
I2 mall and Seatrium 700million plus so far announce on 1st April and special dividends on April 2027 Ex dividends
Keppel sharebuyback 600k share , the more they buy , the more it come back as profit , take for example if Keppel spend 500m last year , they will get the 5% of 500m instead of the 10 dollar price now. The dividend declare will back to Keppel as dividends as extra investment income .
Newbie2025 ( Date: 18-May-2026 21:33) Posted:
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Wah Sir, any upcoming strong good news in the months ahead?..😂 😂 😂
Tob231 ( Date: 18-May-2026 20:12) Posted:
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dragonfly doji ... likely to turn around
SBB today - 600,000 shares bought at 10.27 to 10.43 ($6,220,120)
Tuas (Simba) share dropped 62% today.
https://www.google.com/finance/beta/quote/TUA:ASX?sa=X& ved=2ahUKEwi2hYOmmcKUAxV31zgGHa1ePfkQ3ecFegQIKBAP& window=5D
https://www.google.com/finance/beta/quote/TUA:ASX?sa=X& ved=2ahUKEwi2hYOmmcKUAxV31zgGHa1ePfkQ3ecFegQIKBAP& window=5D
YuanLong94 ( Date: 18-May-2026 14:20) Posted:
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M1 is not a bad business
50 to 60 million profit per year versus 1B monetisation
July to March 2026 profit of 45million profit might revert back to 1H 2026 . Previously it is locked under the entity since the announcement at July 2025
with upcoming AI,cost saving and future monetization
Wonder can Simba survive this wave of penalty and without the steal resource can they sustain the current rate? Might be easier for SIMBA to declare bankruptcy = one competitor lesser
my republic is under StarHub
back to the big 3 StarHub SingTel m1
50 to 60 million profit per year versus 1B monetisation
July to March 2026 profit of 45million profit might revert back to 1H 2026 . Previously it is locked under the entity since the announcement at July 2025
with upcoming AI,cost saving and future monetization
Wonder can Simba survive this wave of penalty and without the steal resource can they sustain the current rate? Might be easier for SIMBA to declare bankruptcy = one competitor lesser
my republic is under StarHub
back to the big 3 StarHub SingTel m1
geographic ( Date: 18-May-2026 13:21) Posted:
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A hammer candlestick is forming - Share price may have finished dropping, and might be ready to rise again
11:39 PM EDT, 05/17/2026 (MT Newswires) -- Singapore's Infocomm Media Development Authority (IMDA) suspended its evaluation of Keppel's (SGX:BN4) proposed SG$1.4 billion sale of telecommunications provider M1 to Simba Telecom, a unit of ASX-listed Tuas Ltd. (ASX:TUA), according to a Monday filing with the Singapore Exchange.
This comes after IMDA's review revealed that Simba Telecom could have been using radio frequency bands that had not been assigned to it to provide mobile services, which is a breach of the city-state's laws.
Under the agreement between Keppel and Simba, the sale purchase agreement will cease to have effect in case the proposed disposal fails to secure approval from the IMDA on or before the long-stop date of May 21.
Shares of the company were down over 3% in early Monday morning trading.
This comes after IMDA's review revealed that Simba Telecom could have been using radio frequency bands that had not been assigned to it to provide mobile services, which is a breach of the city-state's laws.
Under the agreement between Keppel and Simba, the sale purchase agreement will cease to have effect in case the proposed disposal fails to secure approval from the IMDA on or before the long-stop date of May 21.
Shares of the company were down over 3% in early Monday morning trading.
Keppel has announced that they will kick off with their plan B. https://links.sgx.com/FileOpen/20260518_MREL_Keppel_s%20response%20to%20IMDA_s%20announcement.ashx?App=Announcement& FileID=889168
Concur with your view. Just added abit, slowly nibble
geographic ( Date: 18-May-2026 11:35) Posted:
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Keppel has performed much better than Sembcorp Marine. Although Keppel&rsquo s share price dropped significantly after I bought the shares in 2014, the company continued paying dividends throughout the years, allowing investors to enjoy consistent payouts. If not for the free Sinktrium shares distributed, I would still be sitting on a 95% loss on my Sembcorp Marine investment.
Yes Sir, the interest rate OCBC Premier acct recently drop to 1.6%..
To continue enjoy 1.6%, monthly contribute of 15k for next 2 mths..😂 😂 😂
YuanLong94 ( Date: 18-May-2026 09:04) Posted:
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At least this should put an end to all the speculation surrounding M1 and allow Keppel to move forward with its new plans. Keppel&rsquo s share price has already declined considerably since the news first surfaced, so the current valuation should have largely priced in this outcome. As such, the result should not come as a surprise or lead to any significant further downside.
YuanLong94 ( Date: 18-May-2026 10:04) Posted:
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Personally, i think Keppel is not dishearten about it .
They can buy more share for their 2028 Aeromont acquisition.
Haha
They can buy more share for their 2028 Aeromont acquisition.
Haha
YuanLong94 ( Date: 18-May-2026 09:40) Posted:
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