SINGAPORE - M1 will be back on the market after its proposed acquisition by Simba has stalled following a probe into alleged regulatory breaches, forcing Keppel to explore other buyers for M1.During a briefing with media outlets and analysts on May 18, Keppel’s chief executive Loh Chin Hua said: “We will allow the share purchase agreement with Simba to lapse when the long-stop date comes up later this week on May 21.”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.Earlier in the day, IMDA announced that it has suspended its review of Simba Telecom’s $1.43 billion bid for M1’s telecommunications business, citing a pending investigation into allegations that Simba was using certain radio frequency bands to provide mobile services without authorisation.This would constitute unauthorised use of frequency spectrum, which is a breach of the Telecommunications Act 1999 and the conditions of Simba’s facilities-based operations licence, said the authorities.If found guilty, Simba could be fined up to $1 million, or up to 10 per cent of its annual turnover.As findings from the investigation might be material to the assessment of the consolidation, the review has been suspended until the investigation concludes, said IMDA.“Some investors and stakeholders may be disappointed with the outcome, but Keppel respects IMDA’s decision to suspend the review,” said Mr Loh.During the call, he said that Keppel’s current focus will be on driving efficiency at M1, and strengthening it to make it more attractive for potential divestment.“There is nothing to stop us from discussing with third parties after the expiry of the agreement,” said Mr Loh. He added that plans to monetise M1 will now be moved back by about one to two years, while potentially moving forward other divestment plans.Keppel’s plans to sell the telecoms business of M1 to Simba was first announced in August 2025. If successful, it would be the first telco consolidation in the Republic’s history.When the sale was first advertised, there were serious discussions taking place with at least two bidders, said Mr Loh.In a statement on May 18, Keppel said it will begin a 90-day plan to enhance M1’s efficiency by reducing technology platform and network costs and using AI for automation.Mr Loh declined to share more information when asked if the plan involves staff retrenchment.The company already uses AI to generate advertising campaigns, which help to reduce advertising costs significantly, said M1’s chief executive Manjot Singh Mann during the briefing on May 18, adding that such efforts will accelerate.“A lot of our technology costs can be managed by AI automation,” said Mr Mann, who added that this includes customer relationship management tools that have been replaced with AI agents that helps to halve the cost of managing such technology.