May 18, 2026 – 1.13pmTPG Telecom founder David Teoh’s bid to build a mobile network juggernaut in Singapore by acquiring operator M1 for $1.5 billion via ASX-listed Tuas has been dealt an embarrassing blow, after a regulator said the company’s local mobile phone brand, Simba, may have breached the law by using unapproved radio waves.Shares in Tuas plunged 63 per cent to $2.27 per share on the bombshell news, making it the worst performing top 200 company on the ASX on Monday. Teoh, a reclusive billionaire, controls one-third of Tuas, with the second-largest shareholder, Soul Patts, owning almost 15 per cent; the Future Fund also has a small stake.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles