Tuas completes expanded $75m share purchase plan
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The news: Singapore-focused telecommunications company Tuas has completed an expanded $75 million share purchase plan that will help fund its acquisition of telco M1 from asset manager Keppel Corporation.
The numbers: The target raise for the share purchase plan was initially $50 million, but Tuas received applications from about 3,000 shareholders — at a minimum acceptance for applications of $500 — for $75 million in funds.
On 2 October, Tuas will allot 9 million shares at a price of $5.51 each. Confirmation statements and refunds will be processed to shareholders on about 3 October 2025 before the new shares commence normal trading on 6 October.
The context: The TPG Telecom spinout in August raised $385 million through an institutional placement to help fund the acquisition of M1.
Tuas entered a binding share purchase agreement with Keppel Konnect and Konnectivity to acquire 100% of M1 Limited for an equity value of S$1.43 billion ($1.71 million) on a debt-free and cash-free basis.
The source: ASX
