Tuas shares crash 60% amid accusations of unauthorised radio band usage in Singapore

The news: Shares in communication services firm Tuas plummeted after Singaporean authorities discovered that its Singaporean-based subsidiary Simba has been using unauthorised radio frequency bands.

Shares tanked 60% to $2.44 per share at 10:51am AEST.

The context: The Infocomm Media Development Authority of Singapore has suspended its review of Tuas’ acquisition of M1 Limited following an investigation alleging its Singaporean-based subsidiary Simba has breached the Telecommunications Act and its operations license by utilising unauthorised radio frequency bands.

The company stated that the share purchase agreement for the transaction has a long-stop date of 21 May, adding the board is currently reviewing the circumstances surrounding the allegations and will keep the markets updated on ongoing developments.