Tuas shares plunge as regulatory probe and failed M1 deal overshadow FY2026 results

Tuas Ltd stock dropped 16.1% to A$1.96 on Wednesday following the release of its FY2026 annual results. Although the headline profit growth was impressive, a set of strategic and regulatory concerns overshadowed the figures and drove investors to sell.

The main cause of the decline was not the earnings themselves but the disclosures that accompanied them. Tuas acknowledged that its Singapore subsidiary, Simba, is under investigation by the IMDA, Singapore’s telecommunications regulator, over the intermittent use of radio frequency spectrum outside its authorised licensing conditions, with the company setting aside up to S$30 million to address enhanced cybersecurity requirements.

Adding to the pressure, the proposed acquisition of M1 Limited was confirmed to have lapsed after the conditions precedent were not fulfilled by the extended deadline. That deal had been central to Tuas’s ambition of moving from a challenger to a major player in the Singapore mobile market, and its failure eliminated what would have been a transformative expansion of scale.

The wider Australian equity market provided little support, as the S&P/ASX 200 traded in flat-to-slightly-negative territory.

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