Tuas

What Tuas does

Tuas Limited (ASX:TUA) is an Australian-listed holding company that operates a mobile and broadband telecommunications business in Singapore through its wholly-owned subsidiary Simba Telecom Pte Ltd. The company was incorporated in March 2020 and demerged from TPG Telecom Limited in June 2020 following the TPG-Vodafone Hutchison Australia merger, with TPG shareholders receiving Tuas shares via an in-specie distribution. As of January 2026, Tuas served approximately 1.412 million active mobile subscribers and 46,133 active broadband subscribers, operating as the fourth-largest mobile network operator in Singapore's regulated four-player market.

The underlying business is a subscription-based consumer telecom operator generating revenue from mobile voice, mobile data, and residential broadband services sold directly under the Simba brand. H1 FY26 revenue was S$91.9 million, up 26% year-over-year, with underlying EBITDA of S$42.1 million (up 27%) and statutory net profit after tax of S$8.2 million (up 173%). The company executed on a major transformational strategy in August 2025, announcing a S$1.43 billion acquisition of M1 Limited from Keppel funded by a A$416 million equity raise and S$1.1 billion in bank debt, which would have created Singapore's second-largest mobile operator.

That acquisition collapsed in May 2026 after Singapore's Infocomm Media Development Authority (IMDA) suspended regulatory review following allegations that Simba had used radio frequency spectrum without authorization, a potential breach of the Telecommunications Act. The failure of the deal by its May 21, 2026 long-stop date triggered a 62-63% share price decline. Post-collapse, Tuas retains S$477.97 million in cash and continues to operate as the smallest of Singapore's four MNOs, with its strategic growth path now dependent on organic execution rather than the originally planned inorganic scale combination.

Name

Tuas

Legal name

Tuas Limited

Website

https://www.tuas.com.au/

Company type

Public

Operating status

Operating

Headcount range

101–250 employees

Short description

Tuas Limited (ASX:TUA) is an Australian-listed holding company that operates Singapore's fourth mobile network and a residential broadband service through subsidiary Simba Telecom, serving approximately 1.458 million consumer subscribers.

Ownership category

akta.pro rank

Headquarters

HQ city

Port Macquarie

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Operations, Technology or R&D, Personnel, Marketing or Sales

Revenue model

1. Mobile Services: Revenue from mobile subscriber base of 1.412 million active services, representing the primary revenue stream. H1 FY26 mobile segment contributed to total revenue of S$91.9 million, up 26% year-over-year.
2. Broadband Services: Revenue from broadband subscriber base of approximately 46,000 active services, a growing segment with 20,000 new subscribers added in H1 FY26.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Tuas Limited (ASX:TUA) provides mobile and broadband telecommunications services in Singapore through its wholly-owned subsidiary Simba Telecom Pte Ltd (formerly TPG Telecom Pte Ltd). As of January 2026, the company served approximately 1.412 million active mobile subscribers and 46,133 active broadband subscribers, distributing services under the Simba brand directly to consumers in the Singapore market.

Product overview

Tuas Limited (ASX:TUA) is an Australian-listed telecommunications company that was incorporated in March 2020 as part of the TPG Telecom group. Following the merger between TPG Telecom and Vodafone Hutchison Australia in June 2020, the Singapore mobile business (formerly TPG Telecom Pte Ltd, now Simba Telecom) was demerged from the TPG Group. The company operates mobile and broadband services in Singapore, with approximately 1.412 million mobile subscribers and 46,000 broadband subscribers as of January 2026. Tuas previously operated as a single unified service offering focused on mobile telecommunications and broadband services.

Differentiator

Problem solved

Functional benefit

Products and services

• Simba Mobile Services
• Simba Broadband Services

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• KeppelcoreStrategic or Co-development Partner · 11 August 2025Proposed S$1.43 billion acquisition of M1's telecommunications business from Keppel. Tuas was funding the acquisition through AUD 416 million equity raise and S$1.1 billion in bank debt. Deal was terminated in May 2026 after IMDA suspended regulatory review due to spectrum usage concerns at Simba subsidiary. The failed merger would have reduced Singapore's telecom market from four to three players.

Scale indicators8 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• M1 Limited: M1 is Singapore's third-largest mobile operator and the explicit acquisition target that Tuas/Simba attempted to buy. They compete head-to-head on consumer mobile and broadband, making M1 the single most relevant peer despite the failed deal.
• MyRepublic Singapore: MyRepublic is an independent fibre broadband and mobile virtual operator in Singapore directly competing with Simba in the residential broadband segment where Tuas added ~20,000 subscribers in H1 FY26.
• StarHub: StarHub is one of Singapore's three major mobile network operators and the second-largest broadband provider. It competes directly with Simba/Tuas on mobile plans, fibre broadband, and bundled offerings for both consumers and SMEs.

Others

• Keppel Corporation: Keppel is the counterparty seller of M1 in the failed S$1.43 billion transaction and a major Singapore conglomerate. It is not a direct competitor but is a key counterparty relationship shaping Tuas's M&A optionality going forward.

Emerging players

• 1GLOBAL: 1GLOBAL is a UK-headquartered MVNO/mobile technology provider operating across multiple countries. Relevant as a smaller, tech-led mobile operator trying to win share from incumbents in a way comparable to Simba's challenger positioning.
• Circles.Life: Circles.Life is a Singapore-headquartered digital telco (MVNO with its own operating layer) targeting mobile and broadband customers with app-led onboarding. It is comparable as a smaller, digitally native challenger overlapping Tuas/Simba's consumer mobile customer profile.

Broad incumbents

• Singtel: Singtel is Singapore's incumbent dominant mobile and broadband operator and offers a much broader portfolio including enterprise, data centres, and overseas carrier services. Comparable as the largest scale competitor Tuas must take share from, even though Simba is purely consumer-focused.
• VodafoneThree (UK): Vodafone Three is the UK merged mobile operator (Vodafone UK + Three UK) and the closest international analogue of why combining the third- and fourth-largest MNOs in a four-player market can create a credible number-two challenger—directly relevant to Tuas's failed M1 thesis.
• TPG Telecom (Australia): TPG Telecom is the Australian incumbent from which Tuas was spun out in 2020. Useful as a comparable operating model for a challenger mobile/broadband operator deploying capex-heavy network builds and pursuing consolidation.

Regional players

• Giga Communications (Simba Malaysia): Simba's Malaysian counterpart operates under the same Simba brand and runs an MVNO challenger model in Malaysia. Comparable as a regional telco brand operating against dominant incumbents with similar challenger economics, though in a different geography.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tuas