Circles.Life parent sues M1 over breach of mobile network deal

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Circles.Life parent company Liberty Wireless has filed a lawsuit against M1 over alleged refusal to negotiate amendments to a 2019 mobile virtual network contract in line with Singapore’s wholesale framework for mobile services.

In a filing on the Singapore Exchange on 13 October seen by MARKETING-INTERACTIVE, Keppel, which owns M1, said Liberty Wireless had commenced a High Court action against M1 over its contract dated 22 May 2019.

Liberty Wireless claims M1 has wrongfully refused to enter good faith negotiations to amend or vary the 2019 contract to address implications of the Infocomm Media Development Authority’s wholesale framework issued in January 2020. The company is seeking a court declaration obliging M1 to negotiate within 14 days and may also pursue rectification of the contract if errors or mistakes are found.

Don't miss: Keppel to divest M1’s telco business to Simba in SG$1.43b deal

M1 has engaged legal counsel and said it does not consider the allegations meritorious, intending to vigorously defend its position.

Keppel said it does not expect the legal proceedings to affect or delay completion of the proposed transaction.

The company said it will update the market on any material developments and advised shareholders to exercise caution when dealing in its securities.

"The Company will make appropriate announcements in the event of any material developments. Shareholders are advised to exercise caution when dealing with the shares or other securities of the Company. Shareholders should consult their stockbrokers, bank managers, solicitors or other professional advisors if they have any doubt about the actions they should take," said Keppel in the filing.

The dispute comes amid Keppel’s ongoing sale of M1. In August 2025, Keppel’s wholly owned subsidiary Keppel Konnect, together with Konnectivity, entered a sale and purchase agreement with Simba Telecom for the sale of M1.

The transaction will see Keppel receive close to SG$1 billion in cash proceeds for its 83.9% effective stake, subject to post-completion adjustments.

Keppel will retain M1’s fast-growing ICT business, which complements its integrated connectivity portfolio including data centres and subsea cables. The deal values M1 at 7.3 times EV/EBITDA, which Keppel described as an “attractive” valuation.

The proposed transaction is expected to reshape Singapore’s telecommunications sector by consolidating two agile, digitally-driven players with track records in innovation. Combining M1’s cloud-native network and hyper-personalised service capabilities with Simba’s digital consumer model could unlock synergies in network and infrastructure, creating what Keppel calls a “nimble and competitive digital-first telco” to support Singapore’s digital economy.

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