Singapore-listed Keppel Ltd. is letting the proposed sale of mobile carrier, M1, to Australian billionaire David Teoh lapse on Thursday after government regulators halted the evaluation of the transaction this week as the self-made tycoon’s Simba Telecom was found to have breached regulations.

The Infocomm Media Development Authority of Singapore (IMDA) said it has suspended its review of the acquisition after it learned that Simba may have been using unauthorized radio frequency bands, according to a stock exchange filing by Tuas Ltd. on Monday. That........

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