Industry News

Simba Telecom’s acquisition of M1 for S$1.43 billion marks a significant shift in Singapore’s telecommunications landscape. The deal, valued at 7.3 times M1’s enterprise value to EBITDA, positions Simba as a formidable player with a 22% market share, alongside Singtel’s 55% and StarHub’s 24%. This move is expected to ease price pressures as mobile virtual network operator (MVNO) contracts expire and market consolidation takes hold.

The acquisition is seen as a strategic move towards rational competition, potentially benefiting all major players in the sector. StarHub stands to gain from network synergies without bearing the consolidation costs, which could support its dividend certainty. Meanwhile, Singtel is expected to benefit modestly, given that less than 10% of its sum-of-the-parts valuation comes from its Singapore consumer segment.

Hussaini Saifee, an analyst at Maybank IBG Research, noted, “We see easing price pressure as MVNO contracts expire and consolidation takes hold.” This suggests a more stable pricing environment in the future, which could be advantageous for consumers and the industry alike.

The acquisition reflects a broader trend in the telecom sector towards consolidation and strategic partnerships, aiming to enhance competitiveness and operational efficiencies. As the market adjusts to these changes, the focus will likely be on how these shifts impact service offerings and pricing strategies for consumers.

In conclusion, Simba’s acquisition of M1 is poised to reshape the competitive dynamics of Singapore’s telecom sector, with potential benefits for both operators and consumers. As the industry evolves, stakeholders will be keenly observing the implications of this significant market development.
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The telecommunications landscape in Singapore is undergoing significant changes as the two smallest mobile network operators (MNOs) consolidate, creating a formidable competitor for StarHub. This development, highlighted in RHB’s latest sector update, is expected to reduce market competition intensity. However, it presents a missed opportunity for StarHub, which now faces a larger rival with enhanced scale and efficiencies. The consolidation reinforces RHB’s preference for Singtel, which benefits from substantial earnings outside Singapore.

The merger is seen as a strategic move to streamline operations and improve market dynamics. “Whilst the consolidation of the two smallest MNOs is viewed positively and should lower the market’s competitive intensity, we see an opportunity lost for StarHub,” the report states. This shift in the competitive landscape is likely to impact StarHub’s market strategy as it contends with the newly formed entity’s improved capabilities.

Singtel, on the other hand, stands to gain from this development. With a significant portion of its earnings derived from international markets, Singtel is well-positioned to leverage the reduced competition domestically. The report maintains a neutral stance on the telecommunications sector, indicating that whilst consolidation brings certain advantages, challenges remain for some players.

As the sector evolves, companies will need to adapt to the changing competitive environment. The consolidation could lead to further strategic alliances and shifts in market strategies, impacting consumer choices and service offerings in the long term.
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CytoNiche Biotech has inaugurated its 3D FloTrix Experience Hub in Singapore, marking a significant milestone in its global expansion strategy. The hub showcases the company’s cutting-edge 3D cell production technology, which supports China’s first approved stem cell drug at a fraction of the cost of Western alternatives.

The new facility addresses the global challenge of high mesenchymal stem cell therapy costs. In the US, the first FDA-approved stem cell therapy is priced at $1.55 million per treatment, whereas China’s Amimestrocel Injection costs approximately $21,600 per course. This cost efficiency is achieved through CytoNiche’s 3D FloTrix platform, which utilises automated, scalable 3D cell production systems with GMP-grade dissolvable microcarriers, moving away from traditional 2D methods.

The Singapore hub will serve as a global headquarters, technology demonstration centre, and training facility for international partners. It aims to promote cost-effective stem cell manufacturing and support regulatory and clinical advancements in Asia and beyond. Dr. Yan Xiaojun, CTO and Co-Founder of CytoNiche, highlighted Singapore’s strategic location and robust biotech ecosystem as ideal for global outreach.

At the opening ceremony, Dr. Yan reflected on CytoNiche’s journey since its founding in 2018, culminating in the approval of China’s first stem cell drug. Professor Hanry Yu of the National University of Singapore praised the company’s international collaboration efforts.

Looking ahead, CytoNiche plans to expand its international presence and further reduce barriers to cell-based therapies through automated biomanufacturing platforms. Professor Du Yanan, Chief Scientist at CytoNiche, emphasised the hub’s role in making regenerative medicine more accessible worldwide.
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Granite Asia has announced the appointment of three new managing partners, enhancing its leadership in equity and private credit. The appointments, effective from 1 September 2025, include Ming Eng, who will lead the firm’s private credit strategy from Singapore. Eng’s leadership comes as Granite Asia launches its private credit strategy through the Libra Hybrid Capital Fund, securing $250m in commitments from Asian sovereign wealth funds and institutional investors.

Ming Eng, previously a managing partner at Orion Capital Asia, brings extensive experience from senior roles at Macquarie Bank, VTB Capital, and Goldman Sachs. Jenny Lee, senior managing partner at Granite Asia, praised Eng’s “sharp investment judgement and operating rigour,” noting her pivotal role in securing the fund’s anchor commitments.

In the equity sector, Haojun Li and Joshua Wu have been appointed as managing partners. Li will focus on consumer technology and AI applications, having led investments in companies like Rednote and Hellobike. His background includes a tenure as investment director at Vertex China and product management at Tencent.

Joshua Wu will concentrate on enterprise services, AI applications, and digital health. Wu has been instrumental in investments in firms such as WPS and Boss Zhipin. His career began at Alibaba and Tencent, followed by a role as an equity analyst at Jefferies.

Jixun Foo, senior managing partner at Granite Asia, highlighted the duo’s “operator-investor mindset,” emphasising their deep networks and sector instincts. These appointments reflect Granite Asia’s commitment to scaling high-impact companies across the Asia-Pacific region. With assets under management totalling $5b, the firm continues to prioritise long-term themes such as consumer growth and health innovation.
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Rex International Holding Limited, a technology-driven oil exploration and production company, announced that its total production for July 2025 from Norway, Oman, and Germany amounted to 13,710 barrels of oil equivalent per day (boepd). This update highlights the company’s ongoing operations and production capabilities across these regions.

In Norway, Lime Petroleum AS, a subsidiary of Rex, reported a combined production of 11,941 boepd from the Brage and Yme Fields. Lime Petroleum holds a 33.8434% interest in the Brage Field, operated by OKEA ASA, and a 25% interest in the Yme Field, operated by Repsol Norge AS. Notably, a new well commenced production at the Brage Field, and an exploration well was spudded in the Talisker discovery’s southern part.

In Oman, Masirah Oil Limited, another subsidiary of Rex, announced that the Yumna Field in offshore Block 50 produced an average of 1,715 stock tank barrels per day (stb/d) over July. Masirah Oil holds a 100% interest in this block, underscoring its significant operational role in the region.

In Germany, Lime Resources Germany GmbH reported a modest production of 54 barrels of oil per day (bopd) from the Schwarzbach and Lauben Fields. Lime Resources holds a 100% interest in the Schwarzbach Field and a 50% interest in the Lauben Field, operated by ONEO GmbH & Co.KG.

These production figures reflect Rex International’s diverse portfolio and its strategic operations across multiple regions. The company continues to leverage its proprietary technologies to optimise exploration and production activities.
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Ookla’s first half 2025 Connectivity Report has highlighted Singapore’s top-performing mobile and fixed networks. Singtel emerged as the leading mobile network provider, boasting a median download speed of 296.76 Mbps and an upload speed of 28.84 Mbps. Meanwhile, MyRepublic was recognised for having the best fixed network, achieving a median download speed of 421.38 Mbps and an upload speed of 338.96 Mbps.

The report, based on Speedtest data, also noted M1’s exceptional performance in the 5G sector, delivering the best video experience with a 5G Video Streaming Score of 87.81. This underscores the growing importance of 5G technology in enhancing user experience in Singapore.

MyRepublic further distinguished itself by offering the best gaming experience among Internet Service Providers (ISPs) during the first half of 2025. This accolade is based on Speedtest Intelligence data, which evaluates network performance across various metrics.

These findings are crucial as they provide insights into the competitive landscape of Singapore’s telecommunications sector. The report not only highlights the strengths of leading providers but also sets a benchmark for future improvements in network services.

As Singapore continues to advance its digital infrastructure, these results could influence consumer choices and drive further innovation in the industry. The full report is available on Ookla’s website, offering a comprehensive analysis of the current state of connectivity in Singapore.
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MoneyMax Financial Services Ltd has announced a remarkable 76.4% increase in net profits for the first half of 2025, ending 30 June. The surge in profits, reaching $23.3 million (S$31.8 million), is attributed to robust growth in its core business operations. Revenue for the period rose by 31.2% to $178.3 million (S$242.9 million), compared to $136.0 million (S$185.2 million) in the same period last year.

The company’s financial performance was bolstered by a significant rise in profit before income tax, which soared by 77.6% to $29.5 million (S$40.1 million). This growth was achieved despite a 28.2% increase in material costs and a 20.3% rise in employee benefits expenses. The income tax expense also saw a substantial increase of 82.4%, amounting to $6.1 million (S$8.3 million).

MoneyMax’s earnings per share nearly doubled, increasing by 78.7% to 6.70 pence. The company attributed the positive results to strategic initiatives and effective management of its core business segments. “The impressive growth in our net profits underscores the strength of our business model and our commitment to delivering value to our shareholders,” stated the company.

Looking ahead, MoneyMax remains optimistic about maintaining its growth trajectory, focusing on expanding its market presence and enhancing operational efficiencies. The company also highlighted its commitment to exploring new opportunities to sustain its financial momentum in the coming quarters.
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ISDN Holdings Limited has announced a robust financial performance for the first half of 2025, with a 22% increase in revenue to S$212.9 million. This growth was achieved despite the strengthening of the Singapore dollar, which, on a constant currency basis, would have seen revenue rise by 27% year-on-year. The company’s core shareholder profits surged by 35.1%, excluding unrealised foreign exchange losses, reflecting strong business growth across all segments.

The industrial automation sector, a key area for ISDN, recorded a 6.4% year-on-year growth, with notable performances in China and Southeast Asia. The company’s “Asia-for-Asia” strategy is capitalising on the localisation of global supply chains, contributing to this success. ISDN’s renewable energy segment also played a significant role, with its mini-hydropower plants generating stable income and accounting for 9.8% of the group’s gross profit.

Despite these gains, net profit attributable to equity holders fell by S$2.5 million to S$1.3 million, primarily due to S$3.2 million in non-cash, unrealised foreign exchange losses from long-term receivables and payables in the renewable energy business. However, ISDN remains optimistic about the future, with plans to expand its renewable energy capacity by 81.3% by 2026.

Managing Director and President Teo Cher Koon highlighted the company’s strategic investments during the recent downturn, stating, “ISDN’s strong performance in 1H2025 reflects continued results from our disciplined strategic investments during the cyclical downturn in the last 24 months.”

Looking ahead, ISDN aims to continue its growth trajectory by broadening its industrial automation capabilities and expanding its renewable energy business across strategic Asian markets.
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ST Engineering’s Commercial Aerospace division and SF Airlines have inaugurated a new airframe maintenance, repair, and overhaul (MRO) facility in Ezhou, Hubei, China. This joint venture, known as ST Engineering Aerospace (HuBei) Aviation Services, aims to cater to the increasing MRO needs of SF Airlines and other airlines operating in the region.

The facility, strategically located at China’s first dedicated cargo airport, Ezhou Huahu International Airport, will initially feature two hangars capable of accommodating up to four widebody or eight narrowbody aircraft simultaneously. The first hangar is set to induct its inaugural aircraft on 12 August 2025, with the second hangar expected to be completed in the second half of 2027. As demand grows, plans are in place to expand the facility with four additional hangars.

Jeffrey Lam, President of Commercial Aerospace at ST Engineering, highlighted the strategic importance of Ezhou as a logistics and aviation hub, stating, “Our new facility in Ezhou is well positioned to meet the rising MRO needs of operators in China and across the region.”

The facility currently employs around 200 staff and is projected to create up to 700 high-value jobs once fully operational. It will also incorporate smart technologies, including robotics and digital systems, to enhance operational efficiency.

Lisheng, Chairman of SF Airlines, noted the facility’s potential to leverage industrial chain synergies and build a competitive maintenance brand, contributing to the high-quality development of the aviation industry.

This development marks a significant expansion of ST Engineering’s global MRO network, aligning with its strategy to optimise its global footprint and meet evolving market demands.
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SBS Transit has announced a 4.5% decrease in revenue for the first half of 2025, totalling $745.9 million, compared to $781.4 million in the same period last year. The decline is primarily attributed to a significant reduction in fuel and electricity costs, which fell by 29.3%, and repairs and maintenance costs, which decreased by 13.8%.

The company’s operating profit also saw a slight dip of 1.7%, reaching $34.1 million. Despite these challenges, SBS Transit managed to maintain its staff costs, which increased marginally by 0.5% to $381.2 million. Other operating costs, however, rose by 35.9%, contributing to the overall financial outcome.

Interest income experienced a notable decline of 30.9%, whilst profit before taxation dropped by 6% to $37.8 million. After accounting for tax expenses, the profit after taxation stood at $31.1 million, a 7.7% decrease from the previous year.

The company’s earnings per share also reflected this downturn, with basic earnings per share falling from 10.80 cents to 9.95 cents. The comprehensive income for the period, which includes fair value adjustments on cash flow hedges, amounted to $30.6 million, down from $34.4 million in the first half of 2024.

Looking ahead, SBS Transit will need to navigate these financial pressures whilst continuing to manage operational costs effectively. The company has not yet outlined specific strategies to address these challenges but remains focused on stabilising its financial performance in the coming months.
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