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Tuas Limited (TUA) and its controlled entities consists of Tuas Limited and its wholly owned subsidiaries TPG Telecom Pte Limited (TPG Singapore) and Tuas Solutions Sdn Bhd. Tuas was incorporated in Australia in March 2020 in anticipation of the demerger of the Singapore operations of TPG Telecom Limited resulting from the merger between TPG Telecom Australia and Vodafone Hutchison Australia.


In mid 2020, TPG Telecom Limited (ASX: TPM) demerged Tuas Limited (ASX: TUA). Following the demerger, TPG Telecom Limited will merge with Vodafone Hutchison Australia Pty Limited (VHA). TPG Telecom Limited will spin-off 1 share of Tuas Limited for every 2 TPG Telecom Limited shares held.

Tuas Limited will be added to the S&P/ASX 200 Index after the close of trading on June 29, 2020 at a zero price. S&P Dow Jones Indices will review Tuas Limited for ongoing S&P/ASX 200 eligibility once it commences trading. Any potential index membership changes will be announced after the close of trading on June 30, 2020, effective after the close of trading on July 2, 2020. The post merger TPG Telecom Limited (XASX: TPG) will remain in the S&P/ASX 200 Index following its merger with Vodafone Hutchison Australia Pty Limited.

What is the Tuas Group?

The Tuas Group comprises Tuas, TPG Singapore and Tuas Solutions. TPG Singapore owns and operates a national 4G mobile network in Singapore.


Overview of TPG Singapore

Three simple products; online registration and instant activation:

i. SIM Only 50GB for S$10

ii. Prepaid 50GB for S$10

iii. Senior 20GB for S$5

Some 5G spectrum assigned.


TPG Singapore is the newest mobile network operator to enter the Singapore telecommunications market having acquired a portfolio of wireless spectrum at the New Entrant Spectrum Auction in December 2016. TPG Singapore owns and operates a modern national 4G mobile network in Singapore and, as at the date of this Information Memorandum, has achieved nationwide outdoor mobile network coverage of greater than 99.7%.


Unencumbered by the need to maintain legacy mobile networks, the TPG Singapore modern network infrastructure and automated business support systems provide a cost advantage relative to its peers, which it will use to deliver what it considers to be a competitive mobile service offering to consumers. TPG Singapore launched a free trial service in December 2018 onto which it had onboarded approximately 412,000 users by 31 March 2020. The free trial offering to new users ceased to be available on 31 March 2020.


TPG Singapore: the first paid plan was launched on 31 March 2020, and the number of new customers who had subscribed to that plan as at 30 April 2020 was approximately 7,000. Also on 31 March 2020, the first batch of approximately 186,000 free trial users were given 60 days notice that their free trial period was ending and similar notices will be given to the remaining free trial users over 2020. TPG Singapore expects that many free trial users will sign up to the Tuas paid plan as their free trial periods progressively expire over the remainder of 2020. It is important to note that TPG Singapore is yet to generate significant revenue and should be viewed as an early stage business and a speculative investment.


and bringing it up to date: SP up 30% today on the first full set of results. Now $1.24 and Market Cap $620million







Tuas Limited released financial results for its inaugural financial year, covering the period from 11 March 2020 (being the date of incorporation of the company) to 31 July 2021.

Financially, the Singapore business achieved creditable results given the substantial challenges that the company and the community in Singapore faced during this time.

• Revenue grew month on month throughout the reporting period to S$34.3m, representing an increase of approximately $30m since the interim results published in October 2020.

• The Group reported an EBITDA loss for the full reporting period of S$2.5m.

• TPG Singapore, the operational business of the Group, achieved a positive EBITDA of S$0.9m for the 12 months to 31 July 2021, and has continued to track positively into the first quarter of FY22.

Subscriber growth was a key positive for the Company. In the interim report published in October 2020, TPG Singapore announced that it had 133,000 paid active subscriptions as at 4 September 2020. In the 11 months since that date, TPG Singapore tripled its subscriptions, to reach a total of 392,000 paid active subscriptions on 31 July 2021.

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  • 3 months later...

Starting in Aug, TUA had a rapid rise and got as high as $2.20 in Dec and has eased off to be around $1.90 in early Jan . SOL holds 25.3% of TUA and mentions it in their Annual Report:

Tuas owns the former TPG Singapore business. Tuas operates a low cost mobile network in Singapore. As a new entrant in the market, TPG Singapore is growing its customer base with products that deliver good value relative to incumbent service providers.

Tuas Limited is in the process of rolling out mobile infrastructure in Singapore. It launched commercial services at the end of March 2020 and by September 2020 secured 133,000 paid active subscribers. Full coverage has been reached in outdoor locations and road tunnels. Coverage of rail tunnels is expected to  be completed by the end of 2021.


Also TUA gets a mention in an extensive interview recently given by SOL chair, Rob Millner:

Matthew Kidman

And now out of it, you are also a player in Singapore ....  probably the fourth at the moment?

Rob Millner


Matthew Kidman

It is becoming an international business; it keeps going.

Rob Millner

Well, David [Teo] is a very smart operator and he had vision. He is Malay, so he knows that part of the world very well. And again, we are going to be the lowest cost producer up there, so we will do well...............


Matthew Kidman

And Singapore, you have got a reasonably big holding in the (inaudible) investment company up there. David [Teo] is very excited about that.

Rob Millner

Yeah. Again, it has been difficult because he cant get up there to put his footprint on it a bit more, but we have got some very good people running it.

I usually go five or six times a year because we have got some other business interests up there. I am looking forward to going up in February and having a look around and talking to the guys up there.

Matthew Kidman

They have started well, it looks like.

Rob Millner

Yeah. But again, we had to start from scratch, and I have got to be careful what I say here, but you are dealing with Singapore Inc up there, which is the Temaseks, and they have not made it very easy for us.

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