Superloop demands Aussie Broadband to divest shares acquired without IMDA approval

Aussie Broadband acquired a voting power of 19.9% in Superloop.

Telecommunications company Superloop has ordered the reduction of Aussie Broadband’s voting powers to less than 12% through the disposal of the latter's 37,621,056 ordinary shares in the former.

Aussie Broadband’s acquisition of a voting power of 19.9% was made “without the prior approval of the Info-communications Media Development Authority (IMDA) in Singapore,” as required by Superloop’s constitution.

Under Superloop's constitution, acquisitions of 12% or more without the requisite statutory approval from the IMDA in Singapore are prohibited.

“In subsequent correspondence with Aussie Broadband's legal advisers, they have sought to characterise Aussie Broadband's breach as ‘inadvertent,’ despite Aussie Broadband's recent acquisition of Symbio, which became effective in late February 2024 and required IMDA approval under the same statutory regime,” Superloop said.

“They also sought to characterise Aussie Broadband's conduct as merely ‘potential, technical non-compliance',” Superloop added.

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