TPG & TUAS Demerger

Tuas Limited (Tuas) was incorporated in March 2020 as part of the TPG Telecom Limited group of companies (TPG).

TPG has demerged its TPG Singapore mobile business, TPG Telecom Pte Ltd (TPG Singapore), from the broader TPG Group by transferring all the shares in TPG Singapore to Tuas.

The demerger and separate listing of Tuas occurred on 30 June.

We see value in the new TPG Telecom business and will revisit the buy opportunity on the next higher low formation.