DNB hits key milestone in agreements with Malaysian mobile network operators

  • Terms law established by Share Subscription Agreements were properly complied with.
  • TM given until 21 Aug to find owners ‘ smile, following its leadership

Malaysian mobile network operators, CelcomDigi and U Mobile took a big step towards owning a 14% stake respectively in DNB with their announcements that they have met the terms of the Share Subscription Agreement with DNB.

The Share Subscription Agreements ( SSA ) between Digital Nasional Bhd ( DNB) and four mobile network operators ( MNO ) in Malaysia, namely CelcomDigi Bhd through Infranation Sdn Bhd, Maxis Broadband Sdn Bhd, U Mobile Sdn Bhd, and YTL Communications Sdn Bhd through YTL Power International Bhd, have marked an important milestone.

On 1 Dec 2023, DNB and the Minister of Finance ( Incorporated ) ( MoF Inc ) entered SSAs with five MNOs, thereby enabling the MNOs ‘ participation in DNB through equity ownership. DNB confirmed that all SSAs law requirements were met on June 20 with a statement released monday. With this crucial step being completed, the SSAs are scheduled to be completed by the end of June 2024 for all MNOs, aside from Telekom Malaysia Bhd ( TM), to increase their equity stake in DNB, according to DNB. The long prevent time for TM is 21 Aug 2024, for it to get its owners ‘ endorsement, in accordance with its management requirements.

According to the SSAs, it is anticipated that the MNOs will collectively acquire a 70 % equity stake in DNB, with each holding a 14 % stake. The Malaysian Government, represented by MoF Inc, may keep a 30 % interest and a Unique Promote in DNB for a designated time.

As the factions work toward the SSAs, DNB stated that it is still committed to spurring technological advancement and expanding online services across the nation, creating a more connected and online empowered Malaysia.