Digital Nasional Berhad (DNB) has announced that four major telecommunication companies have completed the share subscription agreement (SSA), with each obtaining a 16.3% stake. Those involved include CelcomDigi (through Infranation Sdn Bhd), Maxis, U Mobile, and YTL (through YTL Communications Sdn Bhd).
Telekom Malaysia (TM) is the only major company that has yet to finalise its SSA. For now, the Ministry of Finance holds a 34.9% stake in DNB, while the other telcos’ stakes have increased to 16.3% due to the delay. Once TM’s SSA is completed, the ministry’s percentage will be reduced to 30%, as stated during the signing of the agreement on 1 December 2023, therefore giving all companies a collective holding of 70% in DNB.
The announcement added that after the MOF’s put and call option, an equity restructuring will occur. At this point, Investor Shareholders will be divided into two groups: those who stay in DNB, and those who sell their shares to the remaining shareholders. The selling shareholders can then either create a new entity to provide a second 5G network or opt out of holding equity in the new 5G network provider.
Speaking of which, communications minister Fahmi Fadzil announced on 21 June that he has directed the Malaysian Communications and Multimedia Commission (MCMC) to begin identifying and appointing a telco for the second 5G network. He noted that the commission will begin the tender process on 1 July 2024.
(Source: Bernama)
