Digital Nasional Berhad (DNB) has secured RM5.2 billion through a syndicated Islamic term financing exercise, strengthening its financial position as Malaysia moves into the next phase of its dual 5G network framework. The financing also provides the company with a new long-term funding structure as it prepares to operate under an ownership model led by its mobile network operator (MNO) shareholders.
The exercise comes as the Ministry of Finance Incorporated (MoF Inc) prepares to exit its ordinary shareholding in DNB, with the transition to equal ownership among CelcomDigi, Maxis Broadband and YTL Power International expected in early Q4 2026. MoF Inc. will retain a special share in DNB to safeguard national interests and key strategic matters.
DNB’s shareholder structure has changed considerably in recent years, with Telekom Malaysia (TM) exiting its equity participation in 2023 and U Mobile divesting its stake in 2025 as it shifted its focus towards building Malaysia’s second 5G network. CelcomDigi remains a shareholder through Infranation Sdn Bhd, alongside Maxis and YTL, the parent company of Yes 5G operator YTL Communications.
Strengthening DNB’s Position
DNB said the RM5.2 billion financing ranks among the largest syndicated loan facilities arranged for an unlisted company in Malaysia. Maybank Investment Bank acted as Mandated Lead Arranger, Bookrunner and Coordinating Arranger, with AmInvestment Bank, CIMB Islamic Bank, RHB Islamic Bank and United Overseas Bank (Malaysia) serving as Joint Mandated Lead Arrangers.
The facility includes the refinancing of DNB’s Government Guarantee Revolving Credit Facility, which expired on 29 September 2026. DNB said the new financing establishes a sustainable long-term funding structure to support its future growth and network investments.
According to CelcomDigi, via a separate statement, the financing is also expected to reduce the need for additional equity funding from DNB’s MNO shareholders based on its current regulatory commitments and funding requirements. This should allow the shareholders to focus more on improving the efficiency and performance of the 5G network.
DNB Now Holds 240MHz Under Long-Term Assignment
The financing exercise comes alongside DNB receiving the full 100MHz allocation in the 3.3GHz to 3.4GHz band, bringing its total spectrum holding to 240MHz. MCMC has also converted DNB’s entire spectrum holding into a Spectrum Assignment, which took effect today, 1 October 2026.
DNB had previously received the additional 100MHz in July, giving it 200MHz of contiguous mid-band spectrum across the 3.3GHz to 3.5GHz range. The additional allocation was made available following U Mobile’s departure from DNB’s network as it proceeded with the rollout of its own 5G network.
DNB says the expanded spectrum will improve network capacity, efficiency and performance, while supporting technologies including Massive MIMO, carrier aggregation, 5G Advanced and AI-driven network capabilities. The 15-year spectrum assignment also gives CelcomDigi greater certainty for long-term network planning and investment.
CelcomDigi To Bring Network Assets And Experience
With the ownership transition, CelcomDigi says it will leverage its nationwide network assets and more than 30 years of telecommunications experience to support DNB’s next phase.
The telco expects its existing infrastructure, sites and capabilities to create synergies with DNB’s network, helping to improve cost efficiency, expand coverage and accelerate indoor 5G deployment. It also sees opportunities to improve 5G capacity and coverage, expand indoor building solutions and maximise spectrum utilisation.
(Source: DNB / CelcomDigi)
