Maxis, CelcomDigi, U Mobile and YTL Power now own 16.3% each in DNB instead of 14%, as TM yet to take up its portion

Maxis, CelcomDigi, U Mobile and YTL Power now own 16.3% each in DNB instead of 14%, as TM yet to take up its portion

KUALA LUMPUR (June 28): Digital Nasional Bhd announced on Friday that four mobile network operators (MNOs) have each completed their respective share subscription agreements (SSAs) and acquired a 16.3% stake in the company — higher than the 14% they were initially expected to take up — as Telekom Malaysia Bhd (KL:TM) has yet to complete its SSA.

In a statement, DNB said the four MNOS, namely 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, now collectively own 65.1% in DNB.

This leaves the Malaysian government, represented by the Minister of Finance (Inc), with a 34.9% stake and a special share in DNB, which it will hold for a designated period.

"This follows the satisfaction of the conditions precedent under the SSAs on June 20, 2024 for all four MNOs to increase their equity stake in DNB. For TM, the conditions precedent longstop date is Aug 21, 2024. Assuming TM successfully completes the SSA, MOF Inc’s stake will reduce to 30%, with the MNOs collectively holding a 70% stake in DNB," DNB said.

DNB and MOF Inc entered into the SSAs with the five MNOs on Dec 1, 2023 to enable their equity participation in DNB.

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