Digital Nasional Berhad (DNB) has announced that an important milestone has been reached for the ongoing Share Subscription Agreement (SSA) which was signed on 1st December 2023. It is pleased to confirm that all the conditions precedent under the SSAs have been successfully met on 20th June 2024 and are expected to be completed by the end of June 2024.
However, only four telcos – CelcomDigi (via Infranation Sdn Bhd), Maxis, U Mobile and YTL Communications (via YTL Power International Berhad) will complete the equity deal process this month as TM is still seeking its shareholders’ approval in accordance to its governance requirements. The long stop date for TM is 21st August 2024.
DNB says as the parties move towards the completion of the SSAs, DNB remains committed to driving technological innovation and expanding digital services across the country, fostering a more connected and digitally empowered Malaysia.
To recap, five telcos – CelcomDigi, Maxis, U Mobile, TM and YTL, have signed the SSA to collectively hold a 70% stake in DNB. Each participating telco will hold a 14% stake while injecting RM233 million each into the single wholesale network. Meanwhile, the Malaysian government via the MoF Inc, will retain a 30% stake and a special share in DNB for a designated period of time.
Besides achieving 80% 5G population coverage, the full participation of telcos in DNB is a prerequisite for Malaysia to transition from a single wholesale network to a dual 5G network model. CelcomDigi, Maxis and U Mobile have publicly announced that they will conclude the SSA soon and are ready to build Malaysia’s second 5G network.
