Digital Nasional Berhad (DNB), Malaysia’s first 5G network, will soon transform into a fully private entity as the Ministry of Finance Inc (MoF Inc) has formerly exercised its Put Option to sell its remaining shares.
As reported earlier, the 3 remaining shareholders (CelcomDigi, Maxis and YTL) are expected to acquire the government’s remaining shares in the 5G wholesale network.
Maxis and CelcomDigi confirmed in separate Bursa Malaysia filings on 2 December 2025 that they each received MoF Inc.’s Put Option notice on 1 December 2025, issued under the terms of the Shareholders Agreement (SHA) dated 28 June 2024, as varied on 13 May 2025.
According to both filings, MoF Inc. is exercising its contractual right under the SHA to require the three investor shareholders – Maxis Broadband, CelcomDigi (Infranation Sdn Bhd) and YTL, to purchase MoF Inc’s ordinary shares in DNB. The three shareholders are also required to take over MoF Inc’s remaining shareholder loans which include accrued interest as of 1st December 2025 and additional shareholder advance.
Each of the three shareholders will have to pay RM327,872,640.28.
According to the filings, the Put Option must be completed within two months from the date of notice which falls around 1st February 2026.
Both public listed telcos (CelcomDigi and Maxis) say they will issue further announcements on Bursa Malaysia when there are material developments.
Following U Mobile’s exit from DNB in May, the cumulative percentage of issued share capital and shareholder advance for the three telcos is 19.44% share each. Meanwhile MOF Inc holds 41.67%.
As revealed by Digital Minister Gobind Singh Deo last year, Malaysia government’s total funding into DNB is RM950 million. MoF Inc had made an initial equity injection of RM500 million in 2021 and a shareholder loan of RM450 million in May 2023.
As of late last year, DNB has spent RM5 billion for the development and implementation of the first 5G network. Besides the initial funding by MoF Inc, the rollout was also funded via private borrowings which include loans guaranteed by the government.
