Norwegian telecom group Telenor could be preparing to divest its stake in CelcomDigi as early as 2027, according to a recent analyst report.
The potential move would follow Telenor’s recent exits from Pakistan and Thailand, as the group continues to scale back its presence in Asia.
CelcomDigi is currently Malaysia’s largest mobile network operator following the merger of Celcom and Digi in late 2022. Both Telenor and Axiata hold 33.1% stake each, while the remaining shares are held by other shareholders which also include EPF, PNB and KWAP.
According to analysts, the potential sale comes amid a broader corporate shift to streamline operations and refocus on core Nordic markets.
CIMB Securities noted that Telenor’s strategic direction points to an eventual exit from CelcomDigi, subject to integration milestone and favourable valuation conditions being met.
It has been reported that these steps are part of Telenor’s strategy to reduce its exposure in Asian telecommunications markets where it no longer holds controlling positions. Meanwhile, it is gradually shifting its focus towards prioritising the Nordic region which offers stable regulation, advanced digital infrastructure and strong demand for high-quality and enterprise services.
Tradeview Capital fund manager Neoh Jia Man, said any potential divestment would likely be price-driven, rather than tied to a fixed timeline. He added that a key prerequisite for an exit would be greater clarity around CelcomDigi’s exposure to Digital Nasional Berhad (DNB).
“Reduced regulatory and balance-sheet uncertainties would likely be needed to support valuation re-rating and create a conducive environment for an exit,” Neoh said.
He added, “In Malaysia’s case, the current focus appears to be on limiting financial downside from DNB restructuring and further strengthening market leadership. We view CelcomDigi as a financial investment rather than a core strategic market.”
