DNB and mobile operators set to complete share subscription by June

Digital Nasional Bhd (DNB) said today that all conditions precedent under the share subscription agreements (SSA) with four major mobile network operators (MNOs) in Malaysia, 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, have been successfully met.

In a statement today, DNB stated that with this crucial step completed, the SSAs are set to be finalised by the end of June 2024, enabling the MNOs to increase their equity stake in DNB.

Telekom Malaysia Bhd (TM) has a long stop date of August 21, 2024, to seek shareholder approval as per its governance requirements.

According to the SSAs, the MNOs will collectively acquire a 70% equity stake in DNB, with each MNO holding a 14% stake.

The Malaysian Government, represented by MoF Inc., will retain a 30% stake and a Special Share in DNB for a designated period.

DNB and the Minister of Finance (Incorporated) (MoF Inc.) entered into SSAs with the five MNOs on December 1 2023, allowing for their participation in DNB through equity ownership.

As the parties move towards completing the SSAs, DNB said it remains dedicated to advancing technological innovation and expanding digital services across Malaysia, fostering a more connected and digitally empowered nation. –TMR