MOF Inc. held a 41.67% stake in DNB from Might 2025, after U Cell bought its shares as a part of circumstances tied to its license to construct Malaysia’s second 5G wholesale community
In sum – what to know
Authorities exit – MOF Inc has bought its shares in DNB to CelcomDigi, Maxis, and YTL Energy, paving the way in which for the Malaysian 5G wholesale operator to grow to be privately owned.
Main funding – Every telecom operator can have invested greater than MYR677.5 million in DNB after the most recent share purchases and former capital injections.
Market shifts – The possession change comes as U Cell develops a competing wholesale 5G community.
Malaysian 5G wholesale operator Digital Nasional Berhad (DNB) is transferring towards full personal possession after shareholders CelcomDigi and Maxis confirmed they’ve acquired shares beforehand held by Minister of Finance Integrated (MOF Inc.).
The share purchases observe provisions within the authentic share subscription agreements (SSAs) signed in June 2024, when native carriers CelcomDigi, Maxis, YTL Energy, and U Cell secured fairness stakes in DNB. These agreements included a plan for MOF Inc. to ultimately exit the enterprise.
MOF Inc. held a 41.67% stake in DNB from Might 2025, after U Cell bought its shares as a part of circumstances tied to its license to construct Malaysia’s second 5G wholesale community. At that time, CelcomDigi, Maxis, and YTL Energy every managed 19.44% of DNB.
Following U Cell’s exit, MOF Inc. introduced that it will divest its holdings to the remaining shareholders inside one month after November 12, 2025, until an alternate timeline was agreed.
In December 2025, the federal government funding arm exercised a put choice, requiring CelcomDigi, Maxis, and YTL Energy to buy its shares for MYR327.87 million ($93.9 million) every.
Each CelcomDigi and Maxis confirmed in filings with the native inventory alternate that their transactions have now been accomplished.
YTL Energy had not issued a public assertion confirming completion of its buy. If it proceeds with the identical transaction below the put choice phrases, possession of DNB will probably be divided evenly among the many three firms, successfully turning the operator into a totally privately owned entity.
The three operators have already dedicated important funding to DNB. Every service initially invested MYR233.33 million below the unique share subscription agreements. In August 2025, they collectively injected a further MYR350 million into the corporate to help operations and community enlargement.
With the most recent share purchases included, CelcomDigi, Maxis, and YTL Energy will every have invested greater than MYR677.5 million in DNB.
DNB was arrange by the Malaysian authorities in 2021 as a particular goal car to develop the nation’s 5G community infrastructure, which personal telecommunications corporations are presently utilizing to supply 5G companies to their prospects. DNB’s 5G community was deployed by Ericsson.
In Might 2023, Malaysian authorities had mentioned that the nation would shift to a twin 5G community as soon as state-run 5G community Digital Nasional Berhad (DNB) achieved 80% protection in populated areas, one thing that occurred in December 2023.
In November 2024, the Malaysian Communications and Multimedia Fee (MCMC) gave the approval to deploy the second 5G community to U Cell, the third-largest operator within the nation.
U Cell launches 5G companies in Malaysia final 12 months. The telco is focusing on 80% protection of populated areas with 5G by the second half of 2026, with a concentrate on strategic websites reminiscent of airports, hospitals, conference facilities, and high-traffic venues.
