Operators

DNB heads to private status after CelcomDigi and Maxis buy MOF shares

DNB heads to private status after CelcomDigi and Maxis buy MOF shares

Malaysian 5G wholesale operator Digital Nasional Berhad (DNB) is set to become a fully private entity after shareholders CelcomDigi and Maxis confirmed on Friday they have purchased shares owned by Minister of Finance Incorporated (MOF Inc).

The original share subscription agreements (SSAs) – under which CelcomDigi, Maxis, YTL Power and U Mobile acquired equity stakes in DNB in June 2024 – called for MOF Inc to eventually exit the venture. MOF Inc has held a 41.67% stake in DNB since May 2025, when U Mobile sold its shares in the telco as part of its licence to build a second 5G wholesale network. CelcomDigi, Maxis and YTL Power held the remaining shares at 19.44% each.

After U Mobile’s exit, MOF Inc said it would sell its sell its shares to the three telco shareholders within one month after November 12, 2025, unless everyone agreed on a different date. MOF Inc eventually triggered its Put Option in December 2025, which required CelcomDigi, Maxis and YTL Power to buy its shares at MYR327,872,640.28 (US$93.9 million) each.

The Put Option also requires all three telcos to take over MoF Inc’s remaining shareholder loans, which include accrued interest as of December 1, 2025 and additional shareholder advance.

CelcomDigi and Maxis published filings with Bursa Malysia on Friday saying their transactions had been completed. In its filing, CelcomDigi said its payment included MYR161,172,639.95 to cover accrued interest and additional shareholder advance. Maxis said its payment also covered those items, although it didn’t specify how much.

YTL Power, which is privately owned, hasn’t yet made a public announcement by post time regarding any purchase of MOF Inc shares. Assuming it has also followed through on the Put Option, it will split ownership of DNB three ways with CelcomDigi and Maxis, making DNB a fully private operator.

All three telcos paid MYR233.33 million for their initial SSAs. They also injected an additional collective MYR350 million into DNB in August 2025 to support its operations as it braced for the eventual launch of U Mobile’s 5G network.

With the MOF Inc share purchase, CelcomDigi, Maxis and YTL Power will have invested over MYR677.5 million each in DNB.

U Mobile has signed up two customers for its wholesale 5G network so far: new mobile virtual network operator (MVNO) Eastel in October 2025, and Telekom Malaysia (TM) last month.

However, DNB contested the latter early last week, saying in a statement that TM’s current ten-year lease with DNB – which was signed in October 2022 – includes specific conditions governing early termination, which it said TM has not yet met.

“On this basis, DNB does not accept TM’s notice to terminate the access agreement,” DNB said “In the meantime, the access agreement remains valid, binding and enforceable.”

TM responded the same day that its termination notice complies with all requirements under the DNB access agreement, and it will pursue the matter under provisions in the access agreement dealing with disputes.



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