CelcomDigi and Maxis complete takeover of MOF’s shares in Digital Nasional Berhad

CelcomDigi and Maxis have completed their respective transaction to acquire MoF Inc’s shares in Digital Nasional Berhad (DNB). Both telcos have paid RM327.87 million each.

This comes after MoF Inc triggered its Put Option back in December 2025. The move marks the Malaysian government’s exit from the 5G wholesale business, turning DNB into a fully private entity.

In announcements filed via Bursa Malaysia, both CelcomDigi and Maxis confirmed that they have paid RM327,872,640.28 in cash for the acquisition of the agreed proportion of MoF Inc’s ordinary shares. This also includes MoF Inc. loan in DNB together with interest accrued along with additional shareholder advances in DNB.

According to CelcomDigi’s statement, the liabilities to be assumed by the telco include its proportionate share of MoF Inc. Loan together with interest and additional shareholder advance amounting in aggregate RM161,172.639.95 (part of the Option Price).

So far there’s no official announcements from YTL, the other remaining shareholder in DNB that isn’t public listed.

Prior to the completion of the Put Option, MoF Inc holds 41.67% of cumulative percentage of issued share capital and shareholder advance. This leaves CelcomDigi, Maxis and YTL, holding 19.44% each respectively.

To recap, there where initially four telcos (CelcomDigi, Maxis, U Mobile and YTL) that have completed the share subscription agreement (SSA) back in June 2024. TM had signed the SSA as well but it eventually was dropped after failing to fulfill the conditions by 21 August 2024.

After U Mobile was announced as the winner to build the second 5G network, it sold its stake in DNB (100,000 shares) for RM100,000. CelcomDigi, Maxis and YTL took 33,333 each, while MoF acquired 1 share.

Assuming all three telcos (CelcomDigi, Maxis and YTL) have completed the acquisition of shares and take over all liabilities, DNB would effectively be a 100% private-owned entity.

DNB was first established as a special purpose vehicle (SPV) wholly-owned by the Ministry of Finance (MoF Inc) back in March 2021 to rollout Malaysia’s 5G Single Wholesale Network. It was a mega government led project to deploy 5G in the country on a supply-driven model.

After the change of administration, the Malaysian government decided to switch from a 5G SWN to a Dual Network model after DNB hits 80% 5G population coverage and all telcos taking a stake in DNB. U Mobile was named as the winner of the second 5G network bid back in November 2024 and it currently aims to achieve 80% 5G population coverage by the second half of 2026.