MOF Inc. held a 41.67% stake in DNB from May 2025, after U Mobile sold its shares as part of conditions tied to its license to build Malaysia’s second 5G wholesale network
In sum – what to know
Government exit – MOF Inc has sold its shares in DNB to CelcomDigi, Maxis, and YTL Power, paving the way for the Malaysian 5G wholesale operator to become privately owned.
Major investment – Each telecom operator will have invested more than MYR677.5 million in DNB after the latest share purchases and previous capital injections.
Market shifts – The ownership change comes as U Mobile develops a competing wholesale 5G network.
Malaysian 5G wholesale operator Digital Nasional Berhad (DNB) is moving toward full private ownership after shareholders CelcomDigi and Maxis confirmed they have acquired shares previously held by Minister of Finance Incorporated (MOF Inc.).
The share purchases follow provisions in the original share subscription agreements (SSAs) signed in June 2024, when local carriers CelcomDigi, Maxis, YTL Power, and U Mobile secured equity stakes in DNB. Those agreements included a plan for MOF Inc. to eventually exit the venture.
MOF Inc. held a 41.67% stake in DNB from May 2025, after U Mobile sold its shares as part of conditions tied to its license to build Malaysia’s second 5G wholesale network. At that point, CelcomDigi, Maxis, and YTL Power each controlled 19.44% of DNB.
Following U Mobile’s exit, MOF Inc. announced that it would divest its holdings to the remaining shareholders within one month after November 12, 2025, unless an alternative timeline was agreed.
In December 2025, the government investment arm exercised a put option, requiring CelcomDigi, Maxis, and YTL Power to purchase its shares for MYR327.87 million ($93.9 million) each.
Both CelcomDigi and Maxis confirmed in filings with the local stock exchange that their transactions have now been completed.
YTL Power had not issued a public statement confirming completion of its purchase. If it proceeds with the same transaction under the put option terms, ownership of DNB will be divided evenly among the three companies, effectively turning the operator into a fully privately owned entity.
The three operators have already committed significant funding to DNB. Each carrier initially invested MYR233.33 million under the original share subscription agreements. In August 2025, they collectively injected an additional MYR350 million into the company to support operations and network expansion.
With the latest share purchases included, CelcomDigi, Maxis, and YTL Power will each have invested more than MYR677.5 million in DNB.
DNB was set up by the Malaysian government in 2021 as a special purpose vehicle to develop the country’s 5G network infrastructure, which private telecommunications firms are currently using to offer 5G services to their customers. DNB’s 5G network was deployed by Ericsson.
In May 2023, Malaysian authorities had said that the country would shift to a dual 5G network once state-run 5G network Digital Nasional Berhad (DNB) achieved 80% coverage in populated areas, something that occurred in December 2023.
In November 2024, the Malaysian Communications and Multimedia Commission (MCMC) gave the approval to deploy the second 5G network to U Mobile, the third-largest operator in the country.
U Mobile launches 5G services in Malaysia last year. The telco is targeting 80% coverage of populated areas with 5G by the second half of 2026, with a focus on strategic sites such as airports, hospitals, convention centers, and high-traffic venues.
