KUALA LUMPUR: Digital Nasional Bhd (DNB) today said it will only be able to complete share subscription agreements (SSA) with four telcos by end of June.
CelcomDigi Bhd through Infranation Sdn Bhd, Maxis Broadband Sdn Bhd, U Mobile Sdn Bhd and YTL Communications Sdn Bhd through YTL Power International Bhd are all set to complete their SSAs.
The fifth telco Telekom Malaysia Bhd (TM) has until Aug 21, 2024 to get shareholders approval complete its SSA.
DNB said however that all the conditions precedent under the SSAs were completed today.
Under the terms of the SSAs, the five telcos are to collectively acquire a 70 per cent equity stake in DNB, with each telco holding a 14 per cent stake.
The Malaysian government, represented by Ministry of Finance Incorporated (MoF Inc), will retain a 30 per cent stake and a special share in DNB for a designated period.
"As the parties move towards the completion of the SSAs, DNB remains committed to driving technological innovation and expanding digital services across the country, fostering a more connected and digitally empowered Malaysia," it said.
Five telcos entered into SSAs with DNB and the MOF Inc on December 1 last year.
The SSAs were established to put into effect the government's policy on the transition from a single wholesale network model to a dual network model.
The equity injection is a prerequisite for a second 5G network. - NST
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