U Mobile's foreign ownership will soon be reduced from 48% to 20% as ST Telemedia is selling a 'majority stake' in the telco to Mawar Setia Sdn Bhd.
, the largest shareholder, ST Telemedia via its wholly-owned subsidiary Straits Mobile Investments, is selling off a major stake in the telco. ST Telemedia is a portfolio company of Temasek Holdings.ST Telemedia sells partial stake in U Mobile to Mawar Setia
The statement didn’t reveal the value of the transaction and how much shares it is selling. It mentioned that once the sale is concluded, ST Telemedia will hold a minority stake of approximately 20% of U Mobile, and U Mobile will cease to be a subsidiary of ST Telemedia. Once ST Telemedia’s Share Purchase Agreement to sell its majority stake to Mawar Setia is concluded, the Johor royal family is set toFollowing the announcement of the winner of the second 5G network tender, the Malaysian Communications and Multimedia Commission has yet to provide further details on new 5G network rollout including coverage targets and applicable conditions.
Interestingly, MCMC mentioned that U Mobile is allowed to collaborate with other telcos in the implementation of the new 5G network, subject to the regulator’s approval. The orange telco stated last month that it was eager toto implement the second 5G network. In order for a dual network approach to work effectively, the MCMC has to ensure that both 5G networks are sustainable while enabling healthy competition to drive innovation.
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