CelcomDigi, Maxis buy out state’s DNB stake as 5G operator goes private

CelcomDigi and Maxis have increased their holdings in Malaysia’s 5G wholesale operator Digital Nasional Berhad (DNB) after the government sold its entire 41.7% stake, clearing the way for DNB to become a fully private company.

Each operator paid MYR327.9 million ($82.7 million) to the Ministry of Finance’s investment arm, MoF Inc, which triggered the sale via an option notice in December. CelcomDigi said in a stock exchange filing it will also take on its share of an MoF Inc loan plus interest and extra shareholder advances, totalling MYR161.2 million; Maxis disclosed a similar structure for its payment. YTL Power has not yet moved to buy MoF Inc’s remaining holdings. CelcomDigi, Maxis, YTL Power and U Mobile first bought into DNB in 2024 under a deal that anticipated an eventual state exit. U Mobile, now focused on building Malaysia’s second 5G wholesale network, sold its DNB shares in May 2025, leaving the three remaining operators with equal 19.4% stakes.