U Mobile meets local ownership condition for 5G rollout

U Mobile has met Malaysia’s local ownership rules for running the country’s second 5G network after Mawar Setia raised its stake in the operator to more than 50%. The move came through a share purchase from Singapore Technologies Telemedia (STT), which now holds 20%. Mawar Setia is a Malaysian investment holding company owned by Vincent Tan and Tunku Tun Aminah.

Tunku Tun Aminah became chair of U Mobile on 13 March, taking over from Tan. U Mobile, Malaysia’s third-largest mobile operator by connections, launched 5G services under the Ultra 5G brand in August and was awarded the disputed second 5G network contract by the Malaysian Communications and Multimedia Commission in November 2024.