Telcos set for bigger say as DNB ownership transition nears

Malaysia's leading telecommunications companies are poised to assume a greater role in directing Digital Nasional Bhd's (DNB) future as the operator approaches a significant ownership transformation. This shift, driven by CelcomDigi, Maxis, and YTL Power, stems from DNB's recent completion of a RM5.2 billion financing exercise. The Ministry of Finance Inc. (MOF Inc) is set to exit as an ordinary shareholder, with the three mobile-network operators expected to hold equal stakes in DNB.

MOF Inc will retain a special share focusing on key strategic matters. The ownership transition is anticipated to be finalized in early Q4 2026. This change will grant the telecommunications giants a larger influence over DNB as the sector faces mounting pressure to enhance costs and network efficiency. Industry analysts predict that this shift could prompt more cost-conscious decision-making in the company's commercial and technological ventures.

As DNB transitions into a new phase focusing on accelerating 5G adoption among businesses and industries, communications minister Fahmi Fadzil has urged the company to prioritize the development of secure and reliable connectivity solutions for multinational corporations. DNB, established in 2021 as a government-owned entity to construct and operate Malaysia's 5G network, initially held a 35% stake, which rose to 41.67% by August 2025.

The government-owned MOF Inc's interest was last exercised in December 2025, requiring CelcomDigi, Maxis, and YTL Power to acquire its remaining equity and shareholder advances.