CelcomDigi and Maxis inject RM202m shareholder advances into DNB

KUALA LUMPUR, 24 AUGUST 2026 —

CelcomDigi and Maxis Inject RM202mil into DNB to Support 5G Rollout

In separate filings with Bursa Malaysia, the two telecommunications giants said the funds are part of a broader funding arrangement under a shareholders’ agreement involving the Minister of Finance (Inc) (MoF), YTL Power International Bhd, Maxis, and DNB. The advances are interest-free, not repayable on demand, and carry voting rights equivalent to ordinary shares in DNB, with each ringgit advanced entitling the holder to one vote.

“The additional shareholder advance will be utilised by DNB to pay upfront spectrum fees as part of the spectrum acceptance and to meet its working capital requirements,” CelcomDigi stated in its filing.

CelcomDigi’s total shareholder advances to DNB now stand at RM551.9 million. Assuming equal contributions from CelcomDigi, Maxis, and YTL, each will hold an effective 22.94% stake in DNB based on share capital and advances, while MoF remains excluded after exercising its put option previously.

Both companies noted that the advances are not expected to have any material impact on their financial performance for the fiscal year 2026.

Background: DNB’s Role in Malaysia’s 5G Rollout DNB was established as Malaysia’s sole 5G network provider under a government-led initiative to accelerate digital infrastructure development. The company operates under a shareholders’ agreement that includes key stakeholders such as MoF, YTL Power, Maxis, and CelcomDigi. The government has previously indicated that DNB’s 5G rollout is critical to achieving Malaysia’s digital transformation goals, with a focus on improving connectivity and supporting the country’s economic growth.

Current Development: Funding and Financial Structure The latest RM202 million injection from CelcomDigi and Maxis brings their total contributions to RM551.9 million and RM404 million, respectively. The funds are structured as shareholder advances, which are interest-free and non-repayable on demand, aligning with DNB’s long-term funding strategy. The voting rights attached to these advances ensure that the shareholders have a say in DNB’s governance, reflecting their financial commitment to the project.

Malaysia Market Impact: Stability and Long-Term Growth

Analysts suggest that the additional funding will provide DNB with the financial stability needed to meet its spectrum obligations and operational costs. The government’s exclusion from the shareholding structure, following the exercise of its put option, indicates a shift toward private sector-led funding for 5G infrastructure. This move is expected to reduce the government’s direct financial exposure while ensuring that key industry players remain invested in the project’s success.

Sector and Company Specifics: Telecommunications and Infrastructure CelcomDigi and Maxis, two of Malaysia’s largest telecommunications companies, are playing a role in DNB’s funding and governance. Their contributions underscore the industry’s commitment to Malaysia’s 5G ambitions. The voting rights attached to the advances further solidify their influence in DNB’s decision-making processes, ensuring that the company’s strategic direction aligns with the interests of its major shareholders.

Outlook: Financial Performance and 5G Expansion While the advances are not expected to materially impact the financial performance of CelcomDigi and Maxis in 2026, the long-term benefits of a 5G network could enhance their competitive positioning in Malaysia’s telecommunications sector. DNB’s ability to meet its spectrum obligations and expand its network will be critical in driving digital adoption across the country.

The government’s continued support, albeit through indirect means, signals confidence in DNB’s role as the backbone of Malaysia’s digital future.

Related: CelcomDigi · Bursa Malaysia