KUALA LUMPUR (April 25): The newly constituted board of Digital Nasional Bhd (DNB) will convene a meeting soon to review due diligence findings and address the remaining conditions precedent in the share subscription agreements (SSAs), said Digital Minister Gobind Singh Deo.
In a statement on Thursday, Gobind said DNB's announcement of its new board members is a "critical milestone" towards fulfilling the government’s commitment to implementing the dual network model for the 5G network.
"The parties will continue the due process to complete the SSAs, and thereafter enhance Malaysia’s 5G network deployment. Enabling advanced digitalisation via 5G is a key focus of the government, contributing to the rapid growth of the country’s key economic sectors," Gobind said.
To recap, the five mobile network operators (MNOs) — CelcomDigi Bhd, Maxis Bhd, Telekom Malaysia Bhd, U Mobile Sdn Bhd and YTL Communications Sdn Bhd — entered into SSAs with DNB and the Ministry of Finance Incorporated (MOF Inc) on December 1 last year.
The SSAs, Gobind said, were established to put into effect the government's policy on the transition from a single wholesale network model to a dual network model.
Upon completion of the SSAs, the MNOs will collectively subscribe to 70% equity in DNB, with each holding a 14% stake, leaving MOF Inc with 30% equity and a special share that will grant it certain special rights for a stipulated period.
Gobind reiterated the government’s aspiration, in line with its policy announcement made on May 3 last year, for the SSAs to facilitate the involvement of all MNOs as shareholders in DNB before transitioning to the dual network.
Earlier Thursday, DNB announced the appointment of five new board members, including CelcomDigi’s Datuk Kamal Khalid, Maxis Broadband Sdn Bhd’s Uthaya Kumar K Vivekananda, U Mobile Sdn Bhd’s Chang Yit Fei, Telekom Malaysia Bhd’s Nik Azli Abu Zahar and YTL Power International Bhd’s Datuk Seri Yeoh Seok Hong, effective April 24.
The quintet will join incumbent members Treasury secretary general Datuk Johan Mahmood Merican and Digital Ministry deputy secretary general Ma Sivanesan Marimuthu on the board of the company.