KUALA LUMPUR (Jan 15): U Mobile Sdn Bhd has inked a memorandum of understanding (MoU) with CIMB Bank Bhd to extend financing support for its upcoming 5G network roll-out.

The MOU marks the latest financing partnership between U Mobile and CIMB of which, in 2021, the bank participated in a RM1.2 billion facility to U Mobile, which was later upsized to RM1.4 billion in 2023.

U Mobile chief executive officer Wong Heang Tuck said CIMB is its long-standing financing partner and shares its commitment to drive innovation and growth within the country’s economy via 5G, in line with the government’s goal of achieving high-income nation status with a focus on digitalisation.

“We believe CIMB’s financial backing will further strengthen U Mobile’s ability to ensure a rapid and cost-efficient second 5G network roll-out that will bring benefits to enterprises, consumers and the public sector,” he said in a statement on Wednesday.

The MOU follows the recent appointment of U Mobile as Malaysia’s second 5G network provider.

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