KUALA LUMPUR (March 17): Mawar Setia Sdn Bhd, founded by tycoon Tan Sri Vincent Tan Chee Yioun and Johor princess Tunku Tun Aminah Sultan Ibrahim, has taken a controlling stake in the country’s second 5G network provider U Mobile Sdn Bhd from Singapore Technologies Telemedia Pte Ltd (STT), according to a press statement on Tuesday.
Affin Group and MBSB Bank Bhd had jointly committed RM3.8 billion in a syndicated facility to support Mawar Setia’s acquisition of an over 50% controlling stake in U Mobile in February.
U Mobile announced that the company will now be led by Tunku Tun Aminah, who was appointed as the chairman of U Mobile on March 13. Tan, who was the previous chairman, will assume the roles of founder and adviser to the board, where he will continue to provide guidance and support the company’s ongoing growth.
U Mobile said Tunku Tun Aminah brings valuable leadership and governance experience, having led private organisations across a broad range of industries and serving on the boards of several public listed and private companies.
“The latest changes in the U Mobile boardroom reflect the company’s commitment to building digital infrastructure that is reliable, scalable and delivered on time. Our focus is to strengthen governance and long-term funding support, so the management team can accelerate roll-outs and meet the coverage expectations set for the country’s second 5G network. We intend to back this with sustained investment discipline and operational focus as U Mobile advances its next stage of development,” Tan said in the statement.
STT first announced that it was selling a majority stake to Mawar Setia in December 2024. At the time, Straits Mobile Investment held a 48.25% interest in U Mobile. Other shareholders include Tunku Tun Aminah’s father Sultan Ibrahim Sultan Iskandar, the King of Malaysia, with a 22.30% interest, and Tan, whose vehicles — including U Telemedia Sdn Bhd, Singer (Malaysia) Sdn Bhd and Berjaya Infrastructure Sdn Bhd — hold a cumulative 13.66% of U Mobile.