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TM terminates share subscription agreement for 20% stake in DNB

Telekom Malaysia said the longstop date to fulfil all conditions precedent in the share subscription agreement (SSA) for the subscription of a 20% equity stake in Digital Nasional Bhd (DNB) had lapsed.

Consequently, TM told the stock exchange today that it had issued a termination notice to DNB, effective immediately.

Nonetheless, TM said it looks forward to the next process and discussion with the government and the industry on 5G participation across Phase 1 (towards 80% service coverage by DNB) and Phase 2 (shift to two networks), as announced by the Government on May 3, 2023.

“TM is committed to continue playing an active role in the 5G implementation, leveraging its nationwide fibre infrastructure, extensive digital platforms (data centre, edge nodes) and rollout experience,” it said.

In the meantime, it said that TM customers of Unifi Mobile and TM One will continue to enjoy 5G services and solutions, as the 5G wholesale Access Agreement remains in place.

“TM is committed to serve as the nation’s trusted partner to grow Malaysia’s overall connectivity and digital ecosystem, including 5G. We are committed to shaping a Digital Malaysia through technology that empowers communities, businesses and Government,” concluded TM.

TM shares fell 2 sen or 0.39% to close at RM5.12 today, with a market capitalisation of RM19.5 billion. –TMR

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TM terminates share subscription agreement for 20% stake in DNB