Digital Nasional Berhad stake sale: Near-term credit impact neutral for CelcomDigi, Maxis and YTL Power

Published on 09 Dec 2025.

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The Ministry of Finance (MOF) exercised a put option on 1 Dec 2025 to fully divest its stake in Digital Nasional Berhad (DNB) to CelcomDigi, Maxis and YTL Power. This will transition the country’s 5G dual wholesale network model to a fully private structure, resulting in the three telecommunications companies (collectively, telcos) holding equal ownership in DNB. 

Each telco will pay MOF approximately RM327.9 mil, on top of prior advances of RM350.0 mil each to acquire their respective stakes. All considered, the latest acquisition outlay will leave the financial metrics of the rated telcos within their rating thresholds. However, further capital calls and funding support may be needed to refinance and/or repay DNB’s liabilities (of ~RM4.9 billion as at end-2024 consisting of loans, vendor financing and shareholder advances) as well as cover future operating deficits, with possible near-term weakening of the individual telcos’ financial metrics contingent on the extent of support required.  

Ownership of DNB’s 5G network will compel the telcos to accelerate 5G monetisation strategies to justify their respective acquisition costs and return on investment. However, shared ownership introduces operational complexities sans alignment of shareholder strategy and priorities. Effective coordination and collaboration will be critical to sustain network quality and support product deployment while ensuring robust financial management policies to underpin DNB’s long-term viability.

We will monitor the development and implications of the transaction for the telcos as more information, including on ownership structure (including any associated policy requirements to affect the shareholding change), pricing and capital requirements, become available. Despite inherent complexities, the privatisation presents an opportunity for the telcos to unlock value and operational efficiencies from DNB’s 5G network to complement their existing assets. The transaction is expected to be concluded within the next two months.

 

Analytical contacts
Davinder Kaur Gill
(603) 2708 8220
davinder@ram.com.my

Karin Koh, CFA
(603) 2708 8237
karin@ram.com.my

Tan Yan Choong
(603) 2708 8256
yanchoong@ram.com.my

Neo Xue Wei, CFA
(603) 2708 8241
xuewei@ram.com.my

Media contact
Sakinah Arifin 
(603) 2708 8212
sakinah@ram.com.my

 

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Published by RAM Rating Services Berhad
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