Malaysia's telecommunications landscape is continuing to shift as CelcomDigi and Maxis have now completed the purchase of additional shares in Digital Nasional Berhad, or DNB, from Minister of Finance Inc. The development marks another major step in DNB's transition away from government ownership and towards a more privately driven structure.

Both companies paid RM327.87 million each to acquire their respective portions of ordinary shares previously held by MOF Inc. While the headline figure already stands out on its own, the broader significance lies in what this means for the future ownership and direction of Malaysia's 5G infrastructure company.

A Major Ownership Change in DNB

CelcomDigi confirmed in a filing with Bursa Malaysia that it made its payment on 6 March 2026. The transaction followed a put notice issued by MOF Inc under the terms of a shareholders' agreement originally dated 28 June 2024 and later revised on 13 May 2025.

With that payment completed, the relevant shares previously held by MOF Inc will now be transferred and registered under CelcomDigi's name, based on the agreed terms. In other words, this is not just a financial formality. It is a concrete shift in ownership that changes the balance of control within DNB.

Maxis has also completed a matching move. It announced that it had paid the same cash consideration of RM327.87 million for its own additional stake in DNB, bringing both telcos into a stronger ownership position within the company.

The Cost Goes Beyond the Initial Purchase Price

What makes this transaction more substantial is that the acquisition is not limited to the direct cash payment alone. In CelcomDigi's case, the company also said it would assume its proportionate share of the MOF Inc loan, together with accrued interest and additional shareholder advances amounting to RM161.17 million.

That means the real financial commitment stretches beyond the headline acquisition sum. It reflects not only the purchase of equity, but also the assumption of related financial obligations tied to DNB's structure and funding.

Maxis is taking on a similar arrangement as part of its own acquisition. Like CelcomDigi, it will also assume the related loan exposure, accrued interest, and additional shareholder advances connected to the transaction. So while the RM327.87 million figure grabs attention first, the full picture involves a broader assumption of financial responsibilities tied to DNB's operations and capital structure.

Why This Matters for Malaysia's 5G Landscape

DNB has been central to Malaysia's 5G rollout strategy, so any change in its ownership structure naturally carries wider industry implications. This latest move signals continued progress in shifting DNB toward a privately led model, with MOF Inc gradually stepping back from direct ownership.

That matters because DNB was originally established with significant government backing as part of Malaysia's national 5G rollout plan. Over time, however, the intention has been to bring in stronger private-sector participation so that ownership and financial responsibility become more distributed among major industry players.

This transition could influence how DNB is governed, funded, and positioned in the years ahead. A more privately led structure may also be seen as an effort to align the company more closely with commercial realities while still supporting national digital infrastructure goals.

The Emerging Shareholding Structure

With MOF Inc giving up its shares, the ownership picture is becoming clearer. CelcomDigi, Maxis, and YTL Power, through Yes 5G, are expected to each hold one-third of the issued share capital and shareholder advances in DNB.

That creates a three-way balance among major players in Malaysia's telecommunications and digital infrastructure ecosystem. Rather than one dominant operator taking control, the arrangement points toward a shared ownership model, which may help distribute influence more evenly across the company.

From a strategic perspective, that kind of structure could encourage collaboration while also ensuring that the burden of investment and long-term development is shared among the key stakeholders.

A Bigger Signal for the Industry

Beyond the transaction itself, this development sends a broader signal about the evolution of Malaysia's 5G framework. The government appears to be moving further toward a model where private-sector entities take on a more direct ownership and financing role, while the state reduces its stake over time.

For the telecom industry, that could mean a more mature next phase for DNB. The early years were largely defined by policy discussions, rollout questions, and debates over structure. This latest share acquisition suggests the conversation is now moving more firmly into long-term ownership, funding commitments, and strategic control.

It also shows that the major telcos involved are willing to deepen their financial participation in DNB, which may be interpreted as a sign of confidence in the company's role within Malaysia's digital future.

Final Thoughts

CelcomDigi and Maxis each paying RM327.87 million for additional DNB shares is more than just a corporate transaction. It represents another important step in DNB's transformation into a more privately led entity, with the government gradually stepping back through MOF Inc's exit from share ownership.

At the same time, the deal also highlights the scale of commitment involved, as both telcos are not only paying for the shares but also taking on related loans, accrued interest, and additional shareholder advances. Altogether, this marks a significant chapter in the ongoing reshaping of Malaysia's 5G infrastructure ownership and the future direction of DNB.