Straits Mobile Investment Agrees To Reduce Shareholding In U Mobile To 20 Pct

KUALA LUMPUR, Nov 10 (Bernama) -- Straits Mobile Investment Pte Ltd, a wholly owned unit of Singapore-headquartered ST Telemedia, has agreed to the strategic alignment of its shareholding ownership in U Mobile to 20 per cent from 49 per cent, thus increasing U Mobile’s Malaysian ownership.

U Mobile said it is ready to spearhead the second 5G network in line with national priorities by strengthening local engagement and participation in critical telecommunications infrastructure.

“While foreign ownership is common in the telco sector, U Mobile’s strategy prioritises Malaysian industry development and strengthening of local ownership. This increased local partnership supports U Mobile’s dedication to national interests,” it said in a statement today.

U Mobile said it is also confident that the second 5G network will translate into better and more affordable services to the public through healthy and sustained competition.

“U Mobile will continue to innovate products and services whilst actively deploying the second 5G network, and would like to assure all stakeholders that it will continue to be well supported with no reliance on government funding,” it added.

-- BERNAMA