Friday 29 Mar 2024
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KUALA LUMPUR (Nov 2): Maxis Bhd said it will seek the consent of its shareholders to enter into the 5G access agreement with Digital Nasional Bhd (DNB).

"The board has assessed the governance requirements and in reliance on professional advice, believes it is mandatory for Maxis to seek shareholders’ approval given the nature of the AA [access agreement] and the substantial undertaking involved," the company said in a filing with the stock exchange on Wednesday (Nov 2).

"Maxis is committed to playing an active and leading role in bringing 5G to the nation in line with the government’s digital ambitions through DNB’s network.

"The company looks forward to bringing the best of 5G services and converged solutions to all its customers and is focused on launching 5G as part of its suite of offerings in the near future, subject to shareholders’ approval," it added.

The telco said it plans to complete the approval process by January next year, and commercially launch 5G-related products and services shortly after that.

Earlier in the day, caretaker Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz confirmed that five mobile network operators (MNOs) — Celcom Axiata Bhd, Digi Telecommunications Sdn Bhd, Telekom Malaysia Bhd (TM), U Mobile Sdn Bhd, and YTL Communications Sdn Bhd (Yes) — had signed their respective 5G access agreements with DNB on Monday.

Tengku Zafrul said the onboarding of the five MNOs with DNB would accelerate the implementation of the 5G single wholesale network (SWN) and save about RM30 billion in cost.

The access agreements signed by the five companies are for a 10-year period, starting on Oct 7, they said in their respective statements on Monday.

Meanwhile, in its statement on Monday, Maxis said it was still assessing the governance requirements for the 5G access agreement and was “committed to bringing this to a close as soon as possible”.

Maxis’ share price closed 2.12% or eight sen higher at RM3.86 on Wednesday, bringing it a market capitalisation of RM30.2 billion.

Edited ByS Kanagaraju
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