Maxis postpones seeking shareholders' approval for 5G agreement with DNB

KUALA LUMPUR: Maxis Bhd today announced it will postpone seeking its shareholders' approval on the entry into a 5G access agreement (AA) with Digital Nasional Bhd (DNB).

Maxis, the only major mobile network operator (MNO) which has yet to execute the AA for 5G service, said it would wait until the government had finalised the 5G implementation policy.

On Jan 13, the government announced that it would be reviewing the rollout of the national 5G network, and expected the 5G network implementation policy to be tabled before the Cabinet by the end of the first quarter of 2023.

"Accordingly, the board of directors of Maxis believes it is prudent to postpone the seeking of shareholders' approval until after the implementation policy is finalised.

"Maxis remains committed to realising the country's digital ambitions and believes in the benefits that 5G will bring to businesses, customers, and the government in strengthening Malaysia’s competitiveness in the region," the company said in a filing with Bursa Malaysia.

On Nov 2, 2022, Maxis announced that in accordance with the Companies Act 2016 and Bursa Malaysia’s Main Market Listing Requirements, it was mandatory for the company to seek its shareholders’ approval to enter into the AA with DNB.

It said then that it intended to complete the approvals process by January 2023 and commercially launch 5G related products and services soon after.

​To date, five MNOs -- U Mobile Sdn Bhd, Celcom Axiata Bhd and Digi Telecommunications Sdn Bhd (which later merged into CelcomDigi),Telekom Malaysia Bhd, and YTL Communications Sdn Bhd -- have inked 5G AA with DNB on Oct 30, 2022, to provide 5G services in the country. - Bernama

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Maxis , 5G , DNB , Access agreement , Shareholders


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