SINGAPORE: Singapore Technologies Telemedia (ST Telemedia) says Malaysia’s Mawar Setia will acquire a majority stake in the company’s U Mobile unit, a mobile and broadband service provider in Malaysia.
Under a conditional share purchase deal, Mawar Setia will acquire the stake in U Mobile from Straits Mobile Investments, a unit of ST Telemedia, the Singapore-based firm said in a statement.
Straits Mobile will hold a 20% stake following completion of the deal. Other financial details of the deal were not disclosed by ST Telemedia, which is owned by Singapore state investor Temasek.
Mawar Setia is a private company in Malaysia, according to the statement, which did not provide further details on the company. ST Telemedia was not immediately available for comment.
Founded in 2006, U Mobile is Malaysia’s youngest telecommunication company with a network ready for 5G. — Reuters
