PETALING JAYA, Feb 24 (Bernama) -- AFFIN Group and MBSB Bank Berhad (“MBSB Bank”) have jointly committed RM3.8 billion in a syndicated facility to support Mawar Setia Sdn Bhd’s acquisition of over 50% controlling stake in U Mobile Sdn Bhd.
Under the syndicated arrangement, AFFIN Group has committed RM2.4 billion, while MBSB Bank has committed RM1.4 billion. Proceeds from the facility will part-finance Mawar Setia’s purchase of shares from Straits Mobile Investments Pte Ltd.
Mawar Setia is a Malaysian investment holding company founded by Tan Sri Dato’ Seri Vincent Tan Chee Yioun and YAM Tunku Tun Aminah Binti Sultan Ibrahim. The acquisition is expected to increase Malaysian ownership in U Mobile by reducing foreign shareholding and consolidating domestic participation in one of Malaysia’s key mobile and broadband operators, as the company advances its next phase of corporate development.
U Mobile has been appointed to deploy Malaysia’s second nationwide 5G network and continues to expand its ULTRA5G infrastructure through strategic technology partnerships with Huawei Technologies Co Ltd and ZTE Corporation of China. Recent milestones include delivering ULTRA5G coverage at Kuala Lumpur International Airport and launching a 24-hour ULTRA5G Tourist eSIM offering 100GB of data, reflecting continued progress in its network rollout.
Tan Sri Dato’ Seri Vincent Tan said:
“Malaysia’s next phase of growth will be defined by execution — building digital infrastructure that is reliable, scalable and delivered on time. With this acquisition, Mawar Setia is increasing Malaysian participation in a strategic national asset and stepping up our responsibility to support U Mobile’s nationwide 5G deployment. Our focus is to strengthen governance and long-term funding support, so the management team can accelerate rollout and meet the coverage expectations set for the country’s second 5G network. We intend to back this with sustained investment discipline and operational focus as U Mobile advances its next stage of development. I am delighted to share that U Mobile has been progressing well and is ahead of deployment schedule.”
Datuk Wan Razly Abdullah, President & Group Chief Executive Officer of AFFIN Group, said:
“We are pleased to participate as the largest financier in this syndicated facility, with a RM2.4 billion commitment. This financing strengthens Malaysia’s long-term digital infrastructure capacity and supports U Mobile’s next phase of growth with deeper domestic participation. Aligned with the AFFIN Axelerate 2028 (AX28) Plan, anchored on Unrivalled Customer Service, Digital Leadership, and Responsible Banking with Impact, we will continue to support the advancement of a secure and scalable digital ecosystem for the nation’s future.”
Rafe Haneef, Group Chief Executive Officer of MBSB Berhad, said:
"This financing supports a change in control at a pivotal point in U Mobile’s trajectory and Malaysia’s digital ambitions. MBSB’s RM1.4 billion commitment reflects our focus on transactions that expand digital connectivity, an enabling layer for productivity, competitiveness and inclusion across households, SMEs and industries.”
The transaction underscores the continued role of AFFIN Group and MBSB Bank in supporting strategic sectors through disciplined structuring and prudent capital allocation, contributing to sustainable corporate development and long-term economic progress.
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About MBSB Berhad MBSB Berhad (MBSB) is a dynamic financial services group with a longstanding role in supporting the nation’s financial system and economic development. MBSB is the holding company of MBSB Bank Berhad, MBSB Investment Bank Berhad (formerly MIDF Amanah Investment Bank), and Malaysian Industrial Development Finance Berhad (MIDF). MBSB Bank Berhad is a progressive Islamic bank offering comprehensive Shariah-compliant banking solutions to retail, SME, and corporate customers, with a strong emphasis on innovation and sustainable financing. MBSB Investment Bank Berhad serves as the Group’s investment banking and capital markets arm, providing advisory, research, equity brokerage, and capital markets services. MIDF plays a pivotal role in supporting business and industrial development through development finance, nurturing a resilient and thriving SME ecosystem, complemented by its asset management capabilities.
About AFFIN Group Incorporated on 23 October 1975, AFFIN Group proudly commemorates its 50th anniversary in 2025, a milestone that reflects five decades of steadfast dedication to growth, innovation, and financial excellence, all in line with its vision to be the Most Creative and Innovative Financial Company in Malaysia. Affin Bank Berhad operates as the financial holding entity of Affin Islamic Bank Berhad, Affin Hwang Investment Bank Berhad and Affin Moneybrokers Sdn Bhd. Generali Insurance Malaysia Berhad and Generali Life Insurance Malaysia Berhad are affiliated companies of Affin Bank Berhad.AFFIN Group provides an array of financial products and services catering to individual, enterprise, commercial and corporate clients. The focus market segments are categorised under essential business units such as Community Banking, Enterprise Banking, Corporate Banking, Treasury, and Investment Banking. For more information, please visit www.affingroup.com. SOURCE: MBSB Berhad
FOR MORE INFORMATION, PLEASE CONTACT: MBSB Berhad
Name: Norsiah Juriani Johari
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Group Corporate Strategy
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AFFIN Group
Name: Ku Hazran bin Ku Abd.Rahman
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Strategic Communications
Tel: +60102260898
Email: kuhazran@affingroup.com
Name: Sharifah Syahirah Syed Azlan
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Strategic Communications
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Email: sharifahsyahirah.azlan@affingroup.com
--BERNAMA