DNB Gets RM5.2 Billion Financing as Telcos Take Control

Digital Nasional Berhad (DNB) has secured RM5.2 billion in syndicated Islamic financing as DNB moves into a new phase under CelcomDigi, Maxis and YTL Power International.

The financing replaces DNB’s previous Government Guarantee Revolving Credit Facility and provides a longer-term funding structure for the company.

At the same time, Minister of Finance Incorporated is preparing to exit as an ordinary shareholder of DNB. Once the ownership restructuring is completed, CelcomDigi, Maxis and YTL are expected to own DNB equally, while the government will continue to hold a special share.

This is significant because the three telco groups have already committed substantial amounts of money to DNB.

In 2026, CelcomDigi, Maxis and YTL each paid about RM327.9 million as part of the acquisition of MoF Inc’s interest and related shareholder funding obligations. Each company later provided another RM202 million shareholder advance to DNB.

The latest RM5.2 billion financing could reduce the need for further shareholder funding, according to CelcomDigi.

However, another issue is DNB’s financial performance.

Research houses have continued to forecast losses for DNB in 2026 and beyond. Depending on DNB’s actual results, part of those losses could be reflected in the reported earnings of CelcomDigi, Maxis and YTL through equity accounting once the ownership restructuring is completed.

This does not necessarily mean the telcos will pay the same amount in cash. Accounting losses, shareholder advances and direct investment are separate forms of financial exposure.

DNB is also receiving more spectrum. Its 240MHz spectrum holding has been converted into a Spectrum Assignment effective from 1 October 2026, including 200MHz of contiguous mid-band spectrum.

This gives DNB significantly more capacity as Malaysia moves forward with two 5G wholesale networks.

The bigger question now is whether the combination of RM5.2 billion in financing, additional spectrum and greater involvement from CelcomDigi, Maxis and YTL can improve DNB’s financial position over the next few years.

We have covered the full DNB ownership history, how much the three telcos have committed, MoF Inc’s exit, the RM5.2 billion financing and the potential impact of DNB’s losses here:

Read the full analysis on MalaysianWireless.com.