The newly secured syndicated loan serves to refinance DNB’s existing Government Guarantee Revolving Credit Facility (GGRCF), which was originally scheduled to expire on September 29, 2026. By replacing the maturing government-backed facility, the fresh financing provides DNB with a robust, sustainable, and long-term funding structure. This financial foundation is expected to fortify the company’s operational independence and secure its financial footing as it embarks on future developmental phases.
The transaction stands out as one of the largest syndicated loan facilities ever arranged for an unlisted corporation within Malaysia, highlighting the substantial scale and strategic importance of the country’s telecommunications sector. Maybank Investment Bank played a pivotal role in the arrangement, acting as the mandated lead arranger, bookrunner, and coordinator. They were joined by a consortium of major financial institutions—including AmInvestment Bank Berhad, CIMB Islamic Bank, RHB Islamic Bank, and United Overseas Bank (Malaysia)—which served as joint mandated lead arrangers. Additionally, AmInvestment Bank acted as the dedicated financial advisor to DNB throughout the intricate process.
Azman Ismail, Chief Executive Officer of DNB, emphasized the broader significance of the transaction for the company’s trajectory and the wider digital economy of Malaysia.
"The successful completion of this MYR5.2 billion financing exercise reflects strong confidence in our business fundamentals, operational track record, and long-term role in Malaysia’s digital economy," said Azman Ismail.
"This financing provides DNB with a sustainable platform to operate on its own, continue investing in network enhancement and capacity expansion, and leverage our expanded spectrum assets," he added.
Government Exit from the DNB
According to disclosures from DNB, the successful execution of this new loan acts as a critical enabler for the planned exit of Malaysia’s Ministry of Finance Inc. (MOF) as an ordinary equity shareholder in the enterprise. Even as the government transitions away from its traditional ownership position, it will retain a special share in DNB. This strategic measure is designed to protect national interests and ensure the continued stewardship of key strategic matters related to critical digital infrastructure.
Presently, the MOF holds a 31.18% stake in DNB. Meanwhile, three major Malaysian telecommunications operators—CelcomDigi, Maxis, and YTL Communications—each maintain a 22.94% stake in the wholesale network provider. This ownership structure was further solidified following financial maneuvers earlier in the year, which included the three telco partners injecting an additional MYR202 million ($49.45 million) each in May to bolster DNB’s ongoing 5G operations and fund vital spectrum acquisitions.
Industry observers note that the three major telecom operators are widely expected to assume equal, full ownership of DNB in the early part of the fourth quarter of 2026, directly following the official and planned departure of the Ministry of Finance from its ordinary shareholdings.
The announcement of this fresh syndicated financing follows a series of operational expansions by DNB. Three months prior, the wholesale operator activated an additional 100MHz of 5G spectrum spanning the 3.3GHz to 3.4GHz frequency band, a move that substantially increased its overall 5G network capacity. When paired with DNB’s pre-existing holdings in the 3.4GHz to 3.5GHz spectrum range, this integration effectively doubled the company’s network capacity to an impressive 200MHz of contiguous midband spectrum.
Further cementing its structural and operational evolution, DNB confirmed that its entire 240MHz spectrum block has been officially converted into a unified spectrum assignment. This allocation, granted by the Malaysian Communications and Multimedia Commission (MCMC), officially took effect on October 1, 2026.
"The 240 MHz spectrum block will enhance network capacity, efficiency, and performance, enabling faster speeds, lower latency, and improved customer experience," the company stated in an official release. "It also supports the deployment of advanced technologies, including Massive MIMO, carrier aggregation, 5G Advanced, and AI-driven network capabilities, further strengthening DNB’s leadership in next-generation connectivity."
