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No shareholding conditions breached in U Mobile selection, says minister
Free Malaysia Today
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11/7/2024
Communications minister Fahmi Fadzil said the MCMC had reviewed the matter during the selection process and ensured the shareholding conditions were met.
Read More:
https://www.freemalaysiatoday.com/category/nation/2024/11/07/no-shareholding-conditions-breached-in-u-mobile-selection-says-minister/
Laporan Lanjut:
https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/11/07/pemilihan-u-mobile-tak-langgar-syarat-pegangan-saham-kata-fahmi/
Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.
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Transcript
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00:00
The selection of UMobile Sindram Berhad, whose major shareholder is a Singaporean firm, to
00:07
develop the nation's second 5G network does not reach any stipulated conditions, says
00:12
Communications Minister Fahmi Fazil.
00:15
Fahmi said the Malaysian Communications and Multimedia Commission had reviewed the matter
00:20
during the selection process and ensured the shareholding conditions, specifically the
00:24
foreign equity cap of 49%, were met.
00:28
UMobile has also announced that the foreign equity cap will be reduced to 20%.
00:35
So, from the aspect of both foreign equity and local equity, it did not violate the issues
00:45
or conditions for the decision that has been made.
00:51
He said the MCMC had independently selected UMobile and neither the minister nor the deputy
00:56
was involved in the process.
00:58
He was responding to Hassan Karim, who asked whether UMobile's selection as the second
01:02
network provider was influenced by any particular individuals within the company.
01:07
Meanwhile, when asked by Tasik Belugor MP Wan Saiful Wanjan if there was a conflict
01:12
of interest due to UMobile's stake in Digital National Berhad, Fahmi said the MCMC had considered
01:18
all factors such as the firm's management, shareholding and corporate governance and
01:23
found no violations.
01:25
UMobile has also contacted the DNB to ensure that the existing 5G users will not have any
01:35
problems in terms of 5G usage.
01:40
And I believe that if both of these networks have a common goal, which is to build a stable,
01:49
sustainable and competitive network, then in the end the benefits will be returned to
01:56
the people and the enterprise.
01:59
Natasha Beast, FMT News.
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