Reports have surfaced that Norwegian telecommunications group Telenor may be considering an eventual exit from its 33.1% stake in Malaysia’s largest mobile operator, CelcomDigi. The speculation comes in the wake of Telenor’s recent divestments in other Asian markets, including its full exit from Thailand through the sale of its stake in True Corporation.
Analysts and sources in the industry say that shifting corporate priorities could prompt a similar move in Malaysia, although no official decision has been announced. To refresh your memory, CelcomDigi was formed in late 2022 through the merger of Celcom and Digi, with Axiata and Telenor each holding equal stakes in the combined company, alongside other institutional shareholders.
Analyst Views Point to a Possible Sale by 2027
Market analysts have suggested that a potential sale of Telenor’s CelcomDigi stake could materialise around 2027, once integration milestones from the Celcom-Digi merger are fully realised and valuation conditions are favourable. According to these views, Telenor’s broader strategy includes concentrating on its core Nordic markets, which may provide more predictable regulatory environments and higher returns on capital.
Investors may therefore see the Malaysian stake as a candidate for divestment if share price, regulatory clarity and overall market conditions align. There remains uncertainty around the exact timing and structure of any potential transaction. Analysts stress that a divestment would likely be driven by price rather than date, with the merger’s integration progress and clarity around national telecom initiatives influencing investor sentiment.
What This Could Mean for the Malaysian Telecom Sector
Should Telenor move forward with a sale of its stake, the impact on the Malaysian telecom landscape could be significant but more muted than recent divestments in other countries. Unlike Telenor’s operational role in Thailand, its involvement in CelcomDigi is perceived as less central to day-to-day network leadership, which could dampen market reaction.
A potential sale might trigger a mandatory general offer for CelcomDigi shares depending on the transaction structure, opening the door for ownership changes among domestic or regional investors. However, CelcomDigi’s management team has become increasingly localised since the merger, which may help maintain operational continuity regardless of shareholder shifts.
Telenor’s Broader Exit from Asian Markets
Telenor’s recent corporate moves underscore a broader retreat from non-core Asian assets. Earlier this month, Telenor completed the sale of its entire stake in Thailand’s True Corporation, marking the company’s full exit from the Thai market after more than two decades. This followed the disposal of its Pakistan operations in late 2025, leaving Malaysia and Bangladesh as Telenor’s remaining major telecommunications interests in the region.
Industry observers say that these divestments reflect Telenor’s strategy to streamline its portfolio, improve returns and focus on markets where it retains stronger competitive and strategic advantages. We will be monitoring this closely, so stay tuned for the official news only at TechNave.com.
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