Singapore-based company Straits Mobile Investment has reduced its share ownership in U Mobile to 20%

Previously, we reported that U Mobile will reduce the number of foreign shareholders after being chosen to develop Malaysia’s second 5G network. Accordingly, U Mobile today announced that Straits Mobile Investment Pte Ltd, a wholly owned unit of Singapore-based ST Telemedia has reduced its ownership in the company. 

In a press release, U Mobile said that Straits Mobile Investment Pte Ltd has agreed to the strategic alignment of its shareholding ownership in U Mobile from 49 per cent to 20 per cent. With this, the Malaysian ownership of the telco network has increased. 

Moreover, U Mobile asserted that it is ready to spearhead the second 5G network in line with national priorities by strengthening local engagements and participation in critical telecommunication infrastructure. The company is also confident that the second 5G network will translate into better and more affordable services to the public through healthy and sustained competition. 

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