U Mobile and CIMB sign MoU in preparation for second 5G network rollout

U Mobile - CIMB MoU - Photo.jpg

Today, U Mobile has signed a new Memorandum of Understanding (MoU) with CIMB Bank Berhad to extend financing support for its upcoming 5G network rollout. This MoU follows the recent appointment of U Mobile as the nation’s second 5G network provider.

During the MoU signing, U Mobile’s Chief Executive Officer, Wong Heang Tuck said he is delighted with the strategic partnership with CIMB. CIMB has been a long-standing financing partner and believes its financial backing will further strengthen the orange telco to ensure a rapid and cost-efficient second 5G network rollout.

At the same time, Chu Kok Wei, CEO of Group Wholesale Banking, CIMB Group said the Bank is pleased to support U Mobile. Apart from supporting financially, CIMB is also ready to offer a holistic range of bespoke products and services apart from financing, extending to diverse areas including investment banking and treasury.

The MoU was signed by Wong Heang Tuck, U Mobile’s CEO, and Chu Kok Wei, CEO of Group Wholesale Banking, CIMB Group, at U Mobile‘s Corporate Offices at Berjaya Times Square. The ceremony was witnessed by Sandy Tsang, U Mobile’s CFO, and Denise Wong, Head of Corporate Coverage Malaysia, Group Wholesale Banking, CIMB Group.

This MoU marks the latest financing partnership between U Mobile and CIMB. In 2021, CIMB participated in a RM1.2 billion facility to U Mobile, which was later upsized to RM1.4 billion in 2023.