Malaysian 5G Network Owner Scraps Stake Sale to Telekom Malaysia

Malaysia’s sole 5G network owner Digital Nasional Bhd. said it terminated a proposed 233 million ringgit ($53.3 million) stake sale to Telekom Malaysia Bhd. after the latter failed to meet necessary conditions to finalize the deal.

In a statement late Friday, DNB said that Telekom Malaysia was unable to obtain shareholder approval for the deal by the stipulated deadline on Aug. 21, and had sought an extension until Dec. 31. DNB said it decided not to extend the deadline, and terminated the deal on Aug. 23.