KUALA LUMPUR, Feb 24 — Affin Group and MBSB Bank Bhd have jointly committed RM3.8 billion in a syndicated facility to support Mawar Setia Sdn Bhd’s acquisition of over 50 per cent controlling stake in U Mobile Sdn Bhd.
In a joint statement today, both parties said that under the syndicated arrangement, Affin Group has committed RM2.4 billion, while MBSB Bank has committed RM1.4 billion.
They said the proceeds from the facility will part-finance Mawar Setia’s purchase of shares from Straits Mobile Investments Pte Ltd.
“Mawar Setia is a Malaysian investment holding company founded by Tan Sri Vincent Tan Chee Yioun and Tunku Tun Aminah Sultan Ibrahim.
“The acquisition is expected to increase Malaysian ownership in U Mobile by reducing foreign shareholding and consolidating domestic participation in one of Malaysia’s key mobile and broadband operators, as the company advances its next phase of corporate development,” they said.
Affin Group president and group chief executive officer (GCEO) Datuk Wan Razly Abdullah said the financing strengthens Malaysia’s long-term digital infrastructure capacity and supports U Mobile’s next phase of growth with deeper domestic participation.
“Aligned with the AFFIN Axelerate 2028 (AX28) plan, we will continue to support the advancement of a secure and scalable digital ecosystem for the nation’s future,” he said.
Meanwhile, MBSB Bank GCEO Rafe Haneef said the bank’s RM1.4 billion commitment reflects its focus on transactions that expand digital connectivity, an enabling layer for productivity, competitiveness and inclusion across households, small and medium enterprises, as well as industries.
