Affin, MBSB Bank commit to RM3.8 billion in syndicated facility

PETALING JAYA (Feb 24): AFFIN Group and MBSB Bank Berhad (MBSB Bank) 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.

Under the syndicated arrangement, AFFIN Group has committed RM2.4 billion, while MBSB Bank has committed RM1.4 billion. Proceeds from the facility will part-finance Mawar Setiaís purchase of shares from Straits Mobile Investments Pte Ltd.

Mawar Setia is a Malaysian investment holding company founded by Tan Sri Dato Seri Vincent Tan Chee Yioun and YAM 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.

U Mobile has been appointed to deploy Malaysia’s second nationwide 5G network and continues to expand its ULTRA5G infrastructure through strategic technology partnerships with Huawei Technologies Co Ltd and ZTE Corporation of China.

Recent milestones include delivering ULTRA5G coverage at Kuala Lumpur International Airport and launching a 24-hour ULTRA5G Tourist eSIM offering 100GB of data, reflecting continued progress in its network rollout.

Datuk Wan Razly Abdullah, President & Group Chief Executive Officer of AFFIN Group, said: “We are pleased to participate as the largest financier in this syndicated facility, with a RM2.4 billion commitment.

“This 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, anchored on Unrivalled Customer Service, Digital Leadership, and Responsible Banking with Impact, we will continue to support the advancement of a secure and scalable digital ecosystem for the nation’s future.”

Rafe Haneef, Group Chief Executive Officer of MBSB Berhad, said: “This financing supports a change in control at a pivotal point in U Mobile’s trajectory and Malaysia’s digital ambitions.

“MBSB’s RM1.4 billion commitment reflects our focus on transactions that expand digital connectivity, an enabling layer for productivity, competitiveness and inclusion across households, SMEs and industries.”

The transaction underscores the continued role of AFFIN Group and MBSB Bank in supporting strategic sectors through disciplined structuring and prudent capital allocation, contributing to sustainable corporate development and long-term economic progress.