Digital Nasional Berhad (DNB) has completed a RM5.2 billion Syndicated Islamic Term Financing exercise, one of the largest syndicated loan facilities ever arranged for an unlisted company in Malaysia, as the state-backed 5G operator enters its second growth phase.

Maybank Investment Bank acted as Mandated Lead Arranger, Bookrunner and Coordinating Arranger on the deal. AmInvestment Bank, CIMB Islamic Bank, RHB Islamic Bank and United Overseas Bank Malaysia served as Joint Mandated Lead Arrangers, with AmInvestment Bank also acting as financial adviser to DNB.

The facility will refinance DNB's Government Guarantee Revolving Credit Facility (GGRCF), which expired on 29 September 2026. According to the operator, the new structure should also reduce the need for additional equity funding from its mobile network operator shareholders under current regulatory commitments.

What does the financing change for DNB's ownership?

The financing clears the way for a significant shift in DNB's shareholding. The Ministry of Finance's investment arm, MOF Inc, will exit as an ordinary shareholder, while CelcomDigi, Maxis and YTL are expected to hold equal stakes in the company. The transition should complete in early Q4 2026.

MOF Inc will not disappear entirely. It retains a special share in DNB, which the company says will safeguard national interests and ensure continued stewardship over key strategic matters. Once the share transfer closes, the mobile operator shareholders will take a greater role in jointly steering DNB's strategic and operational priorities.

CelcomDigi, in a separate statement, said it would contribute its scale, nationwide network assets and more than 30 years of telecommunications experience to support DNB — including leveraging existing infrastructure, sites and capabilities to drive cost efficiencies, support coverage expansion and accelerate indoor 5G deployment.

How much spectrum does DNB now control?

Alongside the financing, DNB secured long-term spectrum certainty. The Malaysian Communications and Multimedia Commission (MCMC) has converted DNB's entire 240MHz spectrum holding from Apparatus Assignment into a Spectrum Assignment running for 15 years, effective 1 October 2026.

The assignment includes the full 100MHz F0 block in the 3.3GHz to 3.4GHz band, giving DNB 200MHz of contiguous mid-band spectrum across 3.3GHz to 3.5GHz. The company also holds two 20MHz blocks of low-band spectrum at 703–723MHz and 758–778MHz.

DNB said the holdings will support higher network capacity and efficiency, as well as technologies including Massive MIMO, carrier aggregation, 5G Advanced and AI-driven network capabilities. The contiguous mid-band block, it argues, provides a stronger foundation to modernise the network, expand indoor building solutions, enhance coverage and maximise spectrum utilisation.

What did the CEO say?

DNB CEO Datuk Azman Ismail framed the financing as validation of the company's standalone viability.

"The successful completion of this RM5.2 billion financing exercise marks a significant milestone for DNB and reflects strong confidence in our business fundamentals, operational track record and long-term role in Malaysia's digital economy," he said. "This financing provides DNB with a sustainable platform to operate on its own, continue investing in network enhancement and capacity expansion, and leverage our expanded spectrum assets."

He added: "As Malaysia progresses under the dual network framework, DNB remains committed to providing world-class digital infrastructure that supports our shareholders, customers, enterprises and government agencies. With strong financing, enhanced spectrum resources and a proven nationwide 5G platform, DNB is well positioned to support the Government's AI Nation aspirations and help power Malaysia's next phase of digital growth."

The reference to the dual network framework matters commercially: DNB no longer operates Malaysia's single national 5G network alone, and the financing plus spectrum certainty position it to compete under the two-wholesaler model now governing the market.

With the share transfer to CelcomDigi, Maxis and YTL expected in early Q4 2026 and the new spectrum assignment taking effect from 1 October 2026, DNB enters the final quarter of the year with its funding, spectrum and ownership questions all settled.