Affin–MBSB RM3.8bil funding backs Mawar Setia's U Mobile stake buy

 By Sharen Kaur

Published in NST, February 24, 2026

KUALA LUMPUR: Affin Group and MBSB Bank Bhd have jointly committed RM3.8 billion in a syndicated financing facility to support Mawar Setia Sdn Bhd's acquisition of a controlling stake of more than 50 per cent in U Mobile Sdn Bhd.

Under the arrangement, Affin will provide RM2.4 billion while MBSB Bank will contribute RM1.4 billion. The proceeds will partly fund Mawar Setia's purchase of U Mobile shares from Straits Mobile Investments Pte Ltd.

Mawar Setia was founded by Berjaya Corp Bhd's controlling shareholder Tan Sri Vincent Tan Chee Yioun, together with Tunku Tun Aminah Sultan Ibrahim.

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Tan said Malaysia's next phase of growth will be defined by execution, building digital infrastructure that is reliable, scalable and delivered on time.

"With this acquisition, Mawar Setia is increasing Malaysian participation in a strategic national asset and stepping up our responsibility to support U Mobile's nationwide 5G deployment," Tan said in a statement today.

"Our focus is to strengthen governance and long-term funding support so the management team can accelerate rollout and meet the coverage expectations set for the country's second 5G network.

"We intend to back this with sustained investment discipline and operational focus as U Mobile advances its next stage of development. I am delighted to share that U Mobile has been progressing well and is ahead of the deployment schedule," Tan said.

The acquisition is expected to increase Malaysian ownership in U Mobile by reducing foreign shareholding and strengthening domestic participation in one of the country's key telecom providers as it enters its next growth phase.

U Mobile has been appointed to roll out Malaysia's second nationwide 5G network and is expanding its ULTRA5G infrastructure through technology partnerships with Huawei Technologies Co Ltd and ZTE Corporation. Recent milestones include ULTRA5G coverage at Kuala Lumpur International Airport and the launch of a 24-hour ULTRA5G Tourist eSIM offering 100GB of data.

Datuk Wan Razly Abdullah, president and group chief executive officer (CEO) of Affin Group, said the RM2.4 billion financing strengthens Malaysia's long-term digital infrastructure capacity and supports U Mobile's next phase of growth with deeper domestic participation.

Rafe Haneef, group CEO of MBSB, 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."

Affin Group and MBSB Bank Bhd have jointly committed RM3.8 billion in a syndicated financing facility to support Mawar Setia Sdn Bhd’s acquisition of a controlling stake of more than 50 per cent in U Mobile Sdn Bhd.