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DNB terminates share subscription agreement with TM | Scoop

Telekom Malaysia (TM) 4 — DNB has called off its SSA with Telekom Malaysia Bhd which was signed on December 1, 2023. – Azim Rahman/Scoop file pic, August 23, 2024

DNB terminates share subscription agreement with TM

This follows the former’s rejection of telecommunications company’s request to extend time beyind Aug 21 in addresing matters related to EGM

Updated 23 August, 2024

23 August, 2024

9:38 PM MYT

KUALA LUMPUR – Telekom Malaysia Bhd (TM) has received a termination notice from Digital Nasional Bhd (DNB) today for the share subscription agreement (SSA) signed on December 1, 2023.

This is following the non-acceptance of TM’s request and appeal for an extension of the conditions precedent longstop date for it to obtain shareholders’ approval at an extraordinary general meeting (EGM) due to the SSA being a related party transaction, TM said in a statement to Bursa Malaysia today.

The telecommunications company said it requires additional time beyond August 21, 2024, to address matters related to the EGM.

“This turn of events does not affect TM’s current 5G offerings to the customers as its 5G wholesale service subscription from DNB remains in place.

“The group is committed to providing high-quality converged digital offerings across various segments of its customers,” it added.

As the leading fibre infrastructure provider in Malaysia, TM will continue to play a key role in supporting the nation’s 5G ecosystem and transition to the 5G dual network, ensuring that the nation benefits from the latest advancements in connectivity and digital services, it said. – August 23, 2024

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