U Mobile has announced that Mawar Setia Sdn. Bhd. now holds more than 50% shareholding in the company. This follows the completion of a Share Purchase Agreement with Singapore Technologies Telemedia Pte Ltd (STT).
According to the telco, this marks a shift towards greater Malaysian ownership and strengthens domestic participation as it enters its next phase of corporate development.
Mawar Setia is a Malaysian investment holding company founded by Tan Sri Dato’ Seri Vincent Tan Chee Yioun and YAM Tunku Tun Aminah Binti Sultan Ibrahim Ismail.
Alongside the ownership change, U Mobile has announced that YAM Tunku Tun Aminah Binti Sultan Ibrahim Ismail has been appointed Chairman effective 13 March 2026. She succeeds Tan Sri Dato’ Seri Vincent Tan Chee Yioun, who stepped down as Chairman on 12 March 2026 and he will now serve as Founder and Advisor to the Board.
Commenting on the changes, Tan Sri Dato’ Seri Vincent Tan said, “The latest changes in the U Mobile boardroom reflect the Company’s commitment to building digital infrastructure that is reliable, scalable and delivered on time. 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.”
He added, “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 deployment schedule.”
The latest development follows earlier announcements made in December 2024 that Singapore Technologies Telemedia (STT) would divest its stake in U Mobile to Mawar Setia. At the time, Straits Mobile Investments Pte Ltd was the U Mobile’s single largest shareholder at 48.26%.
The financing for the acquisition was supported by Affin Bank and MBSB Bank. Both banks jointly committed RM3.8 billion to fund Mawar Setia’s purchase of a controlling stake in U Mobile. Affin Group committed RM2.4 billion while MBSB Bank has committed RM1.4 billion.
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