“Government policy is that domestic MNOs will get priority. However, if there is a balance of outstanding shares to be subscribed, the government will not reject the possibility of offering DNB shares to foreign MNOs,” he told Bernama.

“The option to offer equity holdings to foreign MNOs remains as they have expressed their interest in contributing to developing the domestic 5G network.”

Tengku Zafrul also said that Telekom Malaysia Bhd (TM) and YTL Communications Sdn Bhd (YES) have obtained the approval from their board members and were ready to sign an agreement to subscribe to DNB shares for the 5G rollout in Malaysia.

Digi.com Bhd and Celcom Axiata Bhd, meanwhile, still needed the approval of their board members to decide whether to increase their equity stake in DNB, he said.

It was previously reported that Maxis and U Mobile had declined the offer to take stakes in DNB.

The finance ministry will hold a 30% share in DNB, a reduction from the earlier 100% stake.

When asked whether the remaining 70% will be divided among the remaining MNOs, Zafrul said it was still being considered.

“We are considering whether it will be divided among the four MNOs, or for the remaining shares to be held by the government, but not at the level of a majority shareholding in DNB.”