Singapore's Telemedia to sell majority stake in U Mobile of Malaysia

Straits Mobile to hold a 20% stake in the telco once the deal is completed

U Mobile will cease to be an ST Telemedia subsidiary following the completion of the deal with Mawar Setia. © Reuters

December 5, 2024 21:26 JST

(Reuters) -- Singapore Technologies Telemedia on Wednesday said Malaysia's Mawar Setia will acquire a majority stake in the company's U Mobile unit, a mobile and broadband service provider in Malaysia.

Under a conditional share purchase deal, Mawar Setia will acquire the stake in U Mobile from Straits Mobile Investments, a unit of ST Telemedia, the Singapore-based company said in a statement.