KUALA LUMPUR: U Mobile Sdn Bhd has inked a memorandum of understanding (MoU) with CIMB Bank Bhd to extend financing support for its upcoming 5G network rollout.
This MoU marks the latest financing partnership between U Mobile and CIMB, of which, in 2021, the bank participated in a RM1.2 billion facility to U Mobile, which was later upsized to RM1.4 billion in 2023.
U Mobile CEO Wong Heang Tuck said CIMB is its long-standing financing partner and shares their commitment to drive innovation and growth within the country’s economy via 5G, in line with the government’s goal of achieving high-income nation status with a focus on digitalisation.
“We believe CIMB’s financial backing will further strengthen U Mobile’s ability to ensure a rapid and cost-efficient second 5G network rollout that will bring benefits to enterprises, consumers and the public sector,” he said in a statement today.
The MoU follows the recent appointment of U Mobile as Malaysia’s second 5G network provider. – Bernama
