KUALA LUMPUR, Nov 10 — U Mobile chairman Tan Sri Vincent Tan today highlighted the telco’s ongoing dedication to affordable, innovative services, underscoring its Malaysian-led ownership and active investment in the local digital economy and addressed recent concerns surrounding the company’s ownership and involvement in the government’s second 5G network initiative.

"U Mobile, founded over 17 years ago as an innovation-led telco to challenge industry giants, has proven its success,” said Tan in a statement published in financial newspaper Business Today.

"We have achieved 95 per cent network coverage across Malaysia, reaching nine million subscribers and employing over 1,000 Malaysians.”

Tan noted that U Mobile operates with a significant record of accomplishment, highlighting its RM3.5 billion revenue in 2023, a net profit of RM102 million, and total assets valued at RM6.2 billion.

"With over RM5 billion invested from the private sector, we’ve built more than 10,000 network sites, offering competitive services 20–25 per cent cheaper than rivals, all while funding our own growth,” he said.

Emphasising U Mobile’s local control, Tan also addressed concerns over foreign shareholding.

"Foreign ownership is common among telcos worldwide. Today, U Mobile’s foreign shareholding is only 20 per cent, significantly less than competitors like CelcomDigi, which has approximately 33 per cent foreign ownership.”

Tan also defended the involvement of Malaysian royalty, stating, "Since 2015, His Majesty the Sultan of Johor has been a shareholder. As we encourage open public discourse, we urge that any comments involving His Majesty be made responsibly and based on facts, not unsubstantiated claims.”

Reflecting on Malaysia’s 5G rollout, Tan highlighted U Mobile’s role in developing the nation’s second 5G network, following the government’s decision to end Digital Nasional Berhad’s (DNB) monopoly.

"While telcos initially proposed to fund 5G development privately, the Muhyiddin administration opted for a monopolistic model funded by taxpayers, putting RM16.5 billion at risk. In contrast, U Mobile will fully fund this second network without taxpayer money,” he said referring to former prime minister Tan Sri Muhyiddin Yassin.

He applauded the government’s recent decision and said: "Competition between two networks will ensure affordability, connectivity, and resilience in Malaysia’s digital landscape.”

Tan reaffirmed U Mobile’s commitment to Malaysia saying the telco would continue to offer affordable 5G access to all Malaysians, including services at no additional cost.

Last Thursday, Communication Minister Fahmi Fadzil said U Mobile was chosen as Malaysia’s second 5G network provider via an open tender process and not a direct award.

He said that the Malaysian Communications and Multimedia Commission (MCMC) had conducted an appropriate evaluation of the telecommunication company.