ST Telemedia says its wholly-owned subsidiary, Straits Mobile Investments, has entered a conditional share purchase agreement with Mawar Setia.
Under the agreement, Mawar Setia will acquire a majority stake in ST Telemedia’s subsidiary, U Mobile, a mobile and broadband service provider in Malaysia.
Upon completion, ST Telemedia will hold a minority stake of approximately 20% in U Mobile, and U Mobile will cease to be a subsidiary of the group.
Additionally, a supplemental letter agreement to the existing shareholders’ agreement in respect of U Mobile will be entered into between the parties.
The proposed transaction is expected to be completed by the third quarter of 2025.
