U Mobile has signed a Memorandum of Understanding (MoU) with CIMB Bank Berhad (CIMB) to secure financing support for its upcoming 5G network rollout. This MoU follows the recent appointment of U Mobile as the nation’s second 5G network provider.
“U Mobile is delighted with the strategic partnership with CIMB for our 5G network rollout. CIMB is our long-standing financing partner and shares our commitment to drive innovation and growth within the country’s economy through 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,” said U Mobile’s Chief Executive Officer, Wong Heang Tuck.
Chu Kok Wei, CEO of Group Wholesale Banking, CIMB Group, said, “In line with our shared goal of nation-building, CIMB is pleased to support U Mobile in its efforts to connect Malaysians and spur digital innovation through the power of 5G. CIMB is also ready to offer a holistic range of bespoke products and services beyond financing, extending to diverse areas including investment banking and treasury that will spark further innovation and accelerate growth both for U Mobile and Malaysia.”
The MoU was signed by Wong Heang Tuck, U Mobile’s CEO, and Chu Kok Wei, CEO of Group Wholesale Banking, CIMB Group, at U Mobile’s Corporate Offices at Berjaya Times Square. The ceremony was witnessed by Sandy Tsang, U Mobile’s CFO, and Denise Wong, Head of Corporate Coverage Malaysia, Group Wholesale Banking, CIMB Group.
This MoU marks the latest financing partnership between U Mobile and CIMB. In 2021, CIMB participated in a RM1.2 billion facility to U Mobile, which was later increased to RM1.4 billion in 2023.
