Edited by: Sheera Abg Mansor
KUALA LUMPUR: Mobile telecommunications service provider U Mobile Sdn Bhd’s initial public offering (IPO) is on track but dependent on unanimous agreement from all partners.
The statement was retrieved from Berjaya Corp chief executive officer Datuk Seri Robin Tan Yeong Ching as quoted in New Straits Times.
In December 2018, Vincent Tan, who is also Berjaya Corp executive chairman announced plans to list U Mobile on Bursa Malaysia.
Tan, who holds second-largest shareholder with a 21.5 per cent stake in the U Mobile via a private investment company U Telemedia Sdn Bhd also has a 6.2 per cent direct stake in U Mobile as well as 2.01 per cent equity interest via Berjaya Infrastructure Sdn Bhd.
Johor Ruler Sultan Ibrahim Sultan Iskandar holds 15 per cent in U Mobile while Magnum Bhd owns 6.33 per cent.
It was reported that U Mobile expects to turn profitable in 2020 since it started operation in 2007.
Source: New Straits Times