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, said Berjaya Corp chief executive officer Datuk Seri Robin Tan Yeong Ching.
"The U Mobile IPO on Bursa Malaysia is still on track but all partners have to agree on that first," he told reporters after the signing of Technical and Vocational Education and Training (TVET) certificate of collaboration with the Education Ministry here today.
Robin was responding to a media query on the business restructuring plans announced by his father Tan Sri Vincent Tan Chee Yioun seven months ago.
In December 2018, Vincent Tan, who is also Berjaya Corp executive chairman announced plans to list U Mobile on Bursa Malaysia.
U Mobile's biggest shareholder is Singapore's Straits Mobile Investments Pte Ltd with 49 per cent stake.
Vincent Tan holds second largest shareholder with a 21.5 per cent stake in the U Mobile via a private investment company U Telemedia Sdn Bhd.
In addition, Vincent Tan, who is the chairman of U Mobile, 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.
U Mobile is Malaysia’s fourth largest mobile cellular service provider, after the big three - Maxis Bhd, DiGi.Com Bhd and Celcom Axiata Bhd.
It was reported that U Mobile expects to turn profitable in 2020 since it started operation in 2007.