How does Bursa Main Market Listing Requirements shape Maxis’ decision?

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Bursa Main Market Listing Requirements Mandate Shareholder Approval for Maxis's 5G Access Agreement with DNB

Maxis Bhd's board of directors is pursuing shareholder approval for its 5G access agreement with Digital Nasional Bhd (DNB) primarily due to the requirements outlined in paragraph 10.07 of the Bursa Main Market Listing Requirements. This regulatory framework, alongside Section 223 of the Companies Act 2016, necessitates such a step because of the agreement's significant nature and the substantial commitment it represents for the company. The company anticipates completing this approval process by January 2023, after which it aims to commercially launch its 5G services.
Compliance with Listing Requirements

The decision to seek shareholder approval is directly driven by paragraph 10.07 of the Bursa Main Market Listing Requirements, which governs transactions of a substantial nature. Maxis's board, after consulting professional advice, determined that the 5G access agreement with DNB falls under these stipulations due to the scale of the undertaking. This ensures transparency and adherence to corporate governance standards expected by listed entities.
Substantial Undertaking and Governance Assessment

Maxis views the 5G access agreement as a "substantial undertaking," a key factor in triggering the need for shareholder consent under the Bursa Main Market Listing Requirements. The board has thoroughly assessed the governance implications, concluding that obtaining shareholder approval is mandatory to proceed with this significant agreement. This reflects a commitment to robust corporate governance practices.
Timeline for Approval and Launch

Maxis has set a target to finalise the shareholder approval process by January 2023. Following the successful completion of this procedural step, the company plans to commercially introduce its 5G-related products and services shortly thereafter. This timeline indicates Maxis's readiness to integrate DNB's network into its offerings and bring 5G capabilities to its customer base.
Commitment to National Digital Ambitions

Beyond regulatory compliance, Maxis has expressed its commitment to supporting the government's digital ambitions through its participation in DNB's network. The company aims to play an active and leading role in the national 5G rollout, leveraging the agreement to deliver advanced 5G services and converged solutions to its customers. This strategic alignment underscores the importance of the DNB agreement to Maxis's future service development.

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How does Bursa Main Market Listing Requirements shape Maxis’ decision?

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