Maxis Shares Slip After Reports Of Revived Merger Plans With U Mobile

KUALA LUMPUR, Oct 28 (Bernama) -- Maxis Bhd shares slipped in late trading today following reports of renewed plans for a potential merger with U Mobile Sdn Bhd, which could create the country’s largest wireless operator.

At 4.30 pm, Maxis shares fell 16 sen, or 4.38 per cent, to RM3.49, with 3.98 million shares traded.

According to reports, both telecommunication companies are reviving plans to combine the companies in a deal that could create the country’s biggest wireless operator by market value, people with knowledge of the matter said.

The report said Maxis is moving a step closer to a merger by asking a select group of banks and law firms to submit proposals.

“The potential transaction is gaining traction as both sides are showing more willingness to negotiate,” the report said.

In 2024, Maxis had an early discussion on consideration of buying out U Mobile, reports said.

-- BERNAMA