U Mobile Sdn Bhd, one of the companies under Berjaya Corp Bhd's stable, is not considering floating its shares now (July 2013). Its chief executive officer Jaffa Sany Ariffin said it is too premature for the telco provider to go public.
The shareholders had decided that perhaps it is wiser (for U Mobile) to remain private at this juncture until it reaches maturity.
Earlier it was reported that Berjaya Corp Bhd and tycoon Tan Sri Vincent Tan are planning to list five firms in 2013 to raise more than RM2 billion. U Mobile is among the five companies.
The controlling shareholder of U Mobile is Tan Sri Vincent Tan Chee Yioun, founder of Berjaya Group. U Mobile is one of three companies privately held by Tan earmarked for listing in 2013 Tan also plans to list the chain of 7-Eleven convenience stores under a company called 7-Eleven Malaysia Bhd and MOL Global Bhd, which has shares in Internet giant Facebook.
Magnum is holding stakes in U-Mobile. It was reported earlier that Magnum plans to hive off its stake in U Mobile Sdn Bhd to focus on its gaming business. Magnum, formerly, Multi-Purpose Holdings Bhd, has a between six and seven per cent stake in U Mobile, a 3G (third generation) mobile operator.
It was also speculating that Tan could be mulling some sort of collaborating and even a backdoor listing for U Mobile via Redtone. Both Redtone and U Mobile have the 2.6GHz 4G long term evolution (LTE) spectrum allocations and active network sharing agreements with Maxis Bhd.
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