The Quiet Giant Behind CelcomDigi: Why Telenor’s Next Move Matters More Than You Think

So, Telenor.

The name sounds like a mid-tier Viking metal band, but it’s actually a giant telecom player that quietly sits behind a lot of the phone calls, data, and connectivity people use every single day.

And yes, you should care—especially if you’re in Malaysia or anywhere in Asia watching the telco chessboard move around.

Let’s unpack this drama,

First things first: Who is Telenor?

Telenor is a Norwegian telecommunications group that’s been operating around the world for decades, especially in Europe and Asia.

Think of them as one of those big, slightly serious aunties of the telco world: not super flashy, but powerful, loaded, and very strategic about where they show up.

They’re originally rooted in the Nordic region (Norway and its neighbors), which is still their core playground.

Outside of that, they’ve spent years building and investing in mobile networks in multiple Asian countries—Thailand, Pakistan, Bangladesh, Malaysia, and more.

Right now, in Asia, their footprint has shrunk down to basically two big bets:

• Malaysia – via their 33.1 per cent stake in CelcomDigi
• Bangladesh – where they own 55.8 per cent of Grameenphone, a major mobile operator there.

And that shrinking is not accidental.

It’s strategy. Very “it’s not you, it’s my portfolio rebalancing.”

But Wait, what’s happening in Malaysia?

Here’s the juicy bit for you if you’re in Malaysia, or just love corporate drama from afar.

Telenor owns a chunky 33.1 per cent of CelcomDigi Bhd, one of the biggest telcos in the country.

That’s more than 3.88 billion shares, valued at around US$3.05 billion as of late 2025!

They don’t own it alone, by the way.

Axiata Group also holds an equal 33.1 per cent stake, while EPF and PNB sit there with 10.9 and 7.01 per cent respectively—yes, that’s your retirement money and national investment funds in the mix.

Analysts are saying Telenor could eventually sell its stake in CelcomDigi around 2027–2028, once the Celcom–Digi merger integration is mostly done and the company is showing off all its synergy gains (aka “look how efficient and profitable we’ve become, please pay a premium for us”).

In other words:

• They’re not panic-dumping.
• They’re likely waiting for the “glow up” phase to finish first.

The Big Mood: Telenor’s “Nordic first” strategy

Here’s the core of Telenor’s current vibe: simplify, streamline, and double down on home turf.

A CIMB analyst points out that Telenor has been clear for a while—they want a simpler corporate structure and more focus on their Nordic markets.

Asia, in this new era, is less “soulmate” and more “investment portfolio.”

Still important, but not the main character.

Recent receipts:

• They exited Thailand, selling a 30.3 per cent stake in True Corporation for about US$3.9 billion after more than 25 years in that market.
• They also sold off their Pakistan operations at the end of 2025.

After those exits, they’re now down to just Malaysia and Bangladesh in Asia.

This is like that phase where you unfollow 800 random accounts and keep just your close friends and your favorite meme page.

Streamlined, focused, slightly ruthless.

Why should *you* care? (Yes, you.)

Okay, so they’re a big telco investor and they might sell stuff.

Why should you, an emotionally exhausted human just trying to load Instagram Reels at 2am, care?

Let’s break it down.

1. Your mobile experience is not just “vibes”

If you’re a CelcomDigi user, Telenor’s decisions sit in the background of your daily life: your call quality, your data plans, your coverage when you’re lost in some kampung or stuck in a mall basement.

Telenor brings global know-how, systems, and strategic influence to CelcomDigi—even as a minority shareholder, they still have significant say in management and strategy.

If they leave, the ownership mix changes, which can influence how aggressive CelcomDigi is in pricing, investing in networks, or rolling out new services.

Will your line suddenly die if they sell? No.

Could the long-term direction of the company change? Yep.

2. Your money might be indirectly involved

Remember EPF and PNB holding stakes in CelcomDigi?

That means a piece of this game is tied to retirement savings and national wealth.

If a big player like Telenor exits, it could trigger things like:

• A mandatory general offer (someone buying their block might have to offer to buy from everyone else too).
• A re-rating of the stock price, either up or down, depending on how the deal is priced.

One analyst notes that if Telenor sells at an attractive valuation, it could actually support or even lift CelcomDigi’s share price.

On the flip side, markets can get jumpy—news of exits in other markets has previously hit share prices hard, though in this case, they don’t expect the same level of chaos.

So if you invest, or want to start, this matters.

If you don’t invest yet… consider this your soft intro to “stocks are not just for old uncles.”

3. Less “Asia as core market”, more “Asia as investment”

A fund manager from Tradeview Capital basically says: look, Telenor’s moves in Thailand and Pakistan show a pattern—monetising operations outside the Nordic region to unlock shareholder value.

Malaysia, in their eyes, sits in that same “non-core” bucket.

They see CelcomDigi as a financial investment, not a deeply strategic, never-let-go market.

So, this means that:

• They’ll stay as long as the numbers make sense.
• They’ll exit if the right deal comes along.

There’s also this fun extra layer: CelcomDigi’s exposure to Digital Nasional Bhd (DNB) and all the regulatory and financial uncertainty around it.

One of the conditions for a “good exit environment” is more clarity and less stress on that front—because nobody wants to pay top dollar for a company tangled in messy obligations.

The “Why now?” factor

Telenor isn’t rage-quitting. This is timing and optimization.

The Celcom–Digi merger integration is expected to be largely done by the first half of 2027.

That’s when the company’s earnings and valuation should better reflect all the merger synergies.

Analysts see 2027–2028 as a logical “exit window” where Telenor could cash out, if the price is right.

So if you hear headlines like “Telenor might sell CelcomDigi stake,” don’t read it as instant doom.

Read it as “one of the big shareholders may eventually reshuffle their portfolio once the company finishes levelling up.”

So what do you do with this?

No, you don’t have to become a full-time telco analyst. But here are a few scenarios of where this can actually be useful to you:

• If you’re a CelcomDigi customer: just be aware that ownership shifts can shape long-term strategy, but your service won’t vanish overnight.
• If you’re an investor (or aspiring one): this is a real-world example of how big institutional shareholders behave, how exits are timed, and how “non-core markets” are treated. [nst.com](https://www.nst.com.my/business/corporate/2026/01/1365312/analyst-telenor-could-sell-celcomdigi-stake-2027)
• If you’re just curious about power and money: Telenor is a great case study in how large companies quietly reshape regions without most people noticing until the headline drops.

And honestly, caring about this stuff is a kind of superpower.

Most people scroll past these business articles like “not my problem”, while the decisions inside them quietly shape prices, jobs, infrastructure, and, yes, your mobile data at that one traffic light that NEVER has signal.