Maxis Integrated Annual Report 2023

INTEGRATED ANNUAL REPORT 2023
INSIDE THIS REPORT

BASIS OF THIS REPORT 1 FINANCIAL STATEMENTS 6
WE ARE MAXIS 1 Financial Statements 100
Maxis at a Glance - 2023 2 OTHER INFORMATION 7

Corporate Information 3
Group Corporate Structure 3 Size of Shareholdings & Category of Shareholders 216
Directors’ & Chief Executive Officer’s
Interests In Shares 217
LEADERSHIP STATEMENTS 2
30 Largest Shareholders 218
Chairman’s Statement 4 Information on Substantial Shareholders 220
Chief Executive Officer’s Statement 6 List of Properties Held 222
Financial Review 8 Additional Disclosures 224
Five-Year Financial Highlights 11 Material Contracts 226
Disclosure of Recurrent Related Party Transactions 228
HOW WE CREATE VALUE 3 GRI Content Index 232
Glossary 236
Our Strategic Priorities 13
Notice of Annual General Meeting 237
Our Value Creation Model 14
• Proxy Form
Our Operating Context 17
Engaging with Our Stakeholders 20
Our Top Material Matters 22 We strive to enable individuals, families,
Risks and Opportunities 25 businesses and communities to stay ahead
by connecting lives via our seamless
OUR VALUE CREATION OUTCOME 4
connectivity, contributing in building the
Driving Business Excellence future. Our Mobile, Fibre and Enterprise
Mobile 29 offerings are tailored to suit their unique
Fibre 33 lifestyle and workplace needs.
Enterprise 35
As a responsible corporate citizen, we continue to integrate
Delivering Sustainable Value sustainability into our business, creating meaningful impact
Our Approach to Sustainability 37 towards people and the planet. Our aim is to be digitally
Environmental 38 inclusive and help our customers and communities thrive
Social 42 in a digital world, use innovative technology to address
Governance 54 environmental and social challenges, and be the trusted
Sustainability Performance Data 60 partner that everyone wants to work with. At Maxis, we
recognise that our people are our most valuable asset.
Our highly engaged and empowered workforce continues
EMBEDDING TRUST 5
to push boundaries and raise standards while serving our
Board at a Glance 62 customers, communities and the nation.
Directors’ Profiles 64
As we enter into our next phase of growth, we continue
Maxis Management Team 69 to embody the spirit of excellence, resilience and agility
Corporate Governance Overview Statement 72 in building a digital Malaysia. Together, we will create a
Statement of the Nomination and Remuneration more sustainable future for all, and become the leading
Committee 82 integrated telco in Malaysia.
Audit and Risk Committee Report 87
Statement on Risk Management and
Internal Control 92
Our report can also be downloaded as a PDF file or viewed as
Directors’ Responsibility Statement 99
an interactive version at https://maxis.listedcompany.com/ar23/
WE ARE MAXIS INTEGRATED ANNUAL REPORT 2023
BASIS OF THIS REPORT
Welcome to Maxis Berhad’s (Maxis) Integrated Annual Report (IAR) 2023. This report outlines our efforts in creating value for
our business and stakeholders through the efficient management of our Six Capitals and deployment of key resources during
the year. Our end goal is to create sustainable and impactful outcomes that aid our value creation journey.
This IAR was prepared with reference to the International Integrated Reporting Council’s (IIRC) Integrated Reporting <IR>
Framework (January 2021) and communicates the information that our key stakeholders require to make an informed
assessment of our performance and future prospects. We strive for full transparency and accountability in all our
communications with our stakeholders.
SCOPE AND BOUNDARIES APPROVAL BY THE BOARD

The report covers Maxis’ financial period from 1 January 2023 The Board acknowledges its responsibility for the integrity of Maxis’
to 31 December 2023. It includes information pertaining to both IAR through good governance practices and internal reporting
our financial and non-financial performance and the internal procedures. The Board has oversight of and approved the IAR on
and external factors that influenced it. The report covers all 1 April 2024. This report and our financial statements are dated
business operations of Maxis, including our subsidiaries, and our 11 March 2024, except for sections where the information is specified
sustainability initiatives, which are embedded throughout the as of 31 December 2023.
report.
FORWARD-LOOKING STATEMENTS
REPORTING FRAMEWORKS This IAR contains forward-looking statements that involve known
• IIRC’s International <IR> Framework and unknown risks, uncertainties and other factors which may cause
• Bursa Malaysia Securities Berhad's Main Market Listing future performance, outcomes and results to differ materially from
Requirements (MMLR) those expressed or implied in such forward-looking statements. Such
• Bursa Malaysia's Sustainability Reporting Guide (3rd edition) forward-looking statements are based on numerous assumptions and
• United Nations Sustainable Development Goals (UN SDGs) reflect Maxis’ current views with respect to future events and are not
• Malaysian Code on Corporate Governance a guarantee of future performance. Readers should not place undue
• Companies Act 2016 reliance upon such forward-looking statements as they are not an
• Global Reporting Initiative (GRI) Standards 2021 implicit or explicit guarantee of our future performance.
• Malaysian Financial Reporting Standards (MFRS)
• International Financial Reporting Standards (IFRS) FEEDBACK
• Task Force on Climate-related Financial Disclosures (TCFD) We welcome your feedback on our report, which is available to all
stakeholders on the website: www.maxis.com.my
MATERIALITY
We have developed a strategic plan which takes into account For further information and feedback, please contact Investor
the material matters that affect our business, as well as the Relations at its email: ir@maxis.com.my
risks and opportunities we have identified. Our report provides
information on matters that could significantly affect our ability NAVIGATION
to create value over the short, medium and long term, as well as Our Strategy
our outlook, and how we are addressing these matters through Maxis’ strategic priorities are designed to grow our core businesses
our various strategies. - Mobile, Fibre and Enterprise and enhance customer experiences
through personalised and innovative solutions. We also believe
ALIGNING OUR SUSTAINABILITY TO THE UN SDGs in fostering a culture of excellence and operational efficiency
In our commitment to sustainability, we mapped our throughout the organisation.
sustainability efforts to the UN SDGs to support the sustainable
development agenda and generate positive value for our
Mobile Fibre Enterprise
business, the environment and our stakeholders. At Maxis, we
seamlessly integrate our sustainability initiatives to provide
stakeholders with a holistic understanding of our performance 6 Capitals
and impacts. This entails connecting our initiatives to specific UN Financial Manufactured Intellectual
SDGs and demonstrating how sustainability is embedded into Capital Capital Capital
our business strategy and value creation process.
Human Social & Relationship Natural
Capital Capital Capital
Material Matters
M1 Data Privacy & Protection M9 Employee Development
M2 Network Quality & Coverage Equal Opportunity Workforce &
M10
Customer Experience & Employment
M3
Satisfaction M11 Occupational Health & Safety
M4 Sustainable Business Growth M12 Supply Chain Management
ASSURANCE M5 Crisis Management & Response M13 Climate Change

Our financial statements were prepared and assured in M6 Regulatory Compliance M14 Environmental Management
accordance with the MFRS, IFRS and Companies Act 2016.
M7 Ethical Business Practice M15 Community Development
Please refer to pages 106 to 215 for the audited financial
statements and our independent auditor’s report. Selected non- M8 Digital Inclusion & Innovation
financial indicators were subjected to internal auditors' review. Cross References
Tells you where you can find more information online at www.maxis.com.my
Tells you where you can find more information within the report
1
WE ARE MAXIS
MAXIS AT A GLANCE - 2023
FINANCIAL HIGHLIGHTS
Total Revenue Service Revenue CAPEX Investment
RM10.18 RM8.57 RM813

billion billion million
+4.0% YoY +2.8% YoY 9.5% of Service Revenue
EBITDA Adjusted EBIT Dividend Per Share
RM3.96 RM2.28 16
billion billion sen
+0.8% YoY +3.3% YoY
OPERATIONAL HIGHLIGHTS
>13 million 95% >22,000 km

customers 4G population coverage fibre footprint
1 4.9 million Postpaid subscribers

2 7.6 million Prepaid subscribers >11,000 +68
network sites TP-NPS
3 >840,000 homes and businesses
connected to fibre & WBB
SUSTAINABILITY HIGHLIGHTS
SUSTAINABILITY SCORES MAXIS eKelas® 49,879

e-waste items recycled
1 FTSE4Good: 2.4 1 2,861 schools
+31.0% YoY
2 MSCI: AA ESG rating
2 99,216 students
3 Sustainalytics: 25.1 (Medium risk)
+35.9% YoY
2
WE ARE MAXIS INTEGRATED ANNUAL REPORT 2023
CORPORATE INFORMATION
Registered Office Company Secretary

Board of Directors Maxis Berhad Dipak Kaur
[Registration No. 200901024473 (867573-A)] SSM PC No. 201908002620
TAN SRI MOKHZANI BIN MAHATHIR Level 21, Menara Maxis LS 5204
Chairman / Non-Executive Director Kuala Lumpur City Centre
Off Jalan Ampang Head of Internal Assurance
DATO’ HAMIDAH NAZIADIN 50088 Kuala Lumpur Shafik Azlee bin Mashar
Independent Non-Executive Director Malaysia
Tel : + 603 2330 7000 Head of Integrity and
ALVIN MICHAEL HEW THAI KHEAM Fax : + 603 2726 8946 Governance Unit
Senior Independent Non-Executive Director Email : enquiries@maxis.com.my Nurirdzuana binti Ismail
Website : www.maxis.com.my
UTHAYA KUMAR A/L K VIVEKANANDA
Independent Non-Executive Director
Share Registrar
OOI HUEY TYNG
Boardroom Share Registrars Sdn. Bhd.
Independent Non-Executive Director [Registration No. 199601006647 (378993-D)]
11th Floor, Menara Symphony
ONG CHU JIN ADRIAN No. 5, Jalan Prof. Khoo Kay Kim
Independent Non-Executive Director Seksyen 13
46200 Petaling Jaya
MAZEN AHMED M. ALJUBEIR Selangor Darul Ehsan
Non-Executive Director Malaysia
Tel : + 603 7890 4700
MOHAMMED ABDULLAH K. ALHARBI Fax : + 603 7890 4670
Non-Executive Director Email : bsr.helpdesk@boardroomlimited.com
Website : www.boardroomlimited.com
ABDULAZIZ ABDULLAH M. ALGHAMDI
Non-Executive Director
LIM GHEE KEONG

GROUP CORPORATE STRUCTURE

as at 11 March 2024
Maxis Berhad Group of Companies
100% 100% 100% 100% 100% 100%
Maxis Broadband Maxis Collections Maxis Mobile Maxis Mobile Maxis Advanced
Sdn. Bhd. Sdn. Bhd. Sdn. Bhd. Services International Wireless
Sdn. Bhd. Sdn. Bhd. Technologies
Sdn. Bhd.
Enterprise Managed UMTS (Malaysia) Sdn. Bhd. 100%

100%
Services Sdn. Bhd.
GuruLab Sdn. Bhd. 59%
ComeBy Sdn. Bhd. 56%
3
LEADERSHIP STATEMENTS
CHAIRMAN’S STATEMENT
FOCUS ON THE ESSENTIALS

LEVERAGE ON OUR CORE
COMPETENCIES IN CONNECTIVITY
TO DELIVER ENDURING VALUE TO
OUR STAKEHOLDERS
DEAR STAKEHOLDERS,
In 2023, we faced several macroeconomic challenges, such as inflation affecting operational

costs and high interest rates. Malaysia’s growth slowed, weighed down by weak global demand
and high global interest rates. We had to navigate the fast-changing telecommunications sector
landscape, which included regulatory changes to the 5G network model and service pricing, a
mobile market that is near saturation, shifts in consumers’ needs, as well as the consolidation of
key players.
Total Dividend Payout In response to these challenges posed by the uncertain and volatile operating landscape, we have
RM1.25
gone back to basics and strengthened our core competencies in connectivity. This realignment is
essential to achieve our goals and remain at the forefront as Malaysia’s leading integrated telco.
billion The Board has declared a total dividend of 16 sen per share with a total payout of RM1.25 billion
for the financial year ended 31 December 2023. Whilst we are encouraged by our management’s
performance, we have taken a prudent stance to reduce the dividend per share from 20 sen per
share in 2022 given the aforementioned challenges. This is to ensure that Maxis continues to be
resilient and consistent in delivering value to our stakeholders in the short- and long-term.
Continue to
We value the long-standing support received from our shareholders and are confident that Maxis
deliver long-term
will continue to deliver long-term sustainable shareholder value and returns.
sustainable
shareholder KEY ACHIEVEMENTS
value and returns
Maxis has always taken pride in providing quality services to our customers. We are also committed
to supporting the nation’s digital ambitions by making connectivity accessible and affordable for
the rakyat. Our focus on our core business areas – Mobile, Fibre and Enterprise – is designed to
Subang Hi-Tech strengthen our foothold in a fiercely competitive telco sector.
operations centre
This year, we refreshed our consumer mobile service offerings with new postpaid plans to take
is the first telco
advantage of our 5G network as well as high-speed fibre plans to enhance connectivity for our
network site in
customers. In the enterprise space, we continued to serve a growing number of businesses and
Malaysia to be forged new strategic partnerships to deliver cutting-edge and comprehensive enterprise solutions.
awarded
ISO 14001:2015 The collective effort across our businesses to establish Maxis as the leading integrated telco in
Malaysia has shown tangible results in 2023 as we met the key financial performance targets we
had set for ourselves, which in turn met the guidance provided to our stakeholders.
4
LEADERSHIP STATEMENTS INTEGRATED ANNUAL REPORT 2023
UPHOLDING GOOD CORPORATE GOVERNANCE Lastly, our eKelas® programme continues to be an integral
part of the Ministry of Education’s Digital Educational Learning
We are steadfast in upholding the principles of good corporate Initiative, with a reach of over 600 schools across the nation.
governance, recognising its fundamental importance in This initiative has greatly benefited students, teachers, and
achieving sustainable business success and creating value for guardians who have been able to access a wide range of
our shareholders. At Maxis Group, we operate with the highest free learning content, which serves as a testament to our
ethical standards, adhering strictly to anti-corruption laws, dedication to societal advancement and reflects our deep-
policies, and regulations. Our commitment to these standards rooted commitment to making a positive impact in the
is articulated through our Maxis Integrity & Compliance communities we serve.
framework (MICF) and our Anti-Money Laundering/Countering
Financial Terrorism (AML/CFT) initiatives. The Board members OUTLOOK
are also assessed based on the Maxis Anti-Bribery and
Corruption system in adherence with good corporate Malaysia’s economic growth in 2024 is expected to trend
governance practices. These frameworks and system guide higher1, within the region of 4-5%2 driven by domestic
our actions and ensure that we maintain the highest level of spending, improvement in external demand in addition
integrity across all our operations. to infrastructure projects and implementation of strategic
initiatives by the Government. The International Monetary Fund
Another key aspect of our governance is the composition and is projecting a rebound in global trade growth from 0.4% in
diversity of our Board. The Board’s varied expertise, skills, 2023 to 3.3% in 20241.
and independence are pivotal in governing the Company
effectively. Our Board members bring a wealth of diverse We are cognisant of the challenges and potential upside
experiences and perspectives, enabling the Maxis Group to that may arise this year and look forward to unlocking
navigate the complex business landscape confidently and beneficial opportunities that come our way. We will continue
ethically. This diversity is not just a matter of policy but a to prioritise our focus on our core competencies in Mobile,
strategic imperative that drives our decision-making processes, Fibre and Enterprise. Customer experience is at the heart of
ensuring that we operate with integrity and responsibility. our operations, and we are committed to understanding and
adapting to our customers’ evolving needs. Our initiatives to
STRENGTHENING SUSTAINABILITY PRACTICES drive operational efficiency and strict cost discipline will ensure
sustainable growth and value creation for our shareholders.
The Maxis Group continued to demonstrate our pledge to
operating a sustainable business whilst delivering value to all ACKNOWLEDGEMENTS
our stakeholders. In 2023, we updated key policies such as the
Code of Business Practice to include our commitment towards On behalf of the Board, I would like to express our thanks
promoting sustainable practices, which apply to both Maxis’ to the Maxis management team and all employees for their
employees and third parties that engage with Maxis. steadfast dedication and resilience. Your consistent efforts and
commitment have played a significant role in maintaining our
The Maxis Group has also been a leading player in the success, especially in challenging times.
Malaysian telecommunications industry with respect to
supporting the transition to a lower carbon footprint and We also extend our appreciation to our business partners,
adopting clean energy solutions. We have transitioned a vendors and regulators for their support in Maxis’ growth
portion of our fleet to electric vehicles (EVs) in our field journey as the leading integrated telco in Malaysia. Your
operations. Furthermore, our Subang Hi-Tech operations contributions are significant and important to our ongoing
centre is the first telco network site in Malaysia to be awarded progress and success. We look forward to a successful 2024.
the ISO 14001:2015 Environmental Management Systems
certification by SIRIM QAS International. We take pride in
sharing this accomplishment, highlighting our dedication
TAN SRI MOKHZANI BIN MAHATHIR
and commitment towards sustainable operations and
Chairman
environmental management.
Another key environmental initiative this year was our e-waste

management campaign in Kuala Lumpur, Johor Bahru and
Penang. This programme focuses on mobile device collection
and recycling, and we have successfully contributed to Notes:
1
BNM Economic and Financial Developments in Malaysia in the Fourth
the refurbishment or recycling of over 49,000 devices, Quarter of 2023.
reducing the number of technology devices that contain toxic
2
Keynote Address by Deputy Governor Adnan Zaylani Mohamad Zahid
at Affin Market Outlook, Menara Affin, Tun Razak Exchange (TRX),
components from ending up in landfills. Kuala Lumpur, 30 January 2024.
5
CHIEF EXECUTIVE OFFICER’S STATEMENT
FOCUSING ON
OUR CORE BUSINESSES
FOR STABLE AND CONSISTENT
GROWTH
Maxis’ performance in 2023 is evidence of our strategy to focus on our core businesses in Mobile,
Fibre and Enterprise as the leading integrated telco in Malaysia. As I complete my first year
leading Maxis, I am pleased to share our 2023 results and outlook for 2024.
Service Revenue SUSTAINABLE BUSINESS GROWTH
RM8.57 The Malaysian telecommunications industry experienced many interesting developments and
challenges in 2023. The industry underwent partial consolidation with the merger of two large
billion players. There were changes in the regulatory environment to promote network competition
Highest in five years and affordable connectivity to all, while rising costs and macroeconomic challenges continue to
affect Malaysia. In addition, consumers’ digital lifestyles continue to advance rapidly and drive
a seemingly insatiable demand for data. The average data consumption from our customers
has increased by 2½ times in the past five years, from 10.9GB per month in 2018 to 27.8GB per
EBITDA month in 2023.
RM3.96
The fast-changing operating environment reaffirmed our belief that to strengthen our position
as Malaysia’s leading integrated telco, we must excel in delivering our three core offerings -
Mobile, Fibre and Enterprise. We introduced innovative product offerings tailored to diverse
billion
market segments via our Maxis and Hotlink dual-brand strategy. These included Postpaid
Highest in five years
and Prepaid plans with combined access to 4G and 5G. We also offered high-speed fibre
broadband plans of up to 2Gbps to households across the country. In addition, we grew
our enterprise business by anticipating and meeting the connectivity and ICT needs of our
corporate and public sector customers, highlighted by our deals with BHPetrol and Johor
Plantations Berhad to provide Software Defined Wide Area Network (SD-WAN) services.
As a result, total revenue for the financial year ended 31 December 2023 was RM10.18 billion,
a 4% growth from 2022. Our service revenue of RM8.57 billion and earnings before interest,
tax, depreciation and amortisation (EBITDA) of RM3.96 billion were the highest recorded in the
past five years. I am especially pleased with our EBITDA results given the rising cost pressures
and the aforementioned exponential growth in demand for data.
To ensure our long-term growth and prosperity, we have taken a disciplined and strategic
approach to our capital expenditure (CAPEX). We targeted our RM813 million investment
to enhance our mobile network capacity, grow our own fibre-to-the-premise footprint, and
improve digitalisation across our Company. At the end of 2023, Maxis has more than 11,000 LTE
sites in Malaysia covering 95% of the population and connected an additional 181,000 premises
with our own fibre infrastructure.
6
CUSTOMER CENTRIC ENGAGEMENTS

DIFFERENTIATED CUSTOMER EXPERIENCE
At Maxis, we have always prioritised customer experience
as it is a key differentiator in a hyper-competitive market. Simple and pleasant customer experience:
We continue to record a high touchpoint net promoter score Self-service of basic transactions and troubleshoot of
(TP-NPS) of +68, thanks to the loyalty of our customers and home fibre network via Maxis App and MaxBot
their satisfaction with our products and services.
We believe that the best customer experience is one where BUILT AGILE & COMPETENT DIGITAL TALENT
we make all our processes and procedures simple for them. >2,500 employees trained:
To that end, we have improved our Maxis and Hotlink Apps Skill development in areas of Digital Platform, Robotic
so that features such as plan upgrades, device purchases, Process Automation, Data Science and Analytics,
roaming passes, and credit top-ups can be completed with Machine Learning, Generative AI, and Cybersecurity
as few clicks as possible. We also focused our effort on
digitalising customer interactions to ensure faster, more
accessible, and reliable service. Beyond our traditional OUTLOOK AND PRIORITIES FOR 2024
voice contact centres, our customers can now reach us
via WhatsApp, web self-service, and through our apps. In Looking ahead to 2024, I am highly confident that Maxis
our fibre broadband business, we invested to increase our will strengthen its position as Malaysia’s leading integrated
pool of WiFi-certified Maxperts to serve our growing fibre telco. We will focus on growing our core businesses—
customers in a timely and “first-time right” manner. Mobile, Fibre, and Enterprise—while delivering operating
excellence. We will continue to develop the deep insights
OPERATING EXCELLENCE required to understand our customers and their needs, and
to focus on simplicity to provide customers with the easiest
To deliver sustainable business growth, we are committed and best experience at any of our touch points.
to a culture of operating excellence where we focus on
executing well and simplifying processes while maintaining Our long-term goal remains firmly set on sustainable and
strict cost discipline. In 2023, we embarked on a three-year predictable business growth. Despite the intensifying
cost optimisation programme focused on rightsizing the competition and ever-changing regulatory landscape, we
organisation. It is critical for us to rebase our costs so that are confident that our agility and fast response allow us to
we are well-positioned for future opportunities. seize opportunities that may arise from these developments.
ACKNOWLEDGMENTS
DIGITAL INITIATIVES IN 2023
I would like to extend my gratitude to all our stakeholders

IMPROVED EFFICIENCIES & PRODUCTIVITY who have contributed to Maxis’ success. I want to thank
our staff members for their diligence, resilience, and
Digital customers onboarding:
commitment throughout a challenging and interesting year.
Enabled 5G activation and change of rate plans
through the Maxis App
I would also like to express my equal appreciation to our
shareholders, customers, partners and the communities we
serve, live and work in. Thank you for your trust and belief in
PERSONALISED CUSTOMER EXPERIENCE THROUGH
Maxis. I look forward to working with you as we pursue our
ADVANCED ANALYTICS & MACHINE LEARNING
goals and aspirations.
Personalised product offerings for customers:
Built a unified 360-degree customer view and
fuelled recommendation engines to predict customer
satisfaction GOH SEOW ENG
Chief Executive Officer
7
FINANCIAL REVIEW
Maxis delivered a solid performance for the financial year ended 31 December 2023 (FY2023).
We recorded our highest service revenue and EBITDA in five years. The Company saw strong
growth across our consumer and enterprise businesses, underpinned by our strategy to focus on
core competencies in connectivity to remain as Malaysia’s leading integrated telco.
REVENUE The postpaid segment revenue experienced a 7.5% growth
compared to FY2022, while our prepaid segment revenue
4.0% declined slightly by 2.7%. The prepaid market continues
Revenue to be competitive and challenging. We have actively
(RM million) transitioned our prepaid customers to postpaid plans to
1,608
1,453 enhance customer loyalty and secure more predictable and
8,572 2023: sustainable revenue growth.
8,336
10,180
Notwithstanding our prepaid to postpaid migration, we are
2022: encouraged by the growth in prepaid subscribers by 1.6%
year-on-year to 5.87 million subscribers. We have actively
9,789
expanded our Hotlink presence in key focus areas such as
the youth segment, and under-indexed markets.
Service Revenue For home connectivity, we grew our fibre customers to

Device Revenue 750,000 customers, which translated to a 9.7% growth year-
2022 2023 on-year in home connectivity revenue. In addition, we finalised
and signed the extension of the high-speed broadband
Maxis’ total revenue grew by 4.0% to RM10.18 billion for agreement with Telekom Malaysia in December 2023, allowing
FY2023, the highest since the Company was listed in 2009. us to access their network at reduced pricing and better
The revenue growth was driven by the growth of service committed service levels, ensuring we can offer competitive
revenue by 2.8% to RM8.57 billion, and device revenue and affordable home connectivity to our customers.
growth of 10.7% to RM1.61 billion. Service revenue was the
highest in five years and contributed across the board by ENTERPRISE REVENUE
the growth in our consumer mobile and home connectivity
segments, as well as the enterprise business. 6.4%
Enterprise Revenue
CONSUMER REVENUE 108
(RM million)
1,508
1,417
3.7% 2023:
Consumer Revenue
(RM million)
1,508
843 925
2,619 2023: 2022:

2,693
7,064 1,525
2022: Enterprise Business

Wholesale Voice*
3,275
3,520 6,811 * Ceased since the fourth quarter of
2022
2022 2023
Consumer postpaid
Consumer prepaid Maxis' Enterprise division also continued to make strong
Consumer home connectivity headway, recording a revenue growth of 6.4% (excluding
2022 2023 wholesale voice) in FY2023 in comparison to FY2022. We
secured multi-year connectivity and solution contracts across
Our consumer business recorded a steady growth of 3.7% key markets including wholesale, SME, corporate and public
from the RM6.81 billion recorded in the financial year ended sector accounts during the year under review. A key highlight
31 December 2022 (FY2022), driven by the launch of our 5G was our appointment by Telekom Malaysia to provide 4G
plans and innovative postpaid and fibre convergence plans Multi Operator Core Network (MOCN) and domestic roaming
that provide seamless connectivity across both wireless and services for 2G and 4G. We will provide approximately 6,800
wired networks. sites for the 4G MOCN and domestic roaming services and
10,000 sites for the 2G domestic roaming services.
8
EBITDA CAPEX AND CASH FLOW
0.8% 27.0%
EBITDA (RM million) CAPEX (RM million)
1,114
1,720 2,070
2023:
2023:
813 813
3,960
2022: 2022:
2,209
1,890
3,929 1,114
EBIT
Depreciation, Amortisation &
CAPEX
Others
2022 2023 2022 2023
In 2023, we looked at simplifying processes and re- Maxis invested RM813 million in CAPEX in 2023, 27% lower
negotiating contracts to maximise operational efficiencies against FY2022 and accounting for 8% of our total revenue.
with the objective to cultivate a culture of strict cost discipline We have been prudent in our investments in view of
throughout the organisation. In line with this, we commenced industry developments including changes to the 5G network
a cost optimisation exercise to rightsize the organisation. As a model. Whilst we continued to spend on network-related
result, Maxis recorded EBITDA of RM3.96 billion, up by 0.8% investments, our investments were focused on supporting
compared to FY2022, and our highest in five years. network capacity growth and fibre builds.
Our earnings before interest and tax (EBIT) dropped to We recorded net operating cash flow of RM2.82 billion
RM1.89 billion in FY2023 as we took the prudent step to in FY2023, slightly lower than the previous year due to
accelerate the depreciation of some of our network assets the one-off tax settlement and payments pursuant to the
and write-off a few of other assets. Excluding the depreciation conditional share subscription agreement for the proposed
and write-offs, our adjusted EBIT was RM2.28 billion, which investment in Digital Nasional Berhad (DNB). Nevertheless,
was a 3.3% growth compared to FY2022. Maxis’ cash balance remained resilient at RM569 million,
while Net Debt stood at RM9.20 billion, translating to a Net
PROFIT AFTER TAX (PAT)
Debt to EBITDA ratio of 2.32x.
3.0% NET DEBT
Adjusted Profit After Tax
(RM million)
162 9,237
361 Net Debt (RM million)
2023:
1,151
1,353
992 9,203
Net Debt
2022: Net Debt to EBITDA (x)
1,313
Reported profit after tax
22.9
20.9 Adjusted for One-off Adjustments
2.35x 2.32x
Return on Equity1 (%)
1
Based on adjusted profit after tax 2022 2023
2022 2023
Maxis' PAT in FY2023 was RM992 million, which was

lower than our FY2022 PAT of RM1.15 billion. The results
were impacted by one-off items such as the depreciation
acceleration, write-offs of assets and one-off tax settlement
in FY2023, as well as the prosperity tax in FY2022. Excluding
these one-off items, the adjusted PAT in FY2023 was RM1.35
billion and 3.0% higher than in FY2022.
9
FINANCIAL REVIEW
INVESTOR RELATIONS their engagement efforts to cultivate strong relationships with

shareholders, potential investors and other stakeholders. We
Dividend Policy pride ourselves in consistently maintaining a direct and open
communication with our stakeholders and keep the market
Our full dividend policy, as stated in our IPO Prospectus informed of all information which may have a material impact
dated 28 October 2009, is reproduced here for reference: on our share price.
“The declaration of interim dividends and the Our disclosure policy is based on three key principles:
recommendation of final dividends are subject to the
discretion of the Board and any final dividend for the year 1. Maintain open and regular communications with all
is subject to shareholders’ approval. It is the Company’s shareholders;
intention to pay dividends to shareholders in the future. 2. Disseminate financial and strategic updates in a timely and
However, such payments will depend upon a number of transparent manner; and
factors, including Maxis’ earnings, capital requirements, 3. Ensure equal treatment and protection of shareholders’
general financial condition, the Company’s distributable interests.
reserves and other factors considered relevant by the Board.
We have been actively communicating with our shareholders
Maxis intends to adopt a dividend policy of active capital during the year across various channels:
management. The Company proposes to pay dividends
out of cash generated by its operations after setting aside 1. 14th Annual General Meeting and Extraordinary General
necessary funding for network expansion and improvement Meeting
and working capital needs. As part of this policy, the
Company targets a payout ratio of not less than 75% of its • Engagement Dates: 18 May 2023, 14 August 2023
consolidated PAT under the Malaysian Generally Accepted • Audience: Shareholders and proxies
Accounting Standards (GAAP) in each calendar year, • Meeting type: Virtual
beginning the financial year ended 31 December 2010,
subject to confirmation of the Board and to any applicable 2. Analyst Briefings
law, license and contractual obligations and provided that
such distribution would not be detrimental to its cash needs • Engagement Dates: Q4 2022 – 23 February 2023,
or to any plans approved by its Board. Investors should note Q1 2023 – 19 May 2023, Q2 2023 – 9 August 2023 and
that this dividend policy merely describes the Company’s Q3 2023 – 10 November 2023
present intention and shall not constitute legally binding • Audience: Analysts and fund managers
statements in respect of the Company’s future dividends • Meeting type: Virtual
which are subject to modification (including reduction or non-
declaration thereof) at the Board’s discretion.” 3. Investment Community Engagement
The reported PAT payout ratios in the financial years 2020, • Engagement Date: Throughout the year
2021, 2022 and 2023 were 96.0%, 101.8%,132.6% and 126.2% • Audience: Analysts and fund managers
respectively. • Meeting type: Physical and virtual
COMMUNICATING WITH OUR SHAREHOLDERS 4. Other communication channels
Maxis stands firm in our values and remains fully committed • Website: https://maxis.listedcompany.com/home.html
to disseminate transparent and consistent information • Email: ir@maxis.com.my
with clarity, equal access, accuracy, timeliness and
comprehensiveness on continuous updates with regard In accordance with the Integrated Reporting Framework,
to our business operations, financial performance, key we have embarked on a value creation journey to include
development progress, strategic direction and future plans. a holistic view of our strategy, growth plans, and key risks
We actively engaged with the investment communities and opportunities in order to instill confidence in our future
and other stakeholders regularly and in a timely manner performance.
throughout FY2023, in line with the recommendation of the
Malaysian Code on Corporate Governance and other relevant Feedback and Enquiries
regulatory bodies. This enabled us to better understand We welcome feedback on our IR initiatives and other
our shareholders’ changing needs and allow them to make information we have provided herewith. Further queries and
informed investment decisions. requests for publicly available information, comments and
suggestions to the Company can be directed to
The Investor Relations (IR) team is an integral part of Maxis’ ir@maxis.com.my.
corporate governance initiatives. The team supports the Chief
Executive Officer (CEO) and Chief Financial Officer (CFO) in
10
FIVE-YEAR FINANCIAL HIGHLIGHTS
2023-2022
2023 2022 2021 2020 2019 YoY Change
FINANCIAL RESULTS
Financial Indicators (RM million)(1)
Revenue 10,180 9,789 9,241 9,034 9,355 4.0%
Service revenue (2)
8,572 8,336 8,018 7,903 7,920 2.8%
EBITDA(3) 3,960 3,929 3,886 3,834 3,959 0.8%
Profit Before Tax (PBT) 1,444 1,802 1,772 1,859 2,053 -19.9%
Profit After Tax (PAT) 992 1,151 1,339 1,388 1,531 -13.8%
Profit attributable to equity holders of the Company 993 1,152 1,339 1,388 1,531 -13.8%
Financial Ratios(1)
EBITDA margin (%) 38.9% 40.1% 42.1% 42.4% 42.3%
EBITDA margin on service revenue (%) 46.2% 47.1% 48.5% 48.5% 50.0%
PBT margin (%) 14.2% 18.4% 19.2% 20.6% 21.9%
PAT margin (%) 9.7% 11.8% 14.5% 15.4% 16.4%
PAT margin on service revenue (%) 11.6% 13.8% 16.7% 17.6% 19.3%
Interest cover ratio 4.0 5.1 4.7 4.8 4.9
Earnings per share (sen)
- basic 12.7 14.7 17.1 17.7 19.6
- fully diluted 12.7 14.7 17.1 17.7 19.6
Dividends per share (sen)(4) 16.0 20.0 17.0 17.0 20.0
FINANCIAL POSITION
Financial Indicators (RM million)(1)
Equity attributable to equity holders of the Company 5,743 6,089 6,475 6,434 6,379
Total assets 22,781 23,045 22,443 21,932 22,323
Total borrowings(5) 9,772 9,865 10,098 9,780 9,930
Financial Ratios(1)
Return on invested capital (%) 8.8% 9.5% 10.9% 11.2% 12.2%
Return on average equity (%) 16.8% 18.3% 20.7% 21.7% 24.0%
Return on average assets (%) 5.9% 6.5% 7.7% 8.0% 8.8%
Gearing ratio 1.60 1.52 1.38 1.41 1.47
Net assets per share attributable to equity holders
of the Company (RM) 0.73 0.78 0.83 0.82 0.82
Notes:
(1)
The comparative results were restated due USP levy restatement.
(2)
Service revenue is defined as the Maxis Group revenue excluding sale of devices.
(3)
Defined as profit before finance income, finance costs, tax, depreciation, amortisation and allowance for write down of identified assets.
(4)
Dividends per share consist of interim dividends declared and proposed in respect of the designated financial years.
(5)
Include derivative financial instruments designated for hedging relationship on borrowings.
11
GROUP QUARTERLY FINANCIAL PERFORMANCE
2023
First Second Third Fourth Year
In RM million Quarter Quarter Quarter Quarter 2023
Revenue 2,526 2,470 2,442 2,742 10,180

Service revenue 2,112 2,113 2,145 2,202 8,572
EBITDA 972 1,002 929 1,057 3,960
EBIT 541 568 492 289 1,890
PBT 429 453 384 178 1,444
PAT 320 329 287 56 992
Profit attributable to equity holders of the Company 320 330 287 56 993
Earnings per share - basic (sen) 4.1 4.2 3.7 0.7 12.7
Dividends per share (sen) 4.0 4.0 4.0 4.0 16.0
2022
First Second Third Fourth Year
In RM million Quarter Quarter Quarter Quarter 2022
Revenue 2,406 2,424 2,405 2,554 9,789

Service revenue 2,030 2,084 2,108 2,114 8,336
EBITDA 927 1,012 1,004 986 3,929
EBIT 520 597 574 518 2,209
PBT 429 498 468 407 1,802
PAT 289 322 308 232 1,151
Profit attributable to equity holders of the Company 289 322 308 233 1,152
Earnings per share - basic (sen) 3.8 4.1 3.9 2.9 14.7
Dividends per share (sen) 5.0 5.0 5.0 5.0 20.0
12
HOW WE CREATE VALUE INTEGRATED ANNUAL REPORT 2023
OUR STRATEGIC PRIORITIES
In an ever-evolving digital landscape, our vision is to be Malaysia’s leading integrated telco. We are committed to
harnessing the power of cutting-edge technology to serve our diverse communities, businesses, and customers, ensuring
they stay ahead in these changing times.
Our strategic priorities are designed to grow our core businesses by delivering unparalleled products and services,
enhancing customer experiences through personalised and innovative solutions, and fostering a culture of excellence
and operational efficiency. By focusing on these key areas, we aim to not only meet but exceed the expectations of our
stakeholders, paving the way for a digitally empowered future for all Malaysians.
VISION The Leading Integrated Telco in Malaysia

PURPOSE We exist to bring together the best of technology to help people,
businesses and the nation always be ahead in a changing world
Businesses Strategic Priorities Stakeholders
MOBILE
• Grow and innovate within our
core businesses, ensuring
we deliver quality products Board of Directors
and services reliably to our
customers
Maxis redefines mobile connectivity with its
comprehensive suite of Postpaid and Prepaid
plans, tailored to deliver unparalleled customer Customers
experience and exceptional value. Our innovative
offerings are designed to meet the dynamic needs • Enhance our bundled
of our customers, ensuring connectivity, flexibility, offerings with holistic
and affordability are always within reach. solutions, meticulously
tailored to meet and exceed Employees
FIBRE customer expectations
Government and Regulators

• Explore and capitalise on
Maxis Fibre transforms your home into a digital synergistic opportunities that
living space with cutting-edge high-speed fibre enrich our customer offerings
plans and routers. Our packages, seamlessly and realise significant value Lenders
integrated with the latest smart home devices,
are crafted to elevate your home and living
experience, ensuring every corner of your
household is connected to the future.
• Leverage insights and Shareholders
ENTERPRISE analytics to forge deeper
connections with customers to
enable simple, pleasant and
personalised interactions Investors
Maxis Business stands at the forefront of

digital innovation, offering a robust portfolio of
• Foster a culture of high Media
enterprise products and ICT solutions tailored
to meet the needs of all enterprises. Our performance with a focus on
commitment to empowering businesses aligns operational and execution
with the nation’s digital aspirations, providing the excellence
foundation for growth, efficiency, and competitive Suppliers
advantage in an increasingly digital world.
13
HOW WE CREATE VALUE
OUR VALUE CREATION MODEL
The diagram below illustrates how we utilise our business capitals to create value for our business and stakeholders. Further
details of the inputs and outputs of our six business capitals are explained in the following pages.
UTILISING OUR BUSINESS CAPITALS
OUR INPUTS PROCESS
Financial Capital OUR VISION

• Invested RM813 million in total CAPEX; >70% spent on network coverage and
capacity growth while the remaining was spent on IT related costs
• Generated net cashflows from operating activities of RM2.82 billion TO BE THE LEADING INTEGRATED
• Sufficient credit lines with Net Debt/EBITDA ratio of 2.32x as of 31 December
2023 TELCO IN MALAYSIA
by focusing on our
Manufactured Capital Core Businesses and Competencies
• Built >11,000 network sites in Malaysia
• >700 upgrades and new sites/towers built for 4G
• Achieved 95% 4G LTE population coverage
• Delivered over 300 Maxis stores and 10,000 Hotlink stores
• Operate 3 major data centres in Cyberjaya, Sungai Besi and Shah Alam
• Expanded Maxis’ fibre footprint to over 22,000 km, covering over 7.5 million
homes and commercial premises MOBILE FIBRE ENTERPRISE
• First telco to build Regional Internet Hubs in Kota Kinabalu and Kuching, with
direct international content connectivity
• >10,000 touchpoints provided positive omnichannel experience for customers
STRATEGIC PRIORITIES
Grow and innovate within our core businesses.

Intellectual Capital
• Skilled technical and expert teams in all fields Enhance our bundled offerings with holistic
• Digital self-service capabilities and Digital Care programme
• Rights, licenses, and partnerships for Consumer and Enterprise solutions
solutions.
• Advanced analytics and machine learning
Explore and capitalise on synergistic
opportunities.
Human Capital
Leverage insights and analytics to forge deeper
• More than 3,682 Maxis colleagues serving the nation
• >98,000 training hours delivered to employees connections with customers.
• >300 training programmes conducted on health and safety
• 100% of operations assessed for corruption-related risks
• Organised events to guide employees on career development opportunities
Foster a culture of high performance.
• Facilitated multiple activities to embrace equal opportunity and diversity at
work
RISKS
Social & Relationship Capital
• >RM4.5 million spent on community investments R1 New Business Risk R7 Vendor / Supply Chain Risk
- RM3.2 million invested in community initiatives
- RM1.3 million invested in Maxis Scholarships R2 Competition Risk R8 Information Technology Risk
• >4,800 volunteering hours by employees
• Engage in dialogues and initiatives with the Government and regulatory bodies R3 Operation Risk R9 Economic Risk
• Engage proactively with non-governmental organisations (NGOs), learning
R4 Network Failure Risk R10 People Risk
institutions and underserved communities
• Effective management of suppliers and vendors
R5 Technology Risk R11 Regulatory Risk
R6 Data Privacy and Protection Risk
Natural Capital
• 1,688 million MJ of energy consumed
• 43,224.6 m3 of municipal water withdrawn MATERIAL MATTERS
• Launched an e-waste recycling campaign to generate awareness and facilitate
M1 M2 M3 M4 M5 M6 M7 M8 M9
circularity
• Upgraded data and switch centres with deployment of on-grid solar energy M10 M11 M12 M13 M14 M15
systems
• Improved base station and Network Technical Operations Centres (TOC)
energy consumption with various energy efficiency initiatives
14
CREATING SUSTAINABLE VALUE FOR OUR BUSINESS AND STAKEHOLDERS
OUR OUTPUTS OUR VALUE CREATION OUTCOMES

Value Creation
Creating Steady Growth of Revenue
Process • Quality of services improved, reflected in the 2.8% growth • Improve total revenue each year to boost
in Service Revenue to RM8.57 billion; and 0.8% increase in stakeholders’ confidence and optimism in
EBITDA to RM3.96 billion Maxis - FY2023’s total revenue was the
• 16 sen dividend per share totalling a payout of RM1.25 billion in highest since listed
FY2023 • Create and maximise shareholders’ value
Infrastructure
• 5G plans for existing/potential customers for better speeds, in terms of dividends and capital gains
Investment &
lower latency and enhanced customer experience
Innovation Refer to pages 8 to 10 for more information.
• Timely utilisation of credit for infrastructure/network planning in
providing best connectivity for stakeholders
Growing Core Businesses
• Improve market share following the
As of 31 December 2023: recent industry consolidation, as evident
• >13 million customers: from the steady growth in mobile, home,
Service - 4.9 million postpaid and business customers
Offerings - 7.6 million prepaid • Expand enterprise business via mobile
- >840,000 home and business connections (fibre and WBB) and fixed solutions
• Data usage per user increased to 27.8GB per month
• 95.6% of mobile speed >3Mbps Refer to pages 8 and 29 to 36 for more
• 80% of voice traffic conducted over Voice over LTE (VoLTE) information.
service
• Network complaints reduced by 63% YoY
Network Strengthening Customers’ Experience
• Strong Touchpoint Net Promoter Score of +68
Coverage • Provide convergence and tailor-made
• 58% of the mobile traffic in East Malaysia successfully localised
solutions for customers via bundling offers
on the regional hubs
• Keep it simple for customers to do business
with Maxis via our >10,000 touchpoints
• Re-double efforts on digitalisation
• 20% increase in digital sales measures with easy-to-use online platforms
• 4.2% growth in Digital Care adoption
Customer • 6.7% growth in online customer renewals
Experience Refer to pages 29 to 34 for more information.
• 43% female representation in Maxis Driving Business Excellence

• Employee Lost-Time Incident (LTI) Rate at 0.34 • Connect the nation with winning mobile
• 16 Maxis scholarships offered solutions
• Awarded with multiple ISO 37001:2016 Anti-Bribery • Always at the forefront of technological
Management System certifications innovation
Partnerships &
• 0 confirmed incidence of corruption • Deliver holistically connected lifestyles
Collaborations
• 518 engaged and made aware of career development and • Bridge the digital divide for businesses
mobility policies and facilitate their digital transformation
needs
• Advance towards one-stop next
• >27,000 SMEs benefitted from the SME Digitalisation Grant as generation data facilities and information
of 2023 technology infrastructure library (ITIL),
Community and • Supported >99,000 students and >5,000 entrepreneurs through and hub for enterprise cloud and network
Environmental eKelas® and eKelas® Usahawan respectively as of 2023 peering
Stewardship • 12 training sessions on anti-bribery and corruption conducted
for third parties Refer to pages 29 to 36 for more information.
• 86% of vendor spending on local suppliers
• Supported vulnerable communities through humanitarian relief
Delivering Sustainable Value
efforts and festive charity
• Diligently manage stakeholders’ data
privacy and protection
Regulatory • Empower our people and communities
Compliance • Total emissions of 324,116 CO2 tonnes
• Embed responsible business practices
• 49,879 e-waste items recycled
• Fair recruitment practices and embrace
• 461kg of office waste recycled
diversity and inclusion in workforce
• Limited increase in energy usage at network sites to 12.9%
• Invest in programmes to promote
despite increase in the number of network sites resulted in
employee development and
lower network site emissions per site intensity, contributing to
competencies
savings in electricity costs
• Address climate change to reduce carbon
Data Security & • Reduction of greenhouse gas (GHG) intensity per site:
- Base Transceiver Stations (BTS): -1.7% footprints by embracing renewable and
Privacy clean energy from solar power
- TOC: -5.2%
• Subang Hi-Tech TOC first network site in Malaysia to be
Refer to pages 37 to 61 for more information.
awarded ISO 14001:2015 Environmental Management Systems
certification
Refer to next page for Trade-Offs discussion.
15
HOW WE CREATE VALUE
OUR VALUE CREATION MODEL
TRADE-OFFS
Financial Capital Manufactured Capital
We aim to achieve a balance between short-term financial interests, rewarding Our annual CAPEX and maintenance
our shareholders and longer-term growth objectives. In preparing ourselves for spend impact our near-term Financial
the uncertainty related to the potential second 5G network, there is a need to Capital but enables us to expand
ensure that we are prudent with our CAPEX spending and focus on selected our capacity and capabilities that
investments so that customers’ experience will not be affected. Cashflow will help to replenish our Financial
position for FY2023 was impacted by higher overall tax payments, prepayment Capital and generate significant
to Digital Nasional Berhad (DNB) for 5G access and staff optimisation costs. long-term value.
Excluding these one-off costs, we could have potentially rewarded our
stakeholders where applicable. Additionally, allocating Financial
Capital towards Manufactured
We have embarked on our three-year cost optimisation journey to optimise Capital will also help strengthen our
and reduce our cost base. The first stage focused on staff rightsizing, followed customer relationships and improve
by improvements in processes and systems to be more cost-efficient. There is our position in the market especially
also a need to have sufficient credit lines to manage unforeseen requirements since we provide improved plans,
in our operations and the environment. These initiatives are expected to better products and services, as
generate shareholders value in the long run. well as enhanced connectivity.
Intellectual Capital
Investments of Financial Capital into Intellectual Capital initiatives such as improving our digital infrastructure and
operations are weighed against our financial and risk management priorities. We believe that these investments are
crucial for delivering exceptional customer service whilst maintaining competitiveness in a demanding market.
Human Capital Social & Relationship Capital
We prioritise our employees by investing in their We enhanced our community engagement efforts by
development to ensure they are prepared for the future. investing both Financial and Human Capitals in local
While these investments may impact our near-term community projects and social initiatives, which may not
Financial Capital, they ultimately lead to more productive yield immediate financial returns. This strategic choice
and higher performing employees, strengthening our might divert resources from other areas with direct
Human Capital and creating long-term value for Maxis financial benefits. However, by strengthening community
Group. relations and building trust, we are enhancing brand
reputation, customer loyalty, and our social license to
We are also aware of the current headwinds in the operate, thereby creating long-term value for both Maxis
operating environment and the need to optimise cost for Group and our stakeholders.
the benefit of the Group’s future growth. Our decision
to undertake a staff optimisation exercise is anticipated
to support our Financial Capital in the long run, with the
expectation of higher savings so that the excess can be
allocated to other high-priority areas.
Natural Capital
We are committed to driving sustainable value and initiatives for the sustainability of the business and organisation in
the long run. This is important for our future generation, in line with Malaysia’s undertaking to achieve Carbon Neutrality
by 2050. While implementing these require additional Financial Capital, we are confident that it will ultimately minimise
future carbon costs and contribute to our long-term sustainability and Natural Capital effect.
16
OUR OPERATING CONTEXT
Maxis operates in a rapidly changing business environment, where understanding and adapting to industry trends is of
paramount importance. Amidst the evolving economic landscape of Malaysia, we are committed to leveraging these shifts
to better serve our consumers and businesses. Our strategic initiatives harness the opportunities arising from policies,
technological advancements, and the pressing need for cybersecurity and sustainability. We are actively engaged in the
rollout of 5G technology to ensure that our solutions not only meet the current demands but also anticipate future needs,
reinforcing our dedication to connectivity, innovation, and making a positive impact on society.
Industry Megatrends Impact to Maxis Our Strategic Response Outlook
Economic Landscape
• Growth of the Malaysian • Reviving external • Maxis’ suite • Maxis will continue
economy moderated to demand and of enterprise to introduce tailored
3.7% in 2023 underpinned implementation of solutions supports products and services
by a challenging external National Industrial manufacturing and for every market
environment Master Plan (NIMP) industrial companies segment to meet their
• Bank Negara Malaysia 2030 will bolster the in augmenting their connectivity needs
predicts the Malaysian manufacturing industry production capabilities • Maxis remains cautious
economy to grow between leading to more • We maintained strict of the high cost
4%-5% in 2024, supported business opportunities cost discipline and environment and will
by domestic expenditure • Costs of doing implemented a number continue to exercise
and improvement in external business to increase of digital initiatives to strict discipline in our
demand as weakness in Ringgit streamline operations spending and improve
• Inflation eased steadily persists and interest • We introduced a range operational efficiency
throughout 2023, however rates elevate of offerings to cater • Demand for connectivity
downside risks remain highly • Consumers will to the diverse needs and value-added
subject to domestic policy rationalise spending, of our consumer and services will remain
on subsidies and price especially discretionary enterprise customers as consumer lifestyles
controls spending as cost of become increasingly
living increases digital
Government Initiatives and Regulations
• The Government’s decision • Different 5G network • We are actively • Cross-collaboration

to implement the rollout of structure may require collaborating with both between Government
5G in Malaysia under a dual changes in Maxis’ the Government and ministries and
network model business model and telecommunications telecommunications
• The Government initiated cost structure industry on the rollout providers to drive
Pakej Rahmah to provide • Introduction of new of 5G to achieve the the country’s digital
cheaper internet options to connectivity offerings best outcome for our ambitions
help alleviate the rising cost at lower price points to stakeholders • Collective industry
of living address the needs of • Maxis continues to initiatives will ensure
• The implementation of a consumer segments innovate on products equitable accessibility to
new Mandatory Standard of and services to meet connectivity services for
Access Pricing (MSAP) with the needs of the the whole population
lower broadband prices diverse demographic of • Policies and regulations
our customers will continue to promote
• We continue to optimise competition and drive
our cost model to innovation within the
ensure we balance the telecommunications
needs of customers for industry
affordability, and the
needs of shareholders
for long-term value
17
HOW WE CREATE VALUE
OUR OPERATING CONTEXT
Technological Advancements
• A growing number of • New generative AI tool • Maxis is evaluating the • Maxis will continue
generative artificial can be used to improve use of generative AI- to explore innovative
intelligence (AI) tools existing capabilities based technology in our applications of
have been developed and within our IT ecosystem work environment generative AI to simplify
incorporated into business and workflows • We continue to work operations and increase
operations and consumer • We will be required with partners and productivity
products to continuously vendors to enhance • We will continue to
• Advancements in AI, invest in 5G, AI, and our suite of tailored invest in differentiating
quantum computing, and IoT infrastructure, to solutions for our products and solutions
edge computing alongside provide differentiated customers to enhance our
satellite internet technology solutions and remain customers’ experiences
are transforming global competitive • We foresee the digital
connectivity and data • Opportunities from 5G transformation of
processing services will arise for businesses and the
• 5G networks, providing Maxis to deliver value- development of smart
increased speeds and low added offerings and cities, powered by 5G
latency, will be employed in expertise to businesses and IoT
industrial applications and
spur innovative use cases
Growing Focus on Sustainability
• The National Energy • Maxis is a stakeholder • Maxis ran multiple • Sustainability initiatives
Transition Roadmap was in the national initiatives to promote will foster long-term
launched comprising ten sustainability landscape the reduction brand loyalty and
catalytic initiatives both as a user and of e-waste and position Maxis as
• The drive towards net-zero provider in the value collaborated with EV a leader in green
emissions and the use chain industry players to technology adoption
of sustainable practices • The increasing appeal accelerate the adoption • We will continue
are becoming central to of green products of e-mobility solutions to enhance the
corporate strategies, with a and services to eco- • We updated key transparency of
growing consumer demand conscious consumers policies to ensure our sustainability disclosures
for environmental, social will require us to commitment to ESG surrounding our business
and governance (ESG) explore emerging matters comes through • We foresee more
compliance product trends • We developed new stakeholders in our
• The EV landscape in • Our costs and internal processes to supply chain will further
Malaysia is gaining investors’ sentiments track sustainability- adopt sustainability
momentum with the growing as well as corporate related performance practices and
awareness on sustainable reputation will be metrics such as water requirements
transportation solutions increasingly linked usage and carbon
• The transition of corporates to our sustainability emissions to better
towards sustainability-linked performance and manage our use of
products and services has posture natural resources
been increasing
18
Cybersecurity
• The increasing use of AI will • Cyber-attacks on Maxis • Maxis addresses • Maxis will continue to
have a significant impact on can cause financial cybersecurity risks invest in technology to
cyber defence and offense losses, erode customer through investment ensure cyber resiliency,
• AI fuelled attacks, automated trust, harm brand in cybersecurity focusing on data
infiltration, personalised perception and impact measures, third-party protection, cloud, APIs,
scams and social customer loyalty vendor assessment, IoT, and 5G
engineering exploits will • An attack on our key talent pipeline, and • We will continue
increase in both frequency partners or vendors creation of a security- to refine our risk
and sophistication can compromise Maxis’ focused culture with management
• Supply chain risks and systems, cause data metrics programme to assess
interconnectedness of loss and/or business • We continuously build internal and external
technology create additional disruptions capabilities across cybersecurity posture
attack vectors that could be • Necessitates a people, process, and • We will continue to
exploited robust cybersecurity technology, with a provide input on privacy
• Increasing complexities framework to protect focus on 5G networks, and cybersecurity
in cyber threats and the against sophisticated cloud, IoT, and digital regulations in forums
vulnerability of IoT devices threats, underpinning infrastructure organised by regulators
highlight the need for more customer trust and data • We experiment with AI and agencies
advanced cybersecurity privacy and Machine Learning • We anticipate the
measures • New regulations and to detect and respond emergence of AI-driven
• Governments and regulatory data privacy laws to cyberattacks in real- security technologies
bodies are likely to enact will mandate stricter time for pre-emptive threat
stricter cybersecurity security measures detection, ensuring the
standards and data requiring additional safety and reliability of
protection law investment and digital ecosystems
compliance efforts
19
HOW WE CREATE VALUE
ENGAGING WITH OUR STAKEHOLDERS
In order to better understand concerns and emerging priorities of our key stakeholders, we engage regularly with both our
internal and external stakeholder groups in our operations. Maxis’ response in addressing the key expectations from our
stakeholders is summarised as follows:
Stakeholder Engagement Channel

Groups and Frequency Expectations Maxis’ Response
Board of • Internal/External meetings • Sustainable business & • Regular engagement with
Directors • General Meetings (AGM and financial performance Directors and management of the
EGM) • Strategic priorities and vision Group regarding financial and non-
• Board effectiveness evaluation of the Group, in meeting financial performance, strategic
• Group events/activities expectations of shareholders priorities and growth strategies
• Site visits • Robust data governance & • Develop a long-term sustainability
data handling practices strategy
• Ethical business practices • Integrate ethical considerations
throughout the value chain and implement data governance
Frequency: frameworks in all aspects of the
Annually, Quarterly, Monthly, business
Weekly, Daily
Employees • Internal/External meetings • Opportunities for professional • Offer training and resources to
• Conferences/Forums/Seminars development and growth equip employees with the right
• Company events/activities • Transparency and open skills & knowledge
• Site visits/Audits communication • Cultivate the culture of an
• Company intranet/newsletter • Promote employee wellbeing outcome-oriented, high performing
• Internal surveys and feedback and safety organisation
• AGM/EGM • Ethical conduct and fair • Establish regular townhalls
treatment within divisions and amongst
senior leadership teams, to
align employees with the overall
Company strategy
• Provide wellbeing support,
promote work life balance and
Frequency: upholding safety standards
Annually, Quarterly, Monthly, • Establish clear policies to ensure
Weekly, Daily fair treatment to all employees
Suppliers • Company website (including • Transparency on sustainable • Communicate Maxis' procurement
annual reports/financial and fair procurement practices criteria and expectations to the
reports) • Collaboration and support for suppliers
• Internal/External meetings sustainable practices • Continuous collaboration with key
• External surveys and feedback • Environmental responsibility suppliers and business partners on
(i.e. customer survey, customer and climate action technological innovation, including
complaint channel) • Anti-bribery and anti- those that promotes energy
corruption (ABAC) efficiencies
• Implement eco-friendly
business practices to minimise
environmental footprint where
Frequency: possible
Daily • Conduct ABAC training for suppliers
Customers • Customer touchpoints • Reliable and consistent • Improve network coverage and
• External surveys and feedback network coverage provide quality connectivity
(i.e. customer survey, customer • Transparency in billing and experience
complaint channel) service offerings • Communicate detailed breakdown
• Internal/External meetings • Support digital inclusion of charges and fees in transparent
• Conferences/Forums/Seminars • Ethical customer service and manner
• Company events/activities responsible business practices • Introduce affordable data plans
• Robust data privacy and and mobile broadband packages
security measures • Implement strong data security
• Sustainable network measures and regular audits
Frequency: management • Invest in renewable technologies
Quarterly, Monthly, Weekly, Daily to operate network infrastructures
20
Stakeholder Engagement Channel

Groups and Frequency Expectations Maxis’ Response
Government • Internal/External meetings • Accessible and affordable • Expand and enhance network
and Regulators • Conferences/Forums/Seminars products and services infrastructure, including
• Company events/activities • Improved connectivity in connectivity in rural areas
coverage and quality of • Offer innovative and affordable
service, to reduce the digital products and services
divide • Invest in digital technologies to
• Enhanced data protection and strengthen data protection and
cybersecurity capabilities to cybersecurity capabilities
safeguard customer data • Active engagements with
Frequency: • Strong corporate governance regulators and relevant
Annually, Quarterly, Monthly, and ethics government bodies to discuss and
Weekly collaborate on pressing matters
Shareholders/ • Company website (including • Communication of the Group’s • Timely engagements to discuss
Investors/ newsroom links/annual corporate and ESG strategies, the Group’s strategic priorities and
Analysts reports/reports/financial outlook and priorities outlook
reports) • Regular reporting of financial • Transparency in disclosures and
• Analyst briefings and business performances reporting of financial and business
• AGM/EGM • Fair return on investments performances
• Conferences/Forums/
Seminars
• Company events/activities
• Announcements to Bursa
Securities
Frequency:
Annually, Quarterly, Monthly
Media • Company website (including • Sharing of factual and accurate • Regular media engagement to
newsroom links/annual information on Group news, provide updates on the Group's
reports/reports/financial products and services strategy, priorities, performance,
reports) • Responsive and transparent corporate social responsibility
• Company events/activities on issues and industry topics (CSR) activities, products and
• Provision of reliable, secure services
and affordable connectivity • Addressing ad hoc media queries,
• Accessible and regular media as and when required
Frequency: engagement
Quarterly, Monthly, Weekly
Lenders/ • Internal/External meetings • Regular sharing of accurate • Communicate financial and
Financiers • Analyst briefings information on the Group’s operational performance regularly
financial and business • Strengthen governance policies,
performance standards and frameworks on
• Responsive and transparent ABAC
on issues affecting the • Conduct supply chain monitoring
Frequency: Group and the Malaysian on vendor integrity
Quarterly, Monthly telecommunications industry
21
HOW WE CREATE VALUE
OUR TOP MATERIAL MATTERS
At Maxis, our material matters are crucial as they enable us to focus our efforts on the most significant economic,
environmental, social and governance (EESG) impacts related to our operations. This approach not only aligns with
stakeholders' expectations but also enhances transparency and accountability. By addressing these key areas, we can
effectively manage risks, capitalise on growth opportunities and make positive contributions to sustainable development,
thereby bolstering our reputation and competitive edge in the marketplace.
Our material matters are determined through comprehensive materiality assessments, involving both internal and
external stakeholders to gain valuable insights into the sustainability issues that are important to our Company and
stakeholders. Our approach involves evaluating and prioritising material topics based on their impact and importance to
our business and stakeholders. This enables us to focus our resources and initiatives to address the most crucial aspects
of sustainability.
Our materiality assessment process is depicted below:
Phase 1: Phase 2: Phase 3: Phase 4:

Define Purpose and Scope Identify Potential Topics Categorise Gather Information About
the Impact and Importance
of Topics
Define what materiality Create an extensive list of Refine the list of potential Explore each material
means for the organisation potential material topics material topics by topic in detail to
while considering the target relevant to the organisation clustering them into understand its relevance
audience and objectives categories to the organisation and its
stakeholders
Phase 5: Phase 6: Phase 7:

Prioritise Engage Management Seek Stakeholder Feedback
Prioritise material topics based on the Test the results of the materiality Follow up with stakeholders to get
strategic importance to the business, assessment with key internal feedback on the material topics
stakeholders and the social, audiences to validate the outcome reported
economic and environmental impact
of each topic in the value chain
In 2023, we conducted a desktop validation exercise to ensure that our material matters were relevant and aligned with
our current business needs and stakeholders’ expectations. This process involved aligning our material matters against
those of our peers as well as local and international frameworks, including Bursa Malaysia’s Sustainability Reporting
Guide (3 rd Edition), Sustainability Accounting Standards Board, Global Reporting Initiative Standards and the 2023 update
of the Global System for Mobile Communications Association (GSMA) material sustainability issues for the mobile sector.
22
Following the validation exercise, we found that our existing material matters remained relevant. We conducted an impact
assessment workshop on 8 February 2024 to re-evaluate the impact of these identified material matters to our business,
while maintaining the stakeholders' perspectives obtained in 2021. This workshop involved ten senior management
personnel from Maxis who deliberated and provided feedback on the impact of the identified material matters. These
material matters were ranked according to their significance, as illustrated below:
Material Matters Ranking
1. Data Privacy Strengthen measures in managing stakeholders’ data privacy and protection.
& Protection
2. Network Quality Enhance key internal business functions for improvement of process efficiency and
& Coverage effectiveness, promoting innovation and business continuity.
3. Customer Experience Deliver quality customer experience through our products and services, including
& Satisfaction ongoing engagement, to better understand and meet customer expectations.
4. Sustainable Business Undertake EESG considerations in making strategic investments, acquisitions,

Growth expansion and partnerships to ensure competitive edge and business sustainability.
5. Crisis Management Prepare for crisis with a rapid and adequate response plan.
& Response
6. Regulatory Comply with local and cross-borders regulatory requirements and internal company
Compliance policies.
7. Ethical Business Conduct and govern our business in full compliance with relevant laws and regulations.
Practice
8. Digital Inclusion Provide affordable and innovative products and service offerings to bridge the digital
& Innovation gap to support national priorities in the markets we operate in.
9. Employee Invest in effective programmes to promote employee development and competency

Development enhancement to respond to the rapidly changing and complex business environment.
10. Equal Opportunity Foster fair recruitment practices by embracing diversity and inclusion in a diverse
Workforce & workforce, while embedding a culture that enables employees to strive and excel.
Employment
11. Occupational Health Anticipate, recognise, evaluate and control hazards arising in/from the workplace that
& Safety could impair the health and well-being of employees.
12. Supply Chain Manage various supply chain-related risks, including human rights, environmental
Management management and anti-bribery and corruption.
13. Climate Change Control and monitor mechanisms to mitigate climate change risks through energy
consumption management and GHG emissions management.
14. Environmental Control and monitor mechanisms to manage environmental impacts.

Management
15. Community Contribute monetary and non-monetary contributions to local communities/

Development underprivileged/underserved groups.
23
HOW WE CREATE VALUE
OUR TOP MATERIAL MATTERS
MATERIALITY MATRIX
High
Data Privacy & Protection

Network Quality & Coverage
Ethical Business Practice
Overall Influence on Stakeholders’ Assessments and Decisions
Customer Experience & Satisfaction

Regulatory Compliance
Equal Opportunity Workforce Employee Development

& Employment Sustainable Business Growth
Digital Inclusion & Innovation
Occupational Health & Safety

Medium
Crisis Management & Response

Climate Change
Environmental Management
Supply Chain Management

Community Development
Low
Low Medium High

Significance of Maxis’ EESG Impacts
All material matters were ranked in terms of their reflected in their 2022 IAR and sustainability reports. This
significance, ranging from High to Low Importance. Data is also aligned with the industry’s short-term operational
Privacy & Protection, Network Quality & Coverage and focus as climate change is often viewed as a long-term
Customer Experience & Satisfaction remain as the top three concern with uncertainties. Nevertheless, Maxis continues
matters that are material to Maxis as they were considered to actively implement various initiatives to manage energy
critical to our business and stakeholders. consumption and GHG emissions, which includes solar
energy systems, energy optimisation initiatives and
As the competitive landscape evolves and sustainability modernisation of equipment.
considerations become increasingly relevant, Sustainable
Business Growth increased in importance, and emerged These adjustments were necessary to refine our focus
as a critical factor in maintaining a competitive edge on aspects crucial for our business objectives, ensuring
and ensuring business sustainability. Similarly, Crisis business sustainability, business growth, regulatory
Management & Response and Regulatory Compliance compliance and customer satisfaction. Regardless of the
rose in positioning compared to the impact assessment adjustments, all identified matters by Maxis are considered
conducted in 2021, as they are highly relevant to Maxis to EESG risks to the Company. Lower-ranked issues are
ensure business continuity. Due to the change of material typically addressed through rigorous controls and risk
matters mentioned, Ethical Business Practice and Digital assessments. We expect to conduct frequent reviews of
Inclusion & Innovation dropped in rankings indicating that our materiality matrix in response to changes within the
there is an increased focus to ensure compliance, business
operational landscape and will continue to monitor and
growth and customer satisfaction.
evaluate all material matters to ensure their relevance to our
strategic priorities and dynamic business environment.
Climate Change has shifted downwards in the Medium
Importance ranking reflecting the industry’s sentiment within
the telecommunications sector, where Climate Change is
not a top material matter among local industry peers as Refer to pages 38 to 41 for details relating to improving Climate Change.
24
RISKS AND OPPORTUNITIES
KEY BUSINESS RISKS AND OPPORTUNITIES
Maxis continues to be affected by a variety of risks stemming from internal and external events, such as our 5G
implementation, mergers between our competitors, spectrum allocation and disruption in the global supply chain. For ESG
related risks, we have established an organisation-wide ESG Risk Management Framework to help us in identifying and
assessing the relevant ESG risks. Additional details about our business risks identification and prioritisation process are
explained in the Statement on Risk Management and Internal Control.
CCAO Chief Corporate Affairs Officer CHRO Chief Human Resource Officer CNO Chief Network Officer
CEBO Chief Enterprise Business Officer CIO Chief Information Officer CSSO Chief Sales & Services Officer
CEO Chief Executive Officer CMO Chief Marketing Officer CTSO Chief Technology Strategy Officer
CFO Chief Financial Officer
Financial Manufactured Intellectual Human Social & Relationship Natural

Capital Capital Capital Capital Capital Capital
New Business Risk

Impact on Business Mitigation Actions for Value Creation
• Competitive operating landscape and growing • Continuously updated our organisational structure, talent management and policies and processes, as
stakeholder demands for product and service well as investing in new technologies to meet the demands of new businesses.
offerings beyond our core service. • Actively monitored business operations should there be a requirement to adhere to defined and
• These new growth areas exposes us to applicable regulations.
liabilities if corresponding risks are not • Managed liabilities using insurance with optimum coverage and premiums.
adequately identified and managed. • Continuous engagement with authorities and industry players to gain favourable outcome.
• Uncertainties of 5G network ownership and
potential move to a dual wholesale network. Opportunities
• Revenues from new business (e.g. 5G, Fibre, IoT).
• Convergence and new products and services.
• Transferred risk (e.g. insurable risk).
• Terms and conditions of service delivery with the external parties.
• Creating differentiation factor in products and services.
Risk Owners: Key Risk Indicators: Material Matters:

CFO CMO CEBO • Progress in transforming people, process • Network Quality & Coverage • Sustainable Business Growth
and technology to meet demand of new • Data Privacy & Protection • Crisis Management & Response
CHRO CSSO • Climate Change
businesses • Customer Experience & Satisfaction
Capitals Affected: • Progress in product delivery • Ethical Business Practice • Employee Development
• Regulatory Compliance • Environmental Management
• Digital Inclusion & Innovation • Community Development
Competition Risk
• The increased competition arising from mergers • Intensified efforts to gain market share and maintain leadership in converged solutions in both the
between market players could create an uneven Consumer and Enterprise segments.
playing field, leading to reduced market share. • Leveraging on industry-leading LTE network and fibre connectivity to be Malaysia’s leading integrated telco.
• Intensifying market competition could lead to • Customer experience as service differentiator via customer first approach.
players providing overlapping services to cater • Drove efficiencies and innovation via new technologies, products and services, processes and business
to the demand for connectivity. models to provide customers with a consistently good experience.
• Irrational moves by smaller competitors in
product/services offerings impacting margin Opportunities
and overall profitability. • Focusing on revenue from innovative services and effective strategies on key segments.
• Venturing into new growth opportunities in • Diversifying revenue from non-traditional business segments, such as the fixed broadband and
fixed broadband and enterprise business has enterprise business.
widened our competitive landscape. • Creating products and services targeting different customer segments.
• New entrants providing similar products and • Improving organisational agility and operational efficiency.
services reducing market share.

CMO CSSO CTSO • Customer acquisition/contract renewal • Network Quality & Coverage • Digital Inclusion & Innovation
• Revenue Generating Subs and Gross • Data Privacy & Protection • Sustainable Business Growth
CEBO CCAO • Supply Chain Management
Adds • Customer Experience & Satisfaction
Capitals Affected: • Industry revenue share • Ethical Business Practice
25
HOW WE CREATE VALUE
Operation Risk
• Failing to provide consistently good customer • Accelerated digital channels to provide digital care and self-service capabilities.
service to our customers and at the same time • Worked with the authorities to implement new network infrastructure builds.
deliver growth and optimise costs could impact • Continued to identify new talent with the skills and capabilities to deliver new solutions and services.
• The Project Management Office integrated change management by identifying, evaluating and
our reputation and strategy.
managing changes throughout the lifecycles of key projects.
• Implementing complex platform solutions and • Held continuous collaboration and integration between various internal stakeholders to ensure minimal
infrastructure could impact operation processes. operation disruption of Maxis’ products and services.
• The dependencies of many projects with local • Formation of governance committees to provide guidance and oversight on strategy and operational
authorities requirements may affect delivery decision-making.
timelines. • Carbon mitigation/adaptation strategy and to implement waste management system.
• Lack of ESG integration, e.g. e-waste and
carbon management, into operations may lead Opportunities
reduced operational efficiency and increased • Business stability and continuity via enhanced processes.
resource use. This in turn, may lead to • Innovative products and services.
increased operating expenses and carbon cost • Increasing agility and market competition.
as well as adverse reputational impact. • Cost and operational optimisation via product and services rationalisation.

CMO CEBO CSSO • Net Promoter Score • Network Quality & Coverage • Crisis Management & Response
• Progress of key projects • Data Privacy & Protection • Occupational Health & Safety
CIO CHRO CCAO • Customer Experience & Satisfaction • Climate Change
implementation
• Ethical Business Practice • Employee Development
Capitals Affected: • Progress of obtaining permit from local
• Regulatory Compliance • Equal Opportunity Workforce & Employment
authorities • Supply Chain Management
• Digital Inclusion & Innovation
• Sustainable Business Growth • Environmental Management
Network Failure Risk

• Disruptions to the reliability of our high-quality • Prevented disruptions by continuously enhancing and reviewing our networks’ resilience and processes
networks and systems impacting our operations including incidents and/or crises.
and reputation. • Implemented proactive initiatives at high flood risk zones including deployment of gensets, free WiFi at
• Hybrid working arrangements and reliance on temporary flood centres and continuous monitoring via drones.
wireless networking impacting network quality • Established a structured ESG framework covering climate change, social responsibility, etc., which is
due to a surge in network traffic. implemented throughout the business.
• The imposition of different requirements of • Ensured the presence of business continuity plans and insurance policies.
• Worked closely with regulatory and government bodies, together with contractors, to ensure network
regulatory and government bodies impacting
resiliency and effective infrastructure build up.
delivery and maintenance activity. This will
impact customers’ satisfaction, significant fines
Opportunities
and reputational damage.
• The uncertainty on climate conditions, such as • New customers (extended network coverage) and new service opportunities.
floods or landslides can lead to prolonged or • Building a good reputation with customers and government authorities nationwide.
severe service disruptions. • Awareness of Maxis stakeholders on ESG risks bringing together the best of technology to help people,
businesses and the nation.

CNO CTSO CCAO • Network performance/quality • Network Quality & Coverage • Crisis Management & Response
• Net Promoter Score • Data Privacy & Protection • Climate Change
Capitals Affected: • Business continuity plan's progress vs • Customer Experience & Satisfaction
target levels
• Regulatory Compliance
• External party scoring indicator
• Service delivery
Technology Risk
• Failure to advance with evolving technological • Continuous investment on our systems with new capabilities to deliver innovative and relevant services
and digital capabilities to maintain our leading to our customers.
edge in technology, innovation and to support • Ensured that technologies prove their maturity, sustainability and scalability roadmap within the
our sustainability initiatives. commercial environment.
• New technologies implemented without a • Conducted pilot trials prior to launch.
clear development and transition programme, • Leveraging technology to support our sustainability initiatives.
could affect the adoption rate, subsequently
hindering the technologies’ returns on Opportunities
investment (ROI). • Cost reductions.
• Complexities in adopting 5G infrastructure and • Convergence and new services.
services between Maxis with DNB’s Single • Reduction of network equipment and maintenance costs.
Wholesale Network (SWN). • Service differentiation/customisation.
• Effective management of the technology’s performance and scalability.

CTSO CIO CNO • Delay in meeting key milestone on • Network Quality & Coverage • Crisis Management & Response
new technology implementation • Customer Experience & Satisfaction • Climate Change
Capitals Affected: • Adoption rate, user engagement index, • Digital Inclusion & Innovation • Environmental Management
performance and scalability • Sustainable Business Growth
• Technical possibilities assessment
26
Data Privacy and Protection Risk

• Impacts customer confidence and leads to • Established a data privacy and protection framework in governing the policies, procedures, technologies
significant fines, business disruptions and and tools in managing customers’ personal data.
reputational damage due to noncompliance to • Fostered awareness of data privacy and protection among Maxis’ stakeholders.
regulatory requirements, data breaches, theft • Attestation activities conducted to identify the privacy data throughout the organisation.
and loss, and misappropriation of information.
Opportunities
• Establishing and incorporating structured data privacy and protection within governance and internal
business processes.
• Cybersecurity services for business customers.
• Strengthening trusted third-party roles.
• Increasing efforts to promote awareness internally and externally of data privacy, management and
protection.
• Identification of data and its usage throughout the organisation.

CIO CTSO CFO • Implementation progress on data related • Network Quality & Coverage • Ethical Business Practice
programmes • Data Privacy & Protection • Regulatory Compliance
CNO CSSO CEBO • Crisis Management & Response
• Number of data breaches • Customer Experience & Satisfaction
Capitals Affected: • Digital Inclusion & Innovation
Vendor/Supply Chain Risk

• A critical failure on vendor’s delivery and • Periodic vendor performance evaluation, a key part of supply chain risk management.
its supply chain (which includes critical • Optimised processes and technology tools in our Source to Contract framework.
telecommunications equipment and resources) • Maintained constant dialogue with critical suppliers.
contributed by many aspects may lead to system • Identified alternative suppliers/vendors.
and network interruptions that could adversely
impact our operational and service quality. Opportunities
• Unable to deliver customer’s products and/or • Purchase price reductions through volume and commercial competitiveness.
services. • Co-developing solutions with suppliers.
• Possibility of exposing the Group to potential • Increasing the number of alternative preferred suppliers.
ESG risks within the supply chain. • Renegotiation of commercial contracts.
• Potential unauthorised access to Maxis’
infrastructure via third-party vendor systems.

CFO CMO CEBO • Delivery timeliness of goods and • Network Quality & Coverage • Crisis Management & Response
services • Data Privacy & Protection • Occupational Health & Safety
CTSO CIO CNO • Supply Chain Management
• Customer Experience & Satisfaction
CSSO • Ethical Business Practice • Climate Change
• Regulatory Compliance • Equal Opportunity Workforce &
Capitals Affected: • Digital Inclusion & Innovation Employment
Information Technology Risk

• Cybersecurity threatens the resilience and • Various initiatives conducted by the Cybersecurity Management (CSM) unit such as security planning
integrity of our network infrastructure and projects, operations, data protection, security forensics, threat intelligence and assurance, enhancing
support systems, with potential cyberattacks system and agents, continuous awareness and training sessions and insured liabilities with optimum
resulting in reputational damage, litigation or coverage.
other penalties and vulnerabilities. • Enhanced cybersecurity risk management approach as key risk drivers and key business scenarios.
• New products and services which utilise external
parties’ environment could affect the operations Opportunities
and introduce new cybersecurity vulnerabilities • Cybersecurity services for business customers.
into Maxis’ environment. • Consolidation of internal expertise.
• Potential data leakages resulting from internal • Security by Design to support increasing compliance with governance.
and external threats. • Championing cybersecurity within the Maxis ecosystem.
• Terms and conditions of service delivery with external parties.

CIO • Percentage of security • No. of technical vulnerabilities • Customer Experience & • Crisis Management &
incidences exceeded Service • Identity Management Satisfaction Response
Capitals Affected: Level Agreements (SLAs) • Configuration Management • Ethical Business Practice • Data Privacy & Protection
• Completion rate of Cybersecurity • Data Protection • Regulatory Compliance • Sustainable Business Growth
Awareness Training • Endpoint Security • Digital Inclusion & Innovation • Climate Change
27
HOW WE CREATE VALUE
Economic Risk
• Slower global trade, global tech downcycle • Positioned Maxis as Malaysia’s go-to, extensive brand that leads in trust, enablement and influence.
and tighter monetary policies may impact • Minimised the economic impact on businesses and consumers by driving key convergence value
local economic growth and affect consumers’ propositions and to accelerate digital adoptions.
purchasing power as well as corporate • Accelerated our cost optimisation programmes.
spending.
• Softening global economic growth and trade
activities due to inflationary pressure, tightening Opportunities
of financial conditions and supply constraints. • Economic recovery.
• Geopolitical tension are directly and indirectly • The 12th Malaysia Plan and Budget 2023, focused on the rakyat’s well-being and on business continuity.
affecting the supply and demand equilibrium,
and by extension, our business.

CFO CMO CEBO • Consumer Confidence Index • Sustainable Business Growth • Supply Chain Management
• Domestic consumption • Crisis Management & Response • Climate Change
CSSO
• Household spending • Digital Inclusion & Innovation
Capitals Affected:
People Risk
• Recruiting, developing and training the best • Developed leadership succession plans.
talents needed for our new business segments • Optimised resource costs with strong initiatives to respond to infectious disease impacts.
remain a challenge. • Continuously built capabilities by upskilling our existing workforce, recruiting new talents and strategic
• Specialised skills needed to drive digital mergers and acquisitions.
transformation strategies are becoming • Proactively reviewed our talent retention strategy.
increasingly scarce due to intense competition • Monitored and managed potential infectious disease impacts on our colleagues.
for talent.
• Failure to safeguard the health, safety and Opportunities
well-being of our employees and the public, • Talent diversity through innovative talent attraction and retention strategies.
especially in light of infectious diseases. • A healthy and highly engaged workforce.
• Higher attrition rate for top value roles driven by
industry demands.
• Continued manpower optimisation exercise may
result in the rise of operating costs and reduced
profitability.

CHRO • Voice of Maxis (VOM) Score/Employee • Ethical Business Practice • Employee Development
Engagement Index (EEI) • Customer Experience & Satisfaction • Equal Opportunity Workforce &
Capitals Affected: • Vacant time for critical roles • Digital Inclusion & Innovation Employment
• Employee of Choice Survey • Sustainable Business Growth • Community Development
• Attrition rate • Crisis Management & Response • Data Privacy & Protection
• Occupational Health & Safety • Regulatory Compliance
Regulatory Risk
• Telecommunication companies may need • Closely monitored new developments and engaged with regulators and the industry to propose changes
to respond to new/revised regulations and and provide feedback on regulatory reforms and industry developments.
changes in the political landscape so they can • Both the domestic and global political landscape have been factored into the business direction for
minimise the impact on their strategy in the telecommunication companies to remain responsive and agile in ensuring business resilience.
short and long run. • Remained committed to conduct business ethically and comply with applicable laws and regulations.
• Regulated spectrum resources are limited, yet
they are critical in maintaining competitiveness, Opportunities
growth and cost strategies. • New spectrum awards by the Government.
• Active participation in Government initiatives.
• Minimising impacts on business strategy resulting from regulatory introductions or amendments.

CFO CCAO CTSO • Fines and compounds imposed by • Network Quality & Coverage • Crisis Management & Response
regulators • Data Privacy & Protection • Occupational Health & Safety
CNO • Climate Change
• Amount of spectrum to be awarded • Customer Experience & Satisfaction
• Ethical Business Practice • Employee Development
Capitals Affected: • Equal Opportunity Workforce &
• Regulatory Compliance
• Digital Inclusion & Innovation Employment
• Community Development
28
OUR VALUE CREATION OUTCOME INTEGRATED ANNUAL REPORT 2023
DRIVING BUSINESS EXCELLENCE
MOBILE
In the dynamic landscape of Malaysia’s mobile telecommunications, Maxis has
reinforced its position as the leading integrated telco by delivering innovative
consumer mobile solutions, underpinned by a robust digital-first approach.
Maxis places a strong emphasis on tailoring its offerings to meet the diverse needs of its customers,
ensuring optimal connectivity experiences that seamlessly integrate into daily life. The Company’s
strategic pivot towards a digital-centric model underscores its commitment to driving value creation and
enhancing customer interactions through digital transformation.
Maxis’ strategic rollout of attractive and inclusive 5G plans and services plays a pivotal role in driving the
country’s digital economy forward. Through continuous innovation and customer-centric initiatives, Maxis
is set to lead the charge in the 5G era, promising an always-connected, high-speed digital future for all
Malaysians.
DELIVERING WINNING CONSUMER MOBILE SOLUTIONS For those looking for more value based postpaid
propositions, our Hotlink Postpaid plans starting from RM30
Maxis stands at the forefront of Malaysia’s consumer mobile per month are 5G-enabled and offer double the data quota
solutions sector, steadfast in its mission to deliver innovative along with great deals for entry 5G devices.
solutions to meet and surpass customer expectations,
by adopting a digital-first strategy. We are committed to For the prepaid segment, we have also launched new
providing an optimal connectivity experience for all, that is 5G unlimited passes that offer high speed 5G experience
not only cutting-edge but also inclusive and affordable. By everyday with more data quotas.
prioritising the needs and preferences of our customers,
Maxis aims to make high-quality connectivity accessible to Maxis Business Postpaid plans offer a comprehensive
everyone, reinforcing our position as a leading force in the connectivity solution tailored for businesses, ensuring
industry. seamless operations whether in the office or on the
move. With up to 1.4TB of mobile data, including specific
In the realm of consumer mobile solutions, Maxis has allocations for 5G and productivity applications, businesses
taken significant strides in 2023 to elevate our customers’ can enjoy a wide array of whitelisted productivity tools such
connectivity experience. as Office 365 and Zoom without impacting their data quota.
5G Experience: Improved Connectivity and Capabilities In addition to generous data allowances, these plans
provide global connectivity options with easy activation
We launched brand new 5G Plans across Postpaid and of roaming passes through the Maxis App for unlimited
Prepaid, focusing on delivering a seamless 5G experience data use in 54 countries. For businesses seeking tailored
with improved value for worry-free usage. solutions, Maxis offers bundled products and services, with
a broad selection of internet plans, digital solutions, and
On Maxis Postpaid, we introduced new 5G plans which not enhanced security to meet the dynamic needs of modern
only offer free 5G phones but also provided up to five times businesses.
more data, ensuring a seamless and robust 5G experience.
As of end 2023, we have seen encouraging growth in the
Our commitment to sustainable business growth extended number of 5G subscribers since its launch on 15 August
to innovative device ownership programmes, including 2023.
the expansion of our Zerolution proposition to a broader
segment of our customers at an affordable price point of
RM79, allowing customers to access the latest smartphones
with no upfront payment.
29
OUR VALUE CREATION OUTCOME
Collaboration for Sustainable Growth Innovating Customer Experiences
Underlining our commitment to environmentally conscious Maxis prioritises creating a pleasant customer experience
practices, we initiated a trade-in programme with through a customer-centric approach across every channel
CompAsia. Our partnership with CompAsia started in 2021, and touchpoint. We have implemented several pioneering
demonstrating our continuous commitment to sustainability features and initiatives that are shaping the future of
by providing convenience and flexibility to our customers to customer engagement.
either upgrade or recycle their old devices. This programme
empowers our customers to trade in their old mobile phones Driving Partnership: Connecting Beyond Boundaries
for a reasonable price in a secure and worry-free manner,
In our pursuit to innovate customer service, Maxis has
with a dedicated focus on securely erasing old data. To
forged strategic partnerships that extend our reach and
date, we have received more than 5,000 traded in devices
enrich the experience of our customers.
that will be refurbished and re-used or repurposed into
recycling materials. We expanded our presence in the digital and electronics
retail space by leveraging partnerships with retailers like
Senheng, DirectD, Machines, Switch, and Urban Republic.
OUTLOOK This move enhances customer touchpoints and facilitates
easier acquisition through the availability of Maxis, Hotlink,
Short-term and Fibre plans in partner stores.
• Focus on growing and gaining market share in In addition, we established partnerships with Universiti
both premium and value-seeking segments, with Teknologi MARA (UiTM) and other key local universities,
attractive mobile devices, converged solutions, and solidifying our presence as a strategic technology partner.
communications tailored to target audiences. This collaboration spans areas such as eSports, career
• Enhance Segment of One (SO1) capabilities to opportunities, and knowledge sharing, particularly targeting
increase customer lifetime value. the youth segment.
• Focus on fixed-mobile convergence solutions to
improve revenue. Customer-Centric Excellence at Maxis
• Enhancement of mobile digital experience to
At Maxis, our commitment to instilling a culture of consistently
monetise customer interactions.
good customer experience is embedded across our
• Continue to optimise and upgrade our network to
organisation, aiming to fortify brand advocacy, enhance
ensure a consistent mobile network experience for
competencies, and reshape customer journeys for swifter and
our customers. superior resolutions. To that end, Maxis delivered a strong
TP-NPS score of +68 in 2023, an improvement from +66 in
Medium-term 2022.
• Offer consistently good customer experience Some of the initiatives that have enabled us to improve our
leveraging on AI and 5G connectivity. TP-NPS score include:
• Expand coverage in underserved areas through
active site sharing. The use of Speech & Text Analytics, Robotic Process
Automation, and the streamlined use of Maxis’
Long-term WhatsApp as a customer care engagement channel
have created a suite of self-serve options.
• Be the undisputed leader of mobile solutions for
Malaysians, as Malaysia’s leading integrated telco. The introduction of the Mobile Network Checker in
Embrace digitalisation by enabling zero touch Maxis App where customers are proactively informed
operations, achieving 100% digital customer self-
of network downtimes which may impact their network
serve, and shifting 100% of business IT applications
experience.
and infrastructure to the cloud.
The introduction of the Maxis Interactive Retail
Assistant (M.I.R.A) at our retail stores to promote self-
DELIVERING CUSTOMER SERVICE EXCELLENCE discovery of personalised Maxis products and service
offers and provide quick links to self-serve options in
At Maxis, we recognise and respond to the evolving
landscape of customer expectations. In a world where virtual waiting rooms, to enable faster checkout when
delivering a consistently good customer experience registering a new line, a shared line or obtaining a new
is paramount, we have harnessed the power of digital device.
transformation to make interactions seamless and
positioned ourselves as a key value creator for our Central to our customer-centric approach is our dedicated
customers. workforce. We actively train our employees, arming them with
the requisite knowledge and skills to address the distinctive
needs of our customers.
30
In line with our commitment to promote workplace OUR NETWORK

inclusivity, we have also developed technologies to enable
hiring of visually impaired agents at our contact centres. Smart investment in expanding our leading converged
network to serve more Malaysians
DIGITAL INCLUSION & INNOVATION
In 2023, we continued to strategically expand our mobile
Digitalisation has become an imperative focus that we coverage footprint in Malaysia to better serve all Malaysians.
are prioritising as part of our overall strategy. We are We built more than 700 new sites in 2023, especially in
fully committed to embracing digital technologies and the East Coast, Sabah and Sarawak, mostly supporting 4G
integrating them into our operations, products, and services coverage expansion for underserved areas. The activation
to simplify processes, enhance efficiency, and unlock new of more LTE sites on 900MHz frequency has also allowed
opportunities. us to expand our existing coverage reach and indoor/in-
building quality signal.
Digitalising Customer Experience
Maxis is also working closely with the industry to actively
With enhanced systems and capabilities to strengthen share more than 2,400 sites providing additional coverage to
our digital and online presence, we enabled simplified rural and underserved areas. This is expected to grow by an
experiences for our customers to obtain Maxis products and additional 2,000 sites in 2024 and 2025 under the Jendela
services, including: Phase 1 and other Malaysian Communications & Multimedia
Commission's (MCMC) Universal Service Provision (USP)
• Digitally onboarding customers to 5G mobile plans, related programme.
enabling them to rapidly experience and utilise 5G
• Continued enhancement of our online sales platforms,
leading to a YoY increase of 20% in digital sales and a Optimised a Converged Network Experience
6.7% growth in online customer contract renewals
• Improved iPhone pre-order sales experience, resulting in In 2023, we continued to ensure that our customer
2x increase in online sale of iPhone devices experience remains consistent wherever they may
• Growing functionalities in our app interface to leverage be, with our speed test samples achieving more than
3Mbps more than 95% of the time. This allows our
digital wallets and bank integration, with 52% of our
customers to experience consistent and uninterrupted
Maxis Postpaid customers now making payments via the
connectivity, seamless website streaming as well as
Maxis App smooth high-definition video experience. The activation
of more LTE sites on 900MHz frequency in 2023 has
Our Hotlink mobile app recently won the iF Design Award also allowed us to expand our coverage and reach.
2024 in the user experience category. This prestigious Additional measures which include the upgrade of 4G
accolade recognises our commitment to excellent design radio access network, deployment of advanced high-
and affirms Maxis’ dedication to delivering a consistently speed microwave and strengthening of fibre network
positive customer experience. architecture to enhance network resiliency, resulted in
network speed and stability improvement.
We continue to innovate in digitising our customer
Since the launch of the Voice over LTE (VoLTE) and
experience with capabilities such as FaceID across
Voice over WiFi (VoWIFI), more than 80% of our voice
Postpaid, Prepaid and Fibre registrations to reduce fraud
traffic is carried over these technologies. This translates
and enhance user journeys with digital onboarding. to more than 33 million daily high-definition voice calls
made by customers, enjoying faster call setup times,
Personalised Customer Experience through Advanced better voice clarity, and robust and uninterrupted
Analytics & Machine Learning connectivity.
From our partnerships with technology companies Continued to Enhance the Network and Explore New
in business intelligence and workforce precision up- Technologies
skilling, we have accelerated the use of machine learning
and analytics in enabling Maxis to be an insight-driven Maxis has been at the forefront of exploring cutting-
edge network technologies to meet the evolving
organisation.
demands of data consumption and the exponential
growth in traffic. On average, Maxis’ customers
We built a unified 360-degree customer view that allows consume over 30GB of data per month. Top
us to predict individual customer satisfaction based on consumption drivers include video streaming, social
algorithms and provide personalised recommendations to networking and web browsing, with a combined volume
our customers. of almost 180,000 Terabytes.
31
New Spectrum Bandwidths Pioneering sustainable network operations

In June 2023, Maxis became the first telecommunications Subang Hi-Tech TOC is the first telecommunications
company in the Asia-Pacific region to successfully network site in Malaysia to be awarded the ISO
conduct a technical field trial with the trial of the 6GHz 14001:2015 Environmental Management Systems (EMS)
spectrum, leveraging advanced massive Multiple-Input certification by SIRIM QAS International. The certification
Multiple-Output (MIMO) technology. The trial, conducted recognises our excellence in planning, design, operations
in Kuala Lumpur, aimed to assess the feasibility of and maintenance of equipment and facilities at the TOC.
integrating this new spectrum and antenna technology
to address the escalating demand for mobile traffic and The robustness and quality of our network is essential for
enhance coverage in urban environments. us in ensuring a consistently pleasant experience for our
customers. To deliver on this commitment, we have also
Optimising Existing Network Performance attained the following certifications:
In a continuous effort to optimise existing network
• ISO 9001:2015 Quality management systems
performance, Maxis has implemented advanced features
utilising AI algorithms and ultra-low latency scheduling.
• ISO 22301:2017 Business continuity management
These features enhance network capacity and improve
systems
the user experience.
Maxis has focused on delivering consistency between Improving network experience in East Malaysia
the 4G and 5G networks through optimisation, enhanced Maxis has set up new Regional Internet Hubs at TOCs
capability, and proactive issue resolution. Various in Kuching, Sarawak and Kota Kinabalu, Sabah. Both
initiatives, including a nationwide rollout of LTE 900MHz are important network investment to improve customer
on 85% of sites, have significantly enhanced indoor internet experience, catering to high data volume and
coverage and improved the 4G user experience. anticipated volume growth. The hubs come with direct
international content connectivity that delivers faster
Maxis has deployed advanced solutions for improved response time for customers when loading and playing
network capacity and efficiency which resulted in a content.
significant improvement in user experience and notable
power savings.
Advancing 5G capabilities
Maxis has completed the testing of 5G Standalone (SA)
technology to further enhance its 5G capabilities. The 5G
SA brings enriched features supporting advanced 5G use
cases such as Ultra-Reliable Low-Latency Communication
(URLLC) and Massive Machine-Type Communication
(mMTC) enabling better response time and significantly
more IoT connection.
32
FIBRE
Maxis’ Fibre offerings help us build deeper relationships with our customers,
providing them with fast and reliable connections, enabling them to achieve
more from home and at work. Maxis currently provides fibre connectivity to
more than 700,000 homes and businesses, which is made possible through our
own build fibre as well as the partnerships we have established with various
fibre access providers to provide the widest fibre coverage to our customers.
Maxis offers a comprehensive range of fibre plans, from 100Mbps to 2Gbps, equipped with the latest
routers and bundled with unlimited mobile data for postpaid users. Additionally, customers can enjoy
easy access to high-end home devices, including televisions and gaming consoles, through the Zerolution
device installment plan.
By embedding fixed-mobile convergence as part our offerings, we aim to provide seamless connectivity
nationwide and are actively expanding our fibre network to deliver dependable connections to more
customers. A key differentiator for Maxis Fibre is our focus on optimising WiFi connectivity; Maxperts
conduct thorough checks to ensure an unparalleled WiFi experience throughout customers’ homes and
provide dedicated support to ensure a worry-free service.
DELIVERING WINNING CONSUMER FIXED SOLUTIONS Maxis Business Fibre is the only broadband service in
Malaysia that comes with free 4G wireless backup so that
Maxis Home Fibre: Elevated Connectivity for Homes businesses stay always connected with zero downtime.
Maxis’ all new Business Fibre plans also come with a
Responding to the demand for high-speed internet, free next-gen WiFi 6 certified router and a voice line
we introduced new Maxis Home Fibre plans featuring with unlimited domestic calls. In addition to this, plans of
speeds of 1Gbps and 2Gbps. These plans aim to provide 300Mbps and above come with a free WiFi mesh for wider
customers with a faster WiFi experience, accommodating coverage in business premises to deliver uninterrupted
growing needs of customers to connect multiple devices connectivity for businesses of all sizes.
simultaneously. We also expanded our Zerolution financing
programme for the home, including partnerships with SUSTAINABLE BUSINESS GROWTH
brands like Dyson, Samsung, Sony and LG, aimed to boost
the adoption of smart home devices that enhance the Collaboration for Sustainable Growth
Maxis home internet experience while offering significant
savings. Additionally, in alignment with the Government’s Our partnership with Dyson was not only aimed at
initiative for broader fibre connectivity, we launched the expanding our home device product line but also
Pakej Perpaduan for Maxis Fibre to serve underserved established to help capture market share of selected
Malaysians, delivering digital inclusivity and contributing to segments through luxury home devices. Additionally, we
national connectivity goals. have partnered with Secom Smart Security to enable us to
tap into the high-potential home security market, aligning
Maxis Business Fibre: High-speed and Reliable Internet with future trends for peace of mind products and services.
Access for Business Needs
Exploring New Avenues for Business
Together with the rollout of the new Home Fibre plans,
Maxis Business Fibre was also made available nationwide Complementing the launch of 5G plans, the launch of 5G
at speeds of up to 1Gbps, with new Enterprise customers WiFi offers a plug-and-play home WiFi alternative at fibre-
also being able to enjoy the special promotional pricing for like speeds, featuring unlimited data and a free 5G router
the first 24 months. capable of delivery Gbps speeds.
33
OUTLOOK
Short-term Medium-term
• Drive convergence through continuous focus on a • Reach 1 million fibre connected homes.
broader customer segment. • Increase gains of overall fibre market share.
• Continue to enhance Segment of One (SO1) • Strengthen our leadership in convergence through
capabilities to increase customer lifetime value. continuous innovation in product and solutions.
• Maximise value realisation in fibre through an • Offer consistently good customer experience through
optimum mix of infrastructure, competitive products our AI-powered SO1.
and operational efficiency.
• Modernise fibre operations through digitalisation and Long-term
automation of back-end operations.
• Make plans more attractive by bundling them with • Become a leader of converged solutions for
mobile devices, tablets, wearables (smart watches) Malaysian families.
and home devices (television sets, purifiers, products
offered via partnerships with brands such as Dyson for
its cordless vacuum, multi-styler and dryer).
Driving Partnership: Connecting Beyond Boundaries Our fibre NPS has increased to +68 in 2023, reflecting
our commitment and consistency in delivering enhanced
For our Home Zerolution, Maxis enhanced its offerings fibre services and quality products.
by introducing new home merchandise, initiating a
television trade-in programme and offering larger
television sizes. These enhancements, along with the EXPANDING OUR FIBRE FOOTPRINT
partnership with Dyson, contribute to an enhanced
home experience for our customers. As of 2023, Maxis has increased its fibre access to more
than 7.5 million premises nationwide. Additionally, we
Driving Digitalisation: Elevating Customer Care and built 181,000 premises in 2023 alone, an 80% increase to
In-Store Experience the premises delivered in 2022. This takes our total own
fibre-to-the-home network to more than 400,000 premises
In 2023, we have also implemented enhancements nationwide.
in the fibre business operations which include same
day installation services for an improved customer Expanding our own fibre footprint to support multiple
experience. The introduction of the latest WiFi 6E services (Mobile, Enterprise and Home) to more than
router for 2Gbps customers also strengthens our 22,000 km nationwide and growing, we are also committed
leadership in the Home experience. to the continued improvement of our customer's Home
experience and in the delivery of consistent speeds as
In elevating our fibre care, our fibre self-serve portal subscribed.
was enhanced with a revamped user interface,
introduction of new WiFi management features as well Our Network Leadership Highlights:
as easy in-app Mesh purchase. Apart from its advanced
diagnostics capabilities, the new WiFi scheduling Fibre access to more than
7.5
feature is one of the many features that empowers
customers to manage and control the WiFi availability
of their home network based on their preferred usage.
million premises
Leveraging on the surveillance capabilities, we have also
enabled quality assurance mechanism to ensure our
fibre customers experience seamless service availability
with consistent download speeds. These autonomous
functions operate remotely 24/7, to monitor and optimise
speed, fibre connection stability and in-home WiFi
connectivity.
34
ENTERPRISE
We remain committed in revolutionising the way Malaysian businesses operate
in the digital era by offering innovative, right-fit solutions that support their
digital transformation journey and redefine their interactions with customers,
manage operations efficiently and enable their employees to be more productive.
Our focus is to offer our customers state-of-the-art connectivity solutions, IoT
services and cloud services ensuring that all these services are embedded with
security. We recognise that security is pivotal in anything people and businesses
do digitally and hence enable our customers to secure their infrastructure, data,
assets, and communication at all times.
Through these solutions, Maxis has fostered strong relationships with businesses across all levels, aiding
them in understanding the importance of digitalisation for more efficient and cost-effective operations.
We remain well-positioned as the right business partner for all business segments – corporates, mid-
market, small and medium enterprises, wholesale and the public sector.
YOUR RIGHT BUSINESS PARTNER and co-develop agricultural and agrifood based solutions.
As a pilot, we worked on precision farming for ginger using
Forging a Path to Sustainable Enterprise Growth automated systems to utilise fertigation with drip fertilisers, big
data analytics, as well as 24/7 surveillance. Through this, we
In 2023, we amplified our commitment to drive sustainable aim to roll out the technology to more than 400 ginger agro-
business growth and technology advancement, anchored prenuers to enhance efficiency and equip MARDI with valuable
through strategic partnerships, industry collaborations and insights into integrating technology to address food security
innovative connectivity solutions leveraging on 5G. challenges. This sets the stage for a two-year partnership
encompassing capacity-building programmes, research
Strengthening the Digital Ecosystem through Strategic initiatives, seminars, conferences, and pilot studies focusing on
Partnerships and Industry Collaboration smart agricultural solutions.
Throughout the year 2023, we collaborated with industry and Supporting Small and Medium-Sized Enterprises (SMEs) in
technology players in our bid to boost sustainable business their Digitalisation Journey
growth not only for ourselves but for our partners. One of the
notable collaborations was with Telekom Malaysia to provide Furthermore, Maxis is committed to becoming the preferred
wholesale 2G and 4G network. This partnership demonstrates digitalisation partner for SMEs, especially given their significant
our shared commitment to driving innovation, improving contribution to Malaysia’s Gross Domestic Product. With ambitious
customer experiences, and contributing to the advancement of plans for this segment in generating long-term sustainable
Malaysia’s digital landscape. revenue, Maxis positions itself as the single touchpoint to
help these businesses embark on their digitalisation journey,
We also partnered with Ideal Property Group, a market-leading enhancing their productivity and market reach.
property developer in Penang, to deliver fibre connectivity
to homes and businesses in commercial and residential In our bid to empower more SMEs, we have supported the
projects comprising 12,000 business premises and homes. government as a certified Digitisation Partner under the Geran
Moving forward, we will continue to collaborate with property Digital PMKS Madani initiative, by assisting 27,000 SMEs in
developers nationwide to provide high-speed broadband and their digital transformation journey. The UsahaWIRA community,
connectivity solutions. comprising these SMEs, receives exclusive event invitations,
networking opportunities, and more. Engaging with SMEs
With technology creating immense opportunities across nationwide through targeted roadshows has been a key
industries, we joined forces with the Malaysian Agricultural component of our strategy.
Research and Development Institute (MARDI) to collaborate
35
To extend our reach to the 1.2 million SMEs in Malaysia, we up to 8Gbps, which is a 10-fold increase in speed compared
need the right business partners to support them through to 5G. The showcase demonstrated that this technology also
their digitalisation journey. We are collaborating with state had higher capacity for simultaneously connected devices
governments to develop digital ecosystems that foster socio- and ultra-reliable low latency. Cumulatively, we believe that
economic impact for the local communities and micro SMEs our Enterprise customers will stand to benefit greatly from the
(MSMEs) across the country. For example, we have partnered application of customised digital solutions that will leverage on
with Digital Penang and Digital Perlis to support the state’s this improved technology.
ambition to accelerate digitalisation among MSMEs as key
economy drivers. Smart Mobility Solutions
Fixed Connectivity and Next Generation Hybrid SD-WAN We have taken a leadership stance in the Smart Mobility
sector, enabling a majority of the Electric Vehicles (EVs) on
We have ramped up our efforts in simplifying customers’ the road today through the Maxis IoT Connectivity Platform.
operations through digitalisation. Maxis was selected by The collaboration with key partners in the EV ecosystem
BHPetrol to improve customer experience at their retail demonstrates our commitment to advancing EV technologies
stations. Under this collaboration, we have deployed our in line with the Government’s National Energy Transition
managed SD-WAN to power BHPetrol’s outdoor payment Roadmap.
terminals at every petrol pump and Point of Sale systems at all
retail stations in Peninsular Malaysia. To date, Maxis’ SD-WAN To help accelerate the adoption of e-mobility solutions, Maxis is
has been rolled out to more than 240 locations. collaborating with Blueshark, a leading smart scooter provider,
and EV Connection Sdn. Bhd. (EVC), operator of the JomCharge
We have also connected Johor Plantations Berhad’s entire charging network. As part of the collaboration, Maxis will provide
network of operations with Maxis’ solutions, enabled by SD- 4G and 5G network connectivity solutions to Blueshark and EVC
WAN for fast, secure, and reliable connectivity throughout its to connect their EV assets and infrastructure.
estates, mills, biogas plants and labs spanning across 60,339
hectares. We designed and deployed infrastructure to support Harnessing the Power of Digital Technology in Maxis
a range of capabilities, especially our high-speed Dedicated Business Innovation Centre
Internet Access for cloud connectivity. This infrastructure will
assist Johor Plantations Berhad in many facets, including We officially launched the Maxis Business Innovation Centre
improving palm oil crop management, worker resource (MBIC) in May 2023, which was officiated by the then
planning as well as environmental management monitoring. Communications and Digital Minister Fahmi Fadzil. Spanning
9,000 square feet at the base of Menara Maxis, MBIC is a
In 2023, multiple batches of Enterprise’s legacy circuits were purpose-built facility designed to foster innovation while
migrated to make use of Maxis’ advanced IP transmission, with driving digital transformation for our enterprise customers. Our
strengthened network resiliency for a more effective, higher partners and customers can access an IoT lab, multi-industry
connectivity speed and quality while providing seamless fail- use-cases enabled by 4G and 5G, cloud, AI, IoT, and machine
safe backups for our customers. The Maxis Programmable learning, amongst others. MBIC also houses an auditorium with
Network architecture grants customers the flexibility to scale state-of-the-art audio/video (AV) technology, and co-working
their network capacity on demand. spaces designed to facilitate collaboration and co-creation.
Going forward, we expect MBIC to be where businesses of all
Growing the 5G Ecosystem whilst Enhancing Our Solution sizes and across different verticals will work with us to realise
Portfolio the promise of digital technology.
Maxis Business has positioned 5G as an enabler for

connectivity enhancements and innovative enterprise OUTLOOK
solutions. Addressing evolving business needs, we
introduced new plans enriched with greater value, 5G bonus Our Enterprise segment will continue to push the
data, productivity tools, and extensive device ownership boundaries of innovation and double down on efforts
programme. This commitment to staying at the forefront to bridge the digital divide of Malaysian businesses.
reflects our dedication to revolutionising how businesses Our aspirations moving forward are to:
connect, communicate, and elevate their digital experiences.
• Focus on sustainable and predictable growth areas.
During the year 2023, we continued to grow our 5G ecosystem • Scale up our core Mobile and Fixed connectivity
through the Maxis 5G Alliance programme which grew to 45 offerings across the business segments.
members, up from 23 members in 2022. The strength and • Develop right-fit ICT solutions (Cloud, IoT, Managed
diversity of this community of 5G stakeholders will continue to Services, Security) across all our business
accrue benefits through the various engagements with Alliance segments leveraging on 5G.
members on collaboration and co-creation of innovative • Provide market leading end-to-end customer
products and solutions that can leverage on 5G technology to
experiences.
catalyse the digital journey of our customers.
• Digitalise, simplify, and streamline our operating
model to optimise efficiency and reduce cost.
Earlier this year, we staged Southeast Asia’s first 5G-Advanced
technology trial together with Huawei. Also known as 5.5G,
the trial demonstrated a live speed test with peak speeds of
36
DELIVERING SUSTAINABLE VALUE
APPROACH TO SUSTAINABILITY
Maxis strives towards being the leading integrated telco in Malaysia.

Our purpose is to bring together the best of technology to help people,
businesses, and nation to always be ahead in a changing world. Sustainability
plays an important role in our purpose considering that a sustainable and
predictable growth of the organisation is one of the key elements supporting
our vision to become the nation’s leading integrated telco. In fostering
sustainability, we will continue to drive environmental responsibility, social
equity and economic development against the backdrop of governance and
transparency.
Our approach to sustainability is overseen by the Board Sustainability Strategy & Value Creation Model
as a whole, with the CEO setting the overall sustainability
agenda. This is cascaded down to the Sustainability In line with our vision, mission and strategy, the value
Steering Committee comprising Maxis’ Management Team we create for our stakeholders is categorised into five
and members of key business units. The committee is outcomes and disclosed in the value creation model on
responsible for the management of Maxis’ sustainability pages 14 to 16.
matters and is an advocate of governance practices. We
have also aligned our sustainability responsibilities with
the UN SDGs in anticipation of driving positive outcomes Value Creation Outcome
contributing to the global sustainability agenda.
Creating A Digitally Inclusive
Our commitment to sustainability is acknowledged by key Society
rating institutions. In 2023, Morningstar Sustainalytics ESG
Risk Rating, an independent ESG research and rating firm,
gave an ESG Risk Rating of 25.1, representing a medium Enhancing Our Omnichannel
risk. Additionally, Maxis is affirmed with an AA MSCI ESG Customer Experience
rating. Maxis is also a constituent of the FTSE4Good Bursa
Malaysia Index. In 2023, we received an ESG score of 2.4
with a 2-star ESG grading band. Empowering Our People and
Transforming Our Organisation
These accomplishments reflect our focus on creating long-
term value for all stakeholders as we endeavour to become
the leading integrated telco in Malaysia. Embedding Responsible Business
Practices
Caring for Our Community and

Environment
37
ENVIRONMENTAL Climate Change

Environmental Management
DRIVING CLIMATE ACTION • Enhanced energy efficiency and facility utilisation by

consolidating sites and leveraging on MOCN sharing
Climate Change technology to reduce energy consumption.
• Employed simplified radio and transmission configurations
Climate action is critical and as a responsible corporate to further reduce energy consumption.
citizen, Maxis continues to implement initiatives to reduce our
environmental footprint and mitigate the adverse effects of Key Initiatives at Technical Operation Centres (TOC)
climate change on our business operations. Our Corporate • Optimised space within the Network and ISD Data Centre
Services and Network divisions are tasked to spearhead our by expediting decommissioning and consolidation
focus on advancing the use of energy and resources as well efforts for Core and Radio Network, reducing energy
reducing GHG emissions. consumption for room facilities and power plants.
• Optimised cooling system by implementing hot/cold aisle
In terms of renewable energy, we are committed to increasing containment design inside Network and ISD Data Centre
renewable energy use and energy efficiency. In addition, we to increase energy efficiency.
commit to efficient management of our GHG emissions. We • Piloted a project for Virtual Energy Management
engage with our internal audit team to regularly review GHG- System (VEMS) with Tenaga Nasional Berhad for remote
related data to ensure accuracy, and design annual reduction monitoring and analytics to reduce energy consumption at
strategies in alignment with global best practices to guide our the Sungai Besi TOC.
journey towards GHG reduction. We ensure consistency in
our emissions data reporting.
Network Readiness
Our Energy Reduction Initiatives
To mitigate the impact of the floods caused by year-
The highest contribution towards our energy consumption end monsoons, Maxis implemented various measures,
is our network and information technology infrastructure. including:
To this end, we optimise power usage at our base stations • Proactive monitoring and early warning
and technical operations centres as well as ensure that our communication of high flood risk zones as well as
equipment operates efficiently to reduce power consumption. equipping sites with standby gensets.
In specific locations, we have incorporated renewable energy • Hardening (raised up) of high-risk sites based on
which is derived from solar power. past flood experience/data.
• Deploying free WiFi at selected Pusat Pemindahan
Key Initiatives at Base Stations Sementara (PPS) or temporary evacuation centres.
• Converted rural off-grid site with genset power to • Equipping regional teams with drones for aerial
commercial grid power and adopted the use of new surveillance and site restoration.
energy vehicles with GHG reduction feature. • Stationing critical equipment at regional offices for
• Implemented complete off-grid solar systems in rural sites faster on-site restorations.
across Peninsular and East Malaysia to minimise reliance • Collaborating with Jabatan Bomba dan Penyelamat
on energy provided by generator sets and diesel. Malaysia or the Fire and Rescue Department of
• Deployed the Energy Management System for remote Malaysia (Jabatan Bomba) for Maxis Response Team
monitoring and control, ensuring autonomous operations training as well as relevant agencies on site access
and reducing the need for staff travel and diesel for service restoration.
consumption.
Performance Data Trend Energy Usage (MJ)
Our ongoing initiatives to enhance energy efficiency has resulted in a controlled and limited increase in energy usage at
network sites to 12.9% despite an increase in the number of network sites available. This achievement not only translates to
a lower network site emissions intensity but also contributes to savings in electricity costs.
2021 2022 2023
Network Energy Consumption 1,420,761,755 1,475,580,045 1,668,551,500

Building Energy Consumption 16,378,276 19,225,908 19,128,534
Total energy consumption (MJ) 1,437,140,031 1,494,805,953 1,687,680,034
Note:
Conversion factor from fuel and gas usage and electricity purchased to energy: Electricity purchased - 3.6 MJ/kWh; Petrol - 33.34 MJ/L; Diesel - 36.14 MJ/L
38
Total Emissions at Maxis (CO2 tonnes)
Scope 1 and 2 GHG Emissions (tCO2e)
2021 273,362 4,748 278,110

Scope 1
Scope 2
2022 286,224 4,688 290,912
2023 319,837 4,280 324,117
Scope 1 GHG Emissions
2021 2022 2023
Genset Emissions 3,490 3,431 2,959

Vehicle (Fleet) Emissions 1,258 1,257 1,321
Total Scope 1 GHG emissions 4,748 4,688 4,280
Scope 2 GHG Emissions
2021 2022 2023
Network Emissions 270,038 282,305 315,851

Building Emissions 3,324 3,919 3,986
Total Scope 2 GHG emissions 273,362 286,224 319,837
Scope 2 GHG Intensity (tCO2eq/site)

Locations 2021 2022 2023
Base Transceiver Stations 24.21 27.10 26.64

Technical Operations Centres 4,558.88 4,091.39 3,880.57
Notes:
i. Total emissions data from 2021-2022 is restated as there was a revision on the emission factor which was released in 2023. The new emission factor takes effect on
data from 2019 onwards.
ii. Emissions are calculated based on the corresponding Global Warming Potential (GWP) value from IPCC’s Fifth Assessment Report (AR5).
iii. The source of the emission factor for Scope 1 GHG emissions is derived from the 2006 IPCC Guidelines for National Greenhouse Gas Inventories.
iv. The emission factor for purchased electricity (Scope 2 GHG Emission) is derived from Malaysian Energy Commission’s Grid Emission Factor (GEF) in Malaysia, 2017-2019.
ENVIRONMENTAL MANAGEMENT and biodiversity conservation, Maxis strictly prohibits

independent removal of wildlife. We seek assistance from
We comply with all local environmental laws and regulations, Jabatan Bomba to protect or rehabilitate wildlife nesting on
including conducting Environmental Impact Assessments towers or otherwise.
(EIA) where necessary. Striving for full compliance, we are
progressively implementing Environmental Management Office Waste Management
Systems (EMS) at specific operation sites, conducting
external and internal environmental audits for EMS-certified Our waste recyclable rate increased from 89% in 2022 to
sites, and emphasising corrective actions for minimal 91% in 2023, with total office recyclable waste increasing
environmental impact. by 70% and recyclables increasing by 75% as compared to
2022. This was mainly due to the resumption of the Work-
In 2023, Subang Hi-Tech TOC was the first telecommunications in-office (WIO) practice, and at the same time adoption of
network site in Malaysia to be awarded the ISO 14001:2015 paper-less and digital work processes by staff.
EMS certification by SIRIM QAS International. Maxis plans
to continue to implement EMS at all Maxis Network sites in Total Paper Usage (Reams)
phases across the next six years. In enabling circularity, our
commitment to responsible waste management and reducing Year 2021 2022 2023
hazardous waste to landfills involves targeted initiatives and
monitoring for progress tracking. Total reams used 1,806 2,909 3,511
Our forest reserve construction approach is to obtain

permits from the Forestry Department and conduct
joint site visits for tree impact assessment. For wildlife
39
As a result of our diligence, we have achieved the following:

Our Initiatives
Collaboration with Community Recycle for Charity (CRC):

Total of
• Partnered with CRC, a non-governmental
organisation, for the eighth year. CRC assists us in 49,879
collecting our recyclables from five offices in Klang e-waste items recycled with the following breakdown:
Valley. These recyclables are then used to generate
funds for charity.
• Created awareness and refreshers through our
Employee Engagement campaign activities and
provided recycling bins around the office premises.
10,124 units
donated to the Consumer Recycling Programme
• Worked with the MegaBite Café for a sales promotion
and launched the reusable tumbler sale for internal
customers, with the aim of driving reusable habits.
Total of
e-Waste Management 33,988 units
operational equipment recycled
In our commitment towards better managing and minimising
e-waste, we continue to move towards establishing a • Recycled 25,073 units
more circular economy in our day-to-day activities. We
• Reused 8,915 units
are focused on initiating circularity in our operations and
customer journey through strategic partnerships with our
vendors, formalising efficient e-waste management into
our operational processes. We also continue to generate
awareness both internally and with our customers on the 5,767 units
channels available to them to minimise their e-waste. of Fibre Customer Premises Equipment upcycled
Operational Waste Management • Refurbished 79 units
• Sent for Refurbishment 435 units

We are committed to promoting environmental sustainability
throughout our operations. To this end, we have implemented • Recycled 5,253 units
network waste reporting for operational waste across all
our main offices and sites. This reporting system enables
us to effectively monitor and manage our waste generation,
specifically categorising waste from electrical and electronic
assemblies under Scheduled Waste, code SW110 as per the
Department of Environment Malaysia (DOE) regulations. e-waste
Four-month employee
Through comprehensive data collection and analysis, we
aim to identify opportunities for waste reduction, optimise recycling campaign
resource utilisation, and minimise our environmental impact. which resulted in:
Our Initiatives
• Generated awareness and facilitated e-waste Participation from 2,431 employees

recycling with the launch of e-waste recycling
campaign to general public.
• Began establishment of process for recollection,
refurbishment and recycling of customer premise
equipment (CPE) (e.g. router) to ensure circularity of 7,248 items collected, weighing
equipment. 7,808kg
40
Water Management at Maxis

Total Water Consumption
We strive for responsible water management and monitor consumption regularly
to ensure efficiency.
Our water consumption primarily stems from the Corporate and Network sites
with a minor contribution from the Sales & Services sites. We ensure accurate
data collection for our reporting process, with data estimation techniques applied FY2023
for corporate offices. We are focused on continually reducing water consumption,
as we aim to minimise environmental impact aligned to regulatory standards. 43,224.6 m3
Notes:
• Water consumption data for 2021 and 2022 are unavailable as Maxis began measuring water consumption from 2023 onwards.
• Maxis’ total water consumption as of year 2023 consists of consumption by Corporate Office sites, Network Sites and Sales & Services sites.
• The scope excluded sites with no direct financial and operational control by Maxis.
• Due to the limited visibility on the source data (i.e. water bills), water consumption at some sites were estimated using occupancy rate.
• Source of water: Municipal Water.
OUTLOOK
We will continue to address climate change by taking every possible action to reduce our carbon footprint. In support
of Malaysia’s ambitious target to achieve net-zero status by 2050, we are actively working towards establishing
robust systems and policies for monitoring our environmental impact. Creating this foundational baseline will provide
a sturdy platform for identifying specific environmental objectives as we progress into the future, enabling us to
pinpoint opportunities for further emission reduction.
Our action plans are in three phases:
Short-term plans: 1-2 years Long-term plans: 5 years and beyond
• Enhance and intensify e-waste management efforts to • Persist in strengthening comprehensive initiatives to
encourage circular practices. reduce GHG emissions, aligning with the country’s
• Boost initiatives aimed at advancing recycling to aim to achieve carbon neutrality by diminishing our
minimise waste. energy-related emissions.
Medium-term plans: 2-5 years
• Explore possibilities to integrate and leverage

renewable energy within our business operations.
• Strengthen Maxis’ water and waste management
practices with the goal of minimising output.
41
SOCIAL Employee Development

Equal Opportunities Workforce & Employment
Occupational Health & Safety
Community Development
Crisis Management & Response
EMPOWERING OUR PEOPLE AND COMMUNITIES

Improving and managing our learning ecosystem
At Maxis, we strive to create a work environment where each Introduced Max Talks, engaging over 1,000
employee thrives, by fostering a culture of collaboration, employees, in diverse topics such as Innovation,
continuous learning and empowerment. We continue to provide Gen AI, Agile leadership, e-Waste management,
equal opportunities and invest in attracting, retaining and Coaching and the Power of Storytelling. We also
developing top talent, driving innovation and success. We also launched Disprz, a world-class platform with over
consistently invest in the communities around us by leveraging 600,000 learning content and AI-driven course
on technology to create empowerment opportunities. recommendations. Various hackathons and
knowledge forums were organised to enrich our
Employee Development
employees' depth of expertise in various areas.
In today’s dynamic environment, organisations must deliver,

innovate and adapt to evolving business landscapes. In
Total Training Hours
2023, guided by the CEO and CHRO, we transformed our
learning strategy to align with organisational needs. Prioritising
experiential learning, business fundamentals, client exposure, Total Training Hours
digital upskilling and improved user experience, all within
optimal cost. Employees Only
Throughout the year, we successfully fulfilled key learning
commitments, aligning them with the management’s vision,
98,461
business objectives and employee skill requirements. These
priorities encompass the following aspects: Employees and Contingent
Workers
Strengthening digital and business readiness
capabilities 113,312
Engaged over 2,100 learners in various digital
topics, with more than 300 individuals certified in
Cloud, Data AI and Agile. Two key pilot programmes
Digital Capability Learners
set for rollout in 2024 are ‘Front Line Experience’
for managers to understand frontline roles and
‘Leadership Regional Experience’ for senior leaders
to explore regional business operations. 2,202
unique employees
Cultivating leadership skills
Over 100 leaders undertook courses on innovation,
business, digital and leadership from prestigious
universities. Additionally, more than 100 managers
and key individual contributors received training
in problem-solving and process improvement. An
immersive cybersecurity simulation experience was
conducted for the Board and Senior Management,
while a telecommunications ‘War Game’ simulation
experience was organised for Senior Management
and emerging leaders to nurture leadership
development and business acumen.
42
Total Training Hours by Employee Category (contribution level)

Employee Category 2021 2022 2023
Senior Management Team 1,017 2,233 1,253

Managers 13,784 18,498 12,689
Individual Contributors 65,877 91,012 84,519
Employee Learning Hours

Year 2021 2022 2023
Total number of employees** 3,913 4,078 3,803

Average training hours per employee* 25.95 32.06 25.99
Total number of female employees** 1,725 1,780 1,645
Average training hours per female employee* 25.38 26.98 23.38
Total number of male employees** 2,188 2,298 2,161
Average training hours per male employee* 26.40 32.80 27.97
Notes:
* Training hours reported exclude mandatory compliance modules.
** Includes inactive employees who left Maxis during the year.
Branding & Talent Acquisition Practices
As Maxis empowers talents towards continuous growth and innovation, we recognise the importance of investing in young
talents. Our goal is to position Maxis as a company connecting innovation with opportunities for promising and young
individuals to shape the future of where we operate in by investing in and nurturing skillful talents. In 2024, we focused on
two main flagship programmes to identify individuals with exceptional skills, passion and leadership qualities.
In May 2023, we continued our commitment to nurture future-driven graduates under Maxis’ Flagship Graduate Programme
with seven different tracks according to divisions. Our latest intake of graduates consisted of 18 individuals embarking on a
three-week onboarding period curated by our Young Talent department, in collaboration with our Learning & Development
department. This includes an immersive attachment where these graduates assimilated with Maxis retail stores and contact
centres' products, services, customer service and operations.
Each graduate will undertake a one-year rotational programme in their respective business areas, ensuring comprehensive
exposure to business needs, operations and offerings.
Number of Applicants for Maxis Graduate Programme

2021 2022 2023
Number of programmes offered 7 5 7

Number of applicants 3,052 1,453 2,803
Number of graduates hired 27 20 18
Maxis continues its commitment to nurture young talents via the Maxis Scholarship Programme, a flagship initiative for
high-potential undergraduate students in relevant business areas. The programme offers annual funding of up to RM40,000,
covering tuition, living expenses and educational costs. In 2023, we reviewed 1,168 scholarship applications in total from
public and private local universities and granted scholarships to 16 first-year university students demonstrating exceptional
leadership qualities, academic excellence and co-curricular achievements through a rigorous assessment and application
process.
Since 2005, Maxis has been investing in young undergraduates, providing academic and internship opportunities to
cultivate knowledge and skills before entering the workforce upon graduation. This initiative demonstrates a commitment to
making a positive impact by enriching the lives of communities in areas where we operate in.
43
Number of Recipients for Maxis Scholarship Programmes

2021 2022 2023
Number of recipients for Maxis Tech Scholarship 9 5 5

Number of recipients for Maxis Young Leaders Scholarship 5 7 5
Number of recipients for Maxis Women in Tech Scholarship 7 7 6
Total Amount Invested in Maxis Scholarship from 2021-2023 (RM)
2021 495,000
2022 605,000
2023 1,294,000
As Maxis strives to leave a lasting impact on the lives of young undergraduates and graduates, shaping them into future
leaders in our industry, we view these flagship programmes as a long-term investment for young professionals with aspiring
careers in the telecommunications and technology sector. These individuals are poised to bring fresh and innovative ideas,
reimagining how we achieve our vision of being the nation’s leading integrated telco.
These efforts, coupled with our strategic employer brand positioning, garnered recognition and accolades in
2023. Maxis received the following prestigious awards in the employer branding space:
2023 Talentbank Graduates’ Choice Awards

(announced in January 2023)
Top 1% of the 25 Most Preferred Ranked #1 in Ranked #6 in

Graduate Employers in Malaysia Telecommunications category Technology category
2022 LinkedIn Talent Awards

(announced in January 2023)
Winner Best Employer Brand Winner Diversity Champion Finalist Best Talent
on LinkedIn Acquisition Team
Employee GradMalaysia GRADUAN Brand

Experience Awards Malaysia’s 100 Awards 2023
2023 Leading Graduate
Employers 2023
Bronze Best Rewards and Bronze Best Rewards and 2nd Runner-up
Recognition Programme Recognition Programme in Telecommunications categrory
2024 Talentbank Graduates’ Choice Awards

(announced in December 2023)
Top 1% of the 25 Most Preferred Ranked #1 in Ranked #5 in

Graduate Employers in Malaysia Telecommunications category Technology category
44
Empowering Internal Talent We prioritise the health and well-being of our talents to
help them achieve their optimum potential and enhance
At Maxis, our commitment to foster professional growth productivity at work by introducing Mental Health Resilience
encompasses both vertical and horizontal career Toolkits under Maxis P.O.S.I.T.I.V.E to support employee well-
advancements through our IGrow policies. Reflecting being and resilience. This initiative aims to help employees
on the past year, we are proud to deploy initiatives to stay agile and better cope with life’s challenges, both at
empower our employees to take ownership of their careers home and in the workplace.
and evolve alongside our Company. Demonstrating
our commitment to talent mobility, 18% or 687 of our In our commitment to fostering an agile and high-performing
employees underwent job rotations or horizontal culture, coupled with an effective performance management
movements in 2023. process system, we optimised our framework and
methodology to drive productivity and performance for a
In addition, we hosted IGrow Day – an event to guide our sustainable and impactful outcome at Maxis.
employees in exploring career development opportunities
within Maxis. The event featured exhibition booths managed
by the respective People & Organisation (P&O) COEs, Building Agile and Competent Digital Talent
fireside chats and panel discussions, where Senior Leaders
shared their growth experiences. Our people are vital contributors and are our biggest
asset, playing a crucial role in enabling all our value
During IGrow Day, we introduced a new platform, creation activities. We are proud that Maxis today
Opportunity Marketplace, offering employees the chance to is powered by over 3,700 driven and passionate
engage in Gig Project Opportunities within or outside their industry experts, an inclusive and diverse workforce
divisions. The Gig Project concept serves as a platform for in gender, age, ethnicity, and experience, reflective of
building new experiences and skills, with 96 employees the multitude of customers we serve. We have enabled
participating in Gig Projects, completing 15 projects to date. our people by providing state-of-the-art digital tools to
maximise their productivity and effectiveness.
From a talent acquisition standpoint, our team has
prioritised internal employee applications for business In Maxis, we embrace the principle that collaboration
stakeholders, creating opportunities within the organisation. fuels innovation and will continue to work closely with
The #AskRecruiter sessions facilitated this process, major players in the digital, data and cloud industry
resulting in 46 internal job transfers, constituting 13% of the such as AWS, Google, and Microsoft to name a few. This
total hiring by the Talent Acquisition team in 2023. enables our people to be exposed to best-in-class global
In conclusion, these programmes navigate the evolving practices and skills development in the areas of Digital
talent landscape by emphasising cross-divisional learning to Platforms, Robotic Process Automation, Data Science
retain talent. We believe that providing growth opportunities and Analytics, Machine Learning, Generative AI, and
enhances talent mobility, ensuring engagement through on- Cybersecurity, as these are areas that we have identified
the-job learning and future-proofing our organisation. as important for the sustainability of our organisation.
Engaging the Best Talent in their Fields We continue to prioritise upskilling our talents with
digital skills and instilling a digital innovation culture
In the past year, we focused on enhancing employee through hackathons, fostering agile ways of working
engagement, celebrating unique festive seasons and fostering and collaboration.
connections through activities such as Maxis Sports Day, the
#lifeatmaxis eSports Tournament, KL City Tour Challenge,
EQUAL OPPORTUNITY WORKFORCE & EMPLOYMENT
Maxis Treasure Hunt and #Recharge – Grand Prix Showdown.
In a world driven by innovation and progress, Maxis

We also started welcoming employees to Return-to-Office full
remains steadfast in cultivating a workplace that champions
time with the implementation of Flexible Start-of-Work time to
inclusion, diversity and supports human rights.
enable flexibility in working hours and prioritise productivity.
We comply with all local laws and regulations in

Over the past two years, we have ingrained a culture of
safeguarding our stakeholders. Rooted in international
taking time off for rest and rejuvenation. Employees are given
standards, our Code of Business Practice addresses
the freedom to choose when to enjoy a minimum of five
industry-specific exposures. We believe it is our
consecutive working days of Block Leave per calendar year.
responsibility to adopt grievance mechanisms, conduct due
diligence and communicate expectations to personnel and
third parties.
45
At Maxis, we firmly believe in upholding the fundamental such as Girls in Tech Conference and Women Who Code,
rights and dignity of every individual. As part of our contributing to the broader conversation on equality.
commitment to corporate responsibility and ethical business
practices, we have established robust policies aimed at Maxis is steadfast in its commitment to nurture a diverse
preventing human rights violations within our operations workplace that reflects the richness of human experience.
and supply chain and at the same time, providing a safe The journey towards equality is continuous, driven by the
space for employees to come forward in ensuring a secure belief that strength lies in diversity, promoting continuous
workspace. success and fostering an environment where all individuals
can thrive. We believe in advancing progress, innovation
By upholding strong policies and our zero-tolerance stance and shaping a future that values the uniqueness of every
to prioritise the wellbeing and safety of our workforce, individual.
we are not only fulfilling our ethical responsibilities as a
corporate citizen but also contributing to the long-term Upholding Human Rights
success and sustainability of our business.
In addition, we strive to protect and respect the rights of
Maxis goes beyond embracing the concept of equal all our employees, providing a platform for employees to
employment opportunities, we actively turn it into a reality. report complaints on human rights violations, including
Initiatives such as employee resource groups, including instances of discrimination, harassment and bullying in the
‘Women at Maxis’ and ‘Youth at Maxis’, serve as dynamic workplace. Employees are encouraged to report such cases
platforms for employees to connect, exchange experiences to managers, the human resource team, whistleblowing
and actively participate in the ongoing dialogue about channels or directly to the compliance team, without fear
inclusivity. The ‘Women@Maxis Mentoring Programme’ of retaliation or reprisal. In 2023, one case of human rights
which was launched in November 2023, further underscores violation was recorded which resulted in termination of
professional growth for women at Maxis. employment. Maxis practices zero tolerance to human
rights violation wherein all reported cases are thoroughly
In our commitment to foster an inclusive workplace, investigated and appropriate measures were taken to
we organised Diversity Day to engage employees in resolve these issues in compliance with the Malaysian
workshops, fun activities, raising awareness on diversity laws and best practices. In the following years, we intend
and inclusion. These initiatives aim to facilitate mutual to enhance assessment and reporting of human rights
learning and fortify the bonds that unite us as a cohesive violations across our supply chain.
team. Additionally, Maxis participates in external events
Maxis’ Employee Profile
At Maxis, we value the diversity of individuals from various backgrounds who contribute unique skills and perspectives.
Number of Permanent & Contract Employees and Gender Breakdown
Female Male
Permanent Contract Permanent Contract
Number of Percentage Number of Percentage Number of Percentage Number of Percentage
Year employees (%) employees (%) employees (%) employees (%)
2021 1,671 43% 25 1% 2,116 55% 47 1%

2022 1,742 43% 29 1% 2,236 55% 59 1%
2023 1,549 42% 25 1% 2,060 56% 48 1%
Percentage of Employees by Gender for Each Employee Category
2021 2022 2023

Employee Category Male Female Male Female Male Female
Senior Management Team 75.4% 24.6% 74.6% 25.4% 74.5% 25.5%

Managers 62.1% 37.9% 62.6% 37.4% 61.9% 38.1%
Individual Contributors (IC) 54.8% 45.2% 55.3% 44.7% 56.2% 43.8%
46
Percentage of Employees by Age for Each Employee Category
2021 2022 2023

Senior Senior Senior
Age Group Management Managers IC Management Managers IC Management Managers IC
Below 30 0% 2% 17.2% 0% 0.6% 17.0% 0% 0.6% 15.3%

30-49 52.4% 80.3% 75.4% 47.3% 79.2% 74.2% 43.1% 78.4% 76%
50 and above 47.6% 17.7% 7.4% 52.7% 20.2% 8.8% 56.9% 21% 8.7%
Number of Employees with Disability
Year Number of employees with disability Percentage of employees with disability (%)
2021 5 0.13%
2022 4 0.10%
2023 6 0.17%
Visually Impaired Agent Pilot Programme
With improvements in assistive technologies, we have seen an opportunity to reach a currently untapped workforce. In
2023, ten visually impaired people joined our focus groups to guide us in making improvements so that our workplace
is more accessible to those with disabilities. These focus groups delivered value added services to our customers at our
Maxis contact centre.
Number of Employee Turnover by Employee Category
Employee Category 2021 2022 2023
Senior Management Team 4 10 8

Managers 48 73 78
IC 454 526 610
Total 506 609 696
Number of Employees Who Received Annual Performance Feedback
Number of employees receiving Total number of Percentage

annual performance feedback* employees (%)
Year Female Male Female Male Female Male
2021 1,631 2,118 1,723 2,193 95% 97%

2022 1,721 2,210 1,799 2,313 96% 96%
2023 1,557 2,097 1,574 2,108 99% 99%
Note:
* Annual performance feedback has a dependency on employees’ joining date with Maxis
47
Occupational Health & Safety Participation of training and awareness programmes on

Health, Safety and Environment
At Maxis, the health and safety of our workforce is vital. We
comply with all local laws and regulations in safeguarding Health & safety related training
the health and safety of our employees and customers. We • Awareness Programme - general and specialised
maintain industry standard operating guidelines, set strict induction.
targets to reduce health and safety incidents and conduct • Safety and Security Day - planned and ad-hoc briefing
health and safety audits regularly. To this end, we strictly for partners and vendors.
adhere to stringent Health, Safety, and Environment (HSE)
2023
policies and protocols overseen by the dedicated HSE
department. This department actively collaborates with
stakeholders, managing all aspects of occupational health 6,342 people
and safety. Furthermore, comprehensive quarterly reports (inclusive of HSE e-learning module)
are submitted to the Audit and Risk Committee (ARC).
Number of employees and third-party contractors that
COVID-19 Response Received Training for DDT, WAH and CPR.
Throughout 2023, we remained committed to COVID-19 2023

reporting as part of our COVID-19 management strategy.
Besides our vaccination initiatives, we continue to 467 people
implement rigorous internal procedures and SOPs
to coordinate our response, closely aligning with the
guidelines provided by the Ministry of Health, National Going forward, we will continue to organise employee
Security Council (NSC) and the Department of Occupational training to enhance safety training and heighten awareness
Safety and Health (DOSH). on the importance of safety throughout our operations.
Training Programmes
HSE Training and Awareness
on Health and Safety 2021 2022 2023
To ensure the safety of our team and to protect them from Number of training 136 199 320
hazards in the workplace, employees underwent training programmes
to develop skills related to the HSE. This encompassed conducted
Defensive Driving Training (DDT), Working-At-Heights Completion of the 179 141 314
(WAH), Basic Fire Fighting, Occupational First Aid, Cardio- at-risk employees (100%) (100%) (100%)
pulmonary Resuscitation (CPR) and Automated External who registered
Defibrillator (AED) usage. to undergo HSE
As our operations span across diverse locations, it is specialised high-
essential to equip employees with occupational first aid risk training plan
expertise. Apart from general first aid skills, designated sessions
personnel at field and selected office sites received training
in using AEDs and administering basic first aid responses HSE Second Surveillance Audit for ISO 45001:2018
for effective emergency response. For those working on
towers and rooftops, the WAH training provided employees In 2023, Maxis successfully completed its second
with safe work techniques, covering aspects such as safe Surveillance Audit for the ISO 45001:2018 Occupational
climbing and work practices. Safety and Health Management System (OSHMS). The
primary aim of the ISO 45001 standard is to ensure
Field team members who frequently travel to sites for work, continuous improvement. The ISO 45001 scope covers
underwent DDT to enhance their skills and awareness. This Telecommunication Operations and Services for Maxis
training promotes safe and responsible driving practices, Broadband Sdn. Bhd.
instilling a proactive mindset in drivers, emphasising
strategies to avoid collisions, handle adverse conditions and This obligation also applies to our partners through the
make informed decisions on the road. Partners HSE System Audit, enforcing a minimum audit
criteria of OSHA 1994 and ISO 45001 to ensure their
As of December 2023, 6,809 employees have received compliance to essential HSE standards. Key partners are
health and safety training. Maxis conducted a total of 320 expected to attend the Maxis Partners’ Forum twice.
briefing and training programmes on health and safety.
48
HSE Risk Management

Employee Lost-Time Incident
As a crucial element of our OSHMS, Maxis engages with
diverse stakeholders to identify hazards and evaluate Office/Site
risks using the Company’s Hazard Identification, Risk In 2023, there were 10 incidents resulting in 10
Assessment, and Risk Control (HIRARC) procedure. We also employee-related minor work injuries.
comply with the DOSH Notification of Accident, Dangerous
Occurrence, Occupational Poisoning and Occupational Vehicle-Related Accident
Disease (NADOPOD) Regulations 2004, in conjunction with In 2023, there were three employee vehicle-related
our HSE policy on Incident Investigation, Non-Conformity accidents resulting in one major injury and two minor
and Corrective Action procedure. injuries.
Contractor Lost-Time Incident

HSE Performance
Office/Site
HSE Inspections/ In 2023, there was an incident resulting in a contractor
Investigations/Audit 2021 2022 2023 employee sustaining a minor injury.
Number of
inspections/ The increased case numbers for lost-time incident in 2023,
investigations as compared to 2022, can be attributed to the heightened
conducted 705 773 777 working exposure in both office and sites, given the larger
Number of Partners number of employees returning to the office and a full
System audits resumption of all work activities in accordance with pre-
conducted 12 25 41 pandemic period. This aligns with the government’s SOP,
which has completely lifted all restrictions on working in the
In 2023, we have effectively executed both virtual and office/site. However, the lost workdays due to incidents in
physical inspections, audits and Safety & Security Day 2023 was 43% lower than the pre-pandemic period.
for Maxis, a practice endorsed by DOSH and National
Institute of Occupational Safety and Health (NIOSH) since COMMUNITY DEVELOPMENT
the onset of the pandemic. During these assessments, our
HSE personnel ensured compliance with SOPs, evaluate In upholding our commitment to community empowerment,
housekeeping standards, assess employees’ understanding we carried out initiatives emphasising on education,
of requirements and verify the Company’s adherence to entrepreneurship, digital inclusion, digital literacy and
provide a reasonably safe working environment for our disaster relief. Our mission is to use technology as a
employees. There were no employee or contractor fatalities catalyst for community enhancement. We aspire to improve
recorded, in the year under review. lives, foster inclusivity and establish sustainable digital
ecosystems. By leveraging our unique position as a leading
integrated telco in the country, we actively collaborate with
Lost-Time Incident 2021 2022 2023
the local communities and NGOs, focusing on three core
Employee Lost-Time areas:
Incident (LTI) Rate 0.05 0.04 0.34
Employee Lost-Time Enabling greater access to digital learning for
Incident Frequency students in rural communities.
(LTIF) Rate 0.27 0.18 1.70
Empowering entrepreneurs and micro-SMEs with
An LTI refers to an injury sustained by a Maxis employee or digital marketing skills.
contractor during the performance of a work-related task,
rendering them incapable of performing their regular duties Reaching out to the vulnerable communities
for a period following the incident. during festive seasons and providing
humanitarian relief in times of difficulty such as
LTIFR is calculated as the number of lost-time injuries that natural disasters.
occurred during work-related tasks for Maxis, per 1 million
hours worked.
49
Overview of Our Community Investment
RM’000
Community Initiatives 2021 2022 2023
Enabling greater access to digital learning for students in rural communities

eKelas® programme 1,538 1,028 1,405
Refurbished laptops/desktops donations 51 10 45
Empowering entrepreneurs and micro-SMEs
eKelas® Usahawan programme 246 284 290
Capacity building for Rakan Digital in Pusat Ekonomi Digital (PEDi)* - 1,400 1,227
Reaching out to the vulnerable communities during festive seasons and providing humanitarian relief
in times of difficulty such as natural disasters
Care for vulnerable communities during festivities 105 64 112
Humanitarian relief in challenging times 446 819 100
Sponsorships
Sponsorships of communications services for community initiatives
and events - 358 -
Total 2,386 3,963 3,179
Note:
* PEDi is also known as the Malaysian Digital Economy Centre, an initiative under MCMC to improve socioeconomic level of communities with exposure to
digital skills.
Enabling greater access to digital learning for students,

especially in rural communities
We welcome Maxis eKelas® as our new
We help unlock students’ potential by facilitating broader Rakan DELIMa partner and look forward to
digital learning access, ensuring equal opportunities for all exploring greater collaboration with Maxis.
students especially those in remote areas.
This aligns well with the new national Digital
eKelas® Programme Education Policy (DEP), where we involve
strategic partners as a catalyst for digital
Launched in 2016, eKelas® focuses on improving student education who share the same vision – to
outcomes in primary and secondary schools throughout
Malaysia. The programme, accessible through the eKelas®
nurture digitally fluent students.
portal and app, aims to overcome barriers to digital inclusion
and offer learning support to help students develop the Tuan Zainal Abas, Director of the Educational Resources and
skills, knowledge and capabilities needed for their academic Technology Division, MoE Malaysia.
successes. eKelas® provides curriculum-aligned content and
learning activities for Malaysian students aged from 10 to
17. To date, eKelas® has benefitted the lives of over 95,000 We have also entered into a Memorandum of Agreement
students registered on the portal across the country. (MOA) with UiTM. This collaboration aims to create engaging
videos in the subjects of Science, Mathematics, and English.
In 2023, we continued to partner with the Ministry of By partnering with UiTM's senior lecturers and students, the
Education (MoE) by collaborating with its Sports, initiative aims to develop up to 100 videos featuring real-life
Co-curricular and Arts and Educational Technology and role plays, experiments and animations. These educational
Resources Divisions, working together the State and resources are made accessible to students through the
District Education Departments. We achieved a significant eKelas® portal and app.
milestone by joining DELIMa, the Ministry of Education’s
Digital Educational Learning Initiative Malaysia. Being part
of DELIMa, Malaysian students from primary to secondary
schools, teachers, and education leaders can sign into
eKelas® with their DELIMa ID, and readily access eKelas®’
extensive breadth of free learning content including online
workshops, exam clinics and webinars.
50
The Impact
• In 2023, we added 26,216 new users to the eKelas® portal. The following table illustrates a positive trend in both
students’ enrolment and the number of schools reached through eKelas®:
Number of students registered Total number of enrolled students Total number of schools reached
with eKelas® for the year since 2016
2023: 2023: 2023:

26,216 99,216 2,861
2022: 22,700 2022: 73,000 2022: 2,184
2021: 24,300 2021: 50,300 2021: 625
Throughout the year, eKelas® made significant impacts by Our direct engagement with students in 2023
providing students with diverse learning experiences and
skill acquisition opportunities, including: Misi Jelajah Digital
HIP Storyfest (Digital Exploration Mission)
• Flexible Learning Environment – Empowered students
in the country to learn seamlessly anytime and anywhere No. of schools No. of schools
by providing a user-friendly interface, personalised 13 40
recommendations, performance analytics and engaging
gamified features. No. of students No. of students
4,339 8,000
• Extensive Learning Resources – Provided students with
open access to a curated collection of over 3,000 bite- Refurbished Laptops/Desktops Donations
sized content comprising revision and learning videos,
exam notes, reading materials and lesson plans in various In upholding our commitment to expanding internet
subjects such as Mathematics, English, Science, Bahasa access and digital education, we continued to contribute
Melayu and History. refurbished laptops to schools nationwide in October 2023,
building upon our efforts that began in 2022.
• Exam Preparation Assistance – Offering students expert
exam preparation support through partnerships with
online tuition centres like MC Plus and Cikgu Cemerlang, The Impact
highlighted by the complimentary #HebatDalamExam As 2023 concluded, Maxis celebrated the successful
Accelerated SPM Clinic in January and December 2023. donation of 71 refurbished units to nine schools. Beyond
the tangible contribution of devices, our commitment
• Building Critical Skills through Competitions – extended to actively advocating for the enrolment of
Leveraged eKelas® to elevate students' preparedness for students in our eKelas® programme. Through these
competitions focused on building their critical skills: efforts, we ensure that a greater number of students
could access and benefit from the educational
1. The Highly Immersive Programme (HIP), eKelas® opportunities offered by the eKelas® initiative.
students stood out in the HIP StoryFest English
Competition, earning MoE-recognised co-curricular
marks. In 2023, participation soared by 60%,
with over 8,000 students joining this engaging
competition aimed at boosting confidence to speak in
English.
2. The Misi Jelajah Digital (Digital Exploration Mission), a
nationwide STEM challenge, attracted 850 students
in 2023 – a notable 47% increase from the previous
year. This initiative not only developed problem-
solving skills but also provided valuable exposure to
technology careers through videos, notes, modules
and expert-led workshops.
51
Empowering entrepreneurs and micro-SMEs with digital

marketing skills The Impact
In 2023, eKelas® Usahawan held 34 physical
We play a pivotal role in fostering economic empowerment workshops and webinars for a total of 3,142
for entrepreneurs and micro-SMEs, providing them with vital entrepreneurs across Miri, Kuantan, Langkawi, Pasir
digital marketing skills. Mas and other localities nationwide in partnership with
20 NGOs and agencies.
eKelas® Usahawan programme
With modules covering digital marketing and strategy,
In the post-pandemic world, digital skills are crucial for digital photography and graphic design, copywriting,
everyone to participate in the digital economy. Through and campaign planning, our programme utilises
our digital marketing programme, eKelas® Usahawan, a hybrid approach—conducting sessions through
we provide free workshops specifically tailored for micro webinars and physical workshops nationwide. Overall,
entrepreneurs and small businesses specifically for the programme received positive feedback from the
those from the B40 segment to help improve their digital participants with evaluation metrics reporting 94.17%
presence. Over 5,800 participants have been trained under satisfaction in training quality.
the programme since its inception in 2021.
Number of enterpreneurs trained for the year

After attending the workshop, I learned how to
narrow my focus when advertising for a niche
3,142
audience. Putting my newly acquired knowledge into
action, I tested it with one online ad, and it has proven
to be effective! said Nur Syahirah binti Barhan, owner
of an optical shop in Miri, Sarawak.
1,703
1,020
Reaching the right target market was one of the
challenges for our business. Thanks to what we’ve
learned from eKelas® Usahawan workshop, we
now know more effective ways to identify our
target audience and improve engagement with our
customers, said Najwa Natasha Che Nasir, owner of a
jewellery shop in Kota Bharu, Kelantan.
2021 2022 2023
When I joined the bandwagon of online business,

I was following market trends without conducting
proper research, which led to low traction for my
business. After the workshop, I’ve learnt to better
understand my customers and was also able to
create quality content that tailored to their needs,
said Dzunija Binti Jaldin, owner of a homemade
product business in Kota Belud, Sabah.
52
Reaching out to the vulnerable communities during festive Humanitarian Relief in Challenging Times
seasons and providing humanitarian relief in times of
difficulty Our humanitarian relief priorities include assisting emergency
services organisations with their connectivity requirements,
In line with our commitment to society’s vulnerable restoring services to our customers and premises clean-ups
segments, we extend assistance during festive seasons and during natural disasters.
deliver essential humanitarian relief particularly in times of
adversity such as natural disasters.
The Impact
Care for Vulnerable Communities During Festivities In 2023, we:
• Partnered with the Ministry of Communications
In the spirit of compassion, our festive outreach initiatives and Digital (KKD) for Operasi Bantuan Pasca Banjir
bring hope and support to vulnerable groups. Committed to provide essential food aid to flood victims in
to inclusivity, during the festive seasons of 2023 such as Johor and distributed 1,000 food boxes in locations
Chinese New Year, Hari Raya, Deepavali and Christmas, we identified by Jabatan Penerangan Malaysia (JAPEN)
reached out to senior citizens, B40 individuals and families, under KKD.
students and single mothers. • Contributed additional 200 food boxes in December
to families impacted by flood in Kelantan.
• Ensured standby power generators at tower sites
The Impact and maintained a fleet of mobile communications
We collaborated with NGOs to spread holiday vehicles, prioritising reliable mobile connectivity in
cheer, fostering joy and togetherness within diverse flood-affected areas.
communities facing various challenges. Our support • Elevated over 60 high-risk network sites nationwide
initiatives involved distributing over care packages, to prevent submersion during floods.
benefiting individuals from vulnerable groups. These • Deployed field response team equipped with boats
care packages include: and personnel trained by the Royal Marine Police
• essential items Academy for safety and rescue operations during
• food aid flood incidents.
• vouchers • Provided regional teams equipped with drones for
• refurbished desktops aerial surveillance in flooded and hard-to-reach
• back-to-school packs areas.
Employee-Driven Support for Community
We empower our employees to contribute positively by offering them opportunities through our comprehensive volunteerism
programme, mSquad. This initiative harnesses the collective energy of our workforce, encouraging them to actively engage
with local communities by providing training support and enabling knowledge-sharing.
The Impact
Maxis’ mSquad 2021 2022 2023
Volunteering hours by employees 1,0562 1,355 4,803

Volunteering value (RM)1
48,649 64,474 228,538
Notes:
1
Total value of volunteer hours is calculated as follows: Volunteering value = Average Hourly Rate x Total Maxis Volunteering Hours.
2
Volunteer hours in 2021 comprised virtual volunteering as well as limited physical volunteering as we ensured strict compliance to the SOP during the
pandemic period.
53
GOVERNANCE Ethical Business Practice

Supply Chain Management
Regulatory Compliance
Data Privacy & Protection
EMBEDDING RESPONSIBLE BUSINESS PRACTICES Maxis’ management is dedicated to fostering a culture of

integrity and ethical conduct throughout the organisation.
At Maxis, we strive to create a work environment where Accountability for corporate governance lies with the Board
each employee thrives, fostering a culture of collaboration, and is regularly reviewed and monitored for full compliance.
continuous learning and empowerment. We continue Our Anti-Bribery & Corruption Programme includes
to provide equal opportunities and invest in attracting, guidelines, ethical consultations, monitoring and regular
retaining and developing top talent, driving innovation and training to deter non-compliance.
success. We also consistently invest in the communities
around us by leveraging on technology to create Maxis Anti-Bribery Management (MABC) System
empowerment opportunities.
We have consistently and strategically enforced our MABC
Ethical Business Practice System organisation-wide to ensure ethical conduct of our
directors, employees and representatives. This system
At Maxis, our core operations are defined by an unwavering strictly prohibits bribery, money laundering, and facilitation
commitment to combat bribery and corruption, setting payments in all business transactions.
the bar for the highest ethical standards in the industry.
Operating under a strict zero-tolerance policy, we ensure The IGU ensures the continuous implementation,
full compliance with local anti-corruption laws, regulations compliance, enhancement, enforcement and effectiveness
and policies. Our dedicated Integrity and Governance Unit of the MABC System to fight against corruption, money
(IGU) is in charge of driving this commitment. It is actively laundering and financing terrorism risk activities. The overall
engaged in implementing, monitoring and continually effectiveness and implementation of the MABC has also
enhancing anti-corruption controls within Maxis. been enhanced due to the ISO37001:2016 Anti Bribery
Management System certification that was obtained in
Maxis’ strategic approach to eradicating corruption is November 2022. This year signifies our achievement of
facilitated further through the forward-thinking Maxis Zero Non-Conformity Reports during the ISO37001:2016
Integrity & Compliance framework (MICF) and robust Anti- ABMS Surveillance Audit, which stands as a testament to
Money Laundering/Countering Financial Terrorism (AML/ our resolute pursuit of governance excellence.
CFT) initiatives. The MICF, developed on the principles
outlined in the Guidelines of Adequate Procedures
pursuant to section 17A(5) of the Malaysian Anti-Corruption
Act 2009 that promotes integrity and compliance within
our organisation while providing a robust shield against
corporate liability.
Number of confirmed incidents of non-compliance with MABC Policies

2021 2022 2023
Number of Employees who were Disciplined or Dismissed

due to Non-Compliance with MABC Policies* 18 2 0
Note:
* All non-compliances and violations of MABC System will lead to consequential management. We have enhanced our methodology for 2023 to ensure
alignment with best practices.
Corruption Risk Management (CRM)
In addressing bribery risks across our entire organisation, we employ CRM as our approach. This system involves evaluating
associated risks, reviewing policies and procedures and implementing effective anti-bribery controls.
Within our CRM procedures, we identify structural weaknesses that may pose a risk of corruption. Additionally, we foster
active employee engagement in identifying potential risk factors and proposing mitigation measures.
54
Percentage of operations assessed for corruption-related risks
Total number of Percentage of

Total number of operations assessed for operations assessed for
Year operations corruption-related risks corruption-related risks
2021 11 divisions 11 divisions 100%

Our Commitment to Uncompromising Integrity
We mandate all employees to attend essential training sessions covering Maxis’ Code of Business Practice (CoBP) and Anti-
Bribery and Corruption policies in fostering a robust ethical environment:
Number of Employees Who Received Number of Employees Who Received Training

Training on Maxis’ CoBP via Maxis Academy* Related to Anti-Corruption and Bribery
7,306
6,579 6,716
5,379 5,473
5,293
2021 2022 2023 2021 2022 2023

* Employee training included all current Maxis employees and Third-Party Contract Staff at the point of rollout
Percentage of employees who have received training on anti-corruption by employee category

Individual Contributors Managers Senior Management
Total no. of Percentage Total no. of Percentage Total no. of Percentage
Year employees (%) employees (%) employees (%)
2021 6,024 100% 495 100% 60 100%

2022 6,721 100% 531 100% 54 100%
2023 5,738 100% 529 100% 55 100%
Note: All Maxis Directors, including the Chairman, completed their Anti-Bribery & Corruption training for 2023 and renewed their Integrity Pledge on
November 9, 2023, led by the Head of IGU.
Maxis Integrity Corporate Advocacy Programme (MICAP)
Maxis Integrity Corporate Advocacy Programme (MICAP) has been an integral component of our ongoing efforts to
prevent bribery and corruption. In December 2023, we at Maxis celebrated the International Anti-Corruption Day as
part of the MICAP initiative. We hosted an Advanced Technology Working Group session on December 6, 2023, in
collaboration with the Business Integrity Alliance (BIA), founded and led by Dr. Mark Lovatt. The primary focus of the
session was to explore technologies that can contribute to greater success in the governance, risk and compliance field.
We had speakers from notable organisations such as Access Blockchain Association Malaysia, Chainalysis, IBM, and
Ernst & Young. Approximately 40 compliance and ethics officers from various corporations, including Khazanah Nasional
Berhad, Shell, Sime Darby Berhad, PETRONAS, and Kumpulan Wang Persaraan (Diperbadankan) (KWAP), attended
the session. During the event, we shared Maxis’ Integrity Journey, highlighting our commitment against bribery and
corruption, along with our compliance with ISO 37001:2016 ABMS.
55
Following this, we organised Movie Time Week from Upholding Procurement Governance
11-14 December 2023. The event featured screenings of
international films at The Bazaar, Maxis Academy (L5), Our procurement policies and procedures establish the
Menara Maxis. The selected films revolved around themes benchmark for all procurement activities throughout Maxis.
of anti-corruption, money laundering, and whistleblowing Adhering to the policies enable us to achieve operational
which includes “The Laundromat” (2019), “Official Secrets” excellence in the procurement of products and services and
(2019), “The Great Hack” (2019) and “The Insider” (1999). delivering the best overall value for Maxis. Our suppliers are
expected to deliver and exceed our expectations when it
Supply Chain Management comes to quality and cost in turn we ensure that we build a
robust relationship and engage with our suppliers for them to
Improved supply chain management with responsible meet our standards.
procurement
Our MCOBP incorporates guidelines to facilitate third-party
14% RM1,051 million compliance with our business conduct across all transactions
with external parties. All third parties that we engage must
read, comprehend, and commit to complying with the
MCOBP upon official collaboration. Additionally, Maxis' IGU
Proportion of conducts an annual Vendor Integrity Programme to enhance
spending on local awareness of our zero-tolerance policy for bribery and
suppliers in 2023 corruption among external entities.
Third Party Training on Anti-Bribery and Corruption
Vendor Integrity Programme

86%
Local
RM6,262 million Foreign
2021 2022 2023
8 sessions 14 sessions 12 sessions
Total
Our Vendor Management team also assesses our key
RM7,313 million suppliers to ensure that they maintain their performance on
top of staying progressive in delivering.
Responsible Procurement Practices We strive to achieve timely delivery and ample supplies
through continuous communication with our suppliers. To
Responsible procurement is crucial for Maxis as it widely further support timely delivery, we proactively plan for our
addresses areas such as professional integrity, confidentiality business needs by identifying and securing alternative
obligations, conflict of interest and segregation of duties, sources when required. In our Source to Contract
amongst others. We continue to be guided by our robust framework, we have enhanced processes and technology
procurement policies and procedures which outline the tools which enables online interactions with our suppliers
entire process of sourcing, selecting and evaluating the throughout the onboarding, tendering, and contracting
performances of suppliers. Our suppliers are evaluated and stages. This process ensures transparency and facilitates
chosen based on their adherence to technical and commercial proper audit trails in our procurement operations.
criteria accordingly to the Maxis standards. This method not
only fosters healthy competition among suppliers, but also
OUTLOOK
presents growth prospects for emerging businesses.
We are moving towards embedding automation and
Our holistic approach also ensures that our suppliers technology to drive efficiency in our procurement
undergo proper assessment and due diligence before process. Simultaneously, we will continue to strengthen
transparency and implement robust governance and
being officially appointed, enabling us to effectively mitigate
controls to mitigate our risk exposure.
the risk of potential corrupt practices. Additionally, our
potential suppliers are also required to undergo our vendor With our digital platforms and tools, we can establish
onboarding process, submit their business and financial distinct roles and responsibilities for stakeholders
documentation for evaluation and acknowledge our Maxis involved based on frameworks formed across category
Code of Business Practice for Third Parties. management, sourcing, contract management, and
supplier relationship management. Our objective is to
cultivate successful partnerships with suppliers, ensuring
the delivery of quality products and services for Maxis
while simultaneously, monitoring our transactional
suppliers to optimise spend.
56
Cybersecurity
We have planned our journey in achieving a sustainable
supply chain according to: Enhancing cyber resilience continues to be a key priority for
Maxis as we face evolving and increasingly sophisticated
Short-term plans: 1-2 years threats. We remain focused on implementing core capabilities
to anticipate, withstand, rapidly recover and adapt to
• Continuous process simplification and improvement cyberattacks aiming to compromise our systems and customer
review to support our go-to-market through data. We continue to focus on our three strategic cybersecurity
technology enablement. pillars: Protecting the Brand and Ensuring Compliance,
• Enhance standardised contract management Embedding Security in Our DNA, and Strengthening Cyber
framework across the board with clearly defined roles
Resilience while actively supporting our digital ambitions.
and responsibilities and expectations.
• Uphold zero tolerance to unethical business conducts
We actively engage with regulators such as MCMC and the
while striking a balance between adequate controls
and business requirements. National Cybersecurity Agency (NACSA) to collaborate and
contribute towards combating cybersecurity issues, including
Medium-term plans: 2-5 years through participation in industry-wide initiatives to uplift
national cyber resilience.
• Further explore automation and AI capability
enablement for improved operational efficiency while By taking a comprehensive approach to cybersecurity and
staying focused on strategic initiatives. fostering strategic partnerships, we aim to always be ahead of
• Incorporate sustainability elements into our supply threats and maintain security for our networks, applications,
chain in line with Maxis’ sustainability ambition and and customers' data.
commitment.
Long-term plans: 5 years and beyond 2023 and Our Commitment to Continuous Improvement
• Establish a mature supplier relationship management Maxis has achieved significant milestones, demonstrating
with suppliers, benefitting from strategic collaboration our commitment to global standards. We have
in addressing performance issues, joint development renewed our ISO 27001 certification for our Information
programmes and other improvement opportunities.
Security Management System (ISMS) across our Cloud
Infrastructure, Voice and Data Networks, Enterprise
Managed Services and Key Data Centres without any
Data Privacy & Protection non-compliances. We have gradually increased our
scope to cover cloud infrastructure and key applications.
Maxis prioritises the importance of data privacy and Audited by SIRIM, the ISMS scope highlights robust
protection of personal data policies and controls safeguarding infrastructure and
information. Maxis also maintains PCI DSS compliance
To this end, we empower individuals to control the personal providing stringent protections for our customer payment
data that we process, and we have a dedicated Data Privacy systems and data.
Office (DPO) that oversees our comprehensive Data Privacy
and Protection Programme. In addition to these certifications, we have launched
proactive initiatives to engage the security community
Our robust Data Privacy and Protection Programme ensures and customers. Our Vulnerability Disclosure Programme
compliance with Malaysia’s Personal Data Protection Act (VDP) and Bug Bounty offerings recognise and reward
2010 (PDPA), Personal Data Protection Code of Practice for ethical hackers for identifying and reporting potential
Communications Sector 2017 and related regulations vulnerabilities responsibly. This allows us to tap into a
wider pool of expertise to strengthen our defenses.
We have comprehensive policies and procedures for handling
personal data across all our operations, that are regularly By conforming to internationally recognised best practices
updated to reflect any legal changes. Furthermore, Maxis has a and proactively partnering with the community, customers
dedicated team that investigates alleged data privacy incidents can remain confident in the security and compliance of
and breaches. The DPO closely monitors new data privacy Maxis' offerings.
and protection laws and actively participate in industry and
cross-industries discussions on data privacy and protection Protecting Our Brand and Ensuring Compliance
regulations to ensure that we are always kept abreast of the
most recent updates. The DPO also regularly monitors and Protecting our brand and ensuring compliance remain
assesses risks to ensure compliance and identify areas for key priorities. This year, we increased our vulnerability
improvement. management coverage across the cloud, containers and
applications in our continuous integration and continuous
98% of Maxis employees ZERO substantiated deployment or CI/CD pipelines and application
that received data privacy and complaints concerning breaches
protection training of customer privacy and losses
of customer data in 2023
57
programming interface or API. We achieved a significant Maxis aligned with industry frameworks. We worked with
milestone in vulnerability remediation this year. Through business teams to identify key business priorities and
increased automation, we strengthened defences launched a pilot Security Operating Centre operated fully
against 45% more vulnerabilities compared to last year. in the cloud with our partners. We improved the coverage
We continued investments and process improvements of prevention and detection tools with enhanced incident
in security for our 4G/5G networks, cloud and APIs with response processes across cloud, identity, network
focused automation efforts aligned with business growth and endpoints, conditional access, privileged access
in these areas. management and network threat detection to harden
critical access points. Through proactive threat hunting,
Protecting customers remains at the heart of our backed by industry intelligence sharing, we were able
cybersecurity strategy as cyber risks intensify. We to avoid potential attacks before realisation. We also
doubled the takedown of fake applications and malicious reduced the mean time to closure for security incidents by
URLs over the last year, proactively combating cyber fraud 53% through these initiatives.
and threats targeting our customers. To reinforce data
protection, we enhanced controls across several fronts. Additionally, we prioritised security by design
We expanded data encryption coverage and implemented requirements from project inception via reviews for new
additional data loss prevention measures through initiatives. Cloud environments now feature defined
increased monitoring, automated alerts and analytics. guardrails to ensure our security posture and compliance
Access policies were tightened via strengthened identity are standardised. Recognising intensifying API threats, we
and access management controls. Data classification included assessments to validate API security controls.
tiers were also simplified to facilitate accurate sensitivity Our emphasis on preventative measures aligns with the
labelling for information assets. Leveraging leading proactive threat hunting and response improvements
database firewalls, we improved detection capabilities to already realised.
monitor potential PII data leaks from Maxis’ systems.
Embedding Security in Our DNA OUTLOOK

Embedding security in our DNA involves establishing it Our long-term vision focuses on evolving into a cyber-
as a key part of our culture and workforce. This year, we resilient digital telecommunications company. We expect
continued our comprehensive awareness programmes threats against mobile networks, systems and attempts
for all staff, focused on key topics such as data protection to compromise data to grow more advanced and
and key cybersecurity controls. We introduced our persistent. At the same time, our interconnected supply
Security-Flix channel with multiple episodes showcasing chains create new risks. We pre-empt this through our
cybersecurity and our Gamification Challenge, where the investment into resources, capabilities, AI/ML (machine
interactive experience was well received and doubled learning)-led capabilities, targeted automation and strong
participation across Maxis. Additionally, we actively partnerships. We will continue to expand our monitoring
conducted phishing simulation campaigns to provide of systems and infrastructure, keeping pace with
hands-on identification training by replicating actual innovation.
threats users may encounter via email or messaging.
By maintaining conformance to best practice security
Targeted training sessions were also provided through frameworks and controls, we continue to strengthen
initiatives like Hackathons to bolster specific skills, with an protection across assets and attack surfaces. We
emphasis on application security for developers. Strategic are committed to collaborating with the government,
partnerships with leading cloud providers including AWS, regulators and law enforcement to uplift national cyber
GCP and Azure enabled specialised education for our readiness by protecting Malaysia’s digital economy. We
cybersecurity and infrastructure teams to improve cloud actively contribute to technical standards and provide
security expertise. Notably, the active participation and feedback on guidelines and policies to progress industry
engagement of senior management and Board members in best practices in multiple cybersecurity domains.
our tabletop exercises offered an opportunity to strengthen
cybersecurity preparedness and response planning across
the leadership team. Through diverse, immersive training,
coupled with participative simulations, we drive security
ownership at all levels as a collective responsibility.
Strengthening Cyber Resilience and Supporting Our vision embeds cyber resilience throughout
Digitalisation our operations, technology, systems, culture and
partnerships, identifying and addressing risks before they
To strengthen cyber resilience while enabling innovation, occur. We believe realising Malaysia’s digital economy
we pursued several key initiatives this year. We focused requires collaborative, preventative cybersecurity across
on a set of standardised cybersecurity controls across sectors and Maxis will continue leading this charge.
58
STATEMENT OF ASSURANCE
In strengthening the credibility of our reporting, selected parts of this Sustainability Statement
have been subjected to an internal review by Maxis Internal Assurance and has been approved by
the Maxis Audit and Risk Committee.
The Scope covers Maxis operating locations and includes the review of data collection and methodology for 2023 disclosures;
and the process and policies governing the selected mandatory Subject Matters. The Scope excludes data disclosed for prior
years. The Subject Matters covered under the review include:
Material Matters Subject Matter

Anti-corruption Percentage of employees that have received training on anti-corruption by employee category
Percentage of operations assessed for corruption-related risks
Confirmed incidence of corruption and action taken
Community/ Society Total amount invested in the community where the target beneficiaries are external to the listed
issuer
Total number of beneficiaries of the investment in communities
Diversity Percentage of employees by gender and age group, for each employee category
Percentage of directors by gender and age group
Energy management Total energy consumption
Health & Safety Number of work-related fatalities

Lost time incident rate
Number of employees trained on health and safety standards
Labour practices & Total hours of training by employee category

standards Percentage of employees that are contractors or temporary staff
Total number of employee turnover by employee category
Number of substantiated complaints concerning human rights violations
Supply chain Proportion of spending on local suppliers

management
Data privacy and security Number of substantiated complaints concerning breaches of customer privacy and losses of
customer data
Water Total volume of water used
Emissions management Scope 1 emissions in tonnes of CO2e

Scope 2 emissions in tonnes of CO2e
59
SUSTAINABILITY PERFORMANCE DATA
Indicator Measurement Unit 2023

Bursa (Anti-corruption)
Bursa C1(a) Percentage of employees who have received training on anti-corruption by employee category
Senior Management Team Percentage 100.00
Managers Percentage 100.00
Individual Contributors Percentage 100.00
Bursa C1(b) Percentage of operations assessed for corruption-related risks Percentage 100.00
Bursa C1(c) Confirmed incidents of corruption and action taken Number 0
Bursa (Community/Society)
Bursa C2(a) Total amount invested in the community where the target beneficiaries are external to the listed issuer MYR 4,473,000.00
Bursa C2(b) Total number of beneficiaries of the investment in communities Number 29,374
Bursa (Diversity)
Bursa C3(a) Percentage of employees by gender and age group, for each employee category
Age Group by Employee Category
Senior Management Team Below 30 Percentage 0.00
Senior Management Team 30-49 Percentage 43.00
Senior Management Team 50 and above Percentage 57.00
Managers Below 30 Percentage 1.00
Managers 30-49 Percentage 78.00
Managers 50 and above Percentage 21.00
Individual Contributors Below 30 Percentage 15.00
Individual Contributors 30-49 Percentage 76.00
Individual Contributors 50 and above Percentage 9.00
Gender Group by Employee Category

SeniorManagement
Senior ManagementTeam
TeamMale
Male Percentage Percentage 75.00
75.00
Internal assurance
SeniorManagement
Management TeamFemale
Female External assurance No assurance (*)Restated Percentage 25.00
Senior Team Percentage 25.00
ManagersMale
Managers Male Percentage Percentage 62.00
62.00
ManagersFemale
Managers Female Percentage Percentage 38.00
38.00
IndividualContributors
Individual ContributorsMale
Male Percentage Percentage 56.00
56.00
IndividualContributors
Individual ContributorsFemale
Female Percentage Percentage 44.00
44.00
BursaC3(b)
Bursa C3(b)Percentage
Percentageofofdirectors
directorsby
bygender
genderand
andage
agegroup
group
Male
Male Percentage 80.00
Percentage 80.00
Female
Female Percentage 20.00
Percentage 20.00
40-49
40-49 Percentage 20.00
Percentage 20.00
50-59
Percentage 40.00
Above50
Above 50 Percentage 40.00
Percentage 40.00
Bursa(Energy
Bursa (Energymanagement)
management)
Bursa C4(a) Total energy consumption Megawatt 468,800.00
Bursa (Health and safety)
Bursa C5(a) Number of work-related fatalities Number 0
Bursa C5(b) Lost time incident rate ("LTIR") Rate 0.34
Bursa C5(c) Number of employees trained on health and safety standards Number 6,809
Bursa (Labour practices and standards)
Bursa C6(a) Total hours of training by employee category
Senior Management Team Hours 1,253
Managers Hours 12,689
Individual Contributors Hours 84,519
Internal assurance External assurance No assurance (*)Restated

60
Senior Management Team Male Percentage 75.00
Senior Management Team Female Percentage 25.00
Managers Male Percentage 62.00
Managers Female Percentage 38.00
Individual Contributors Male Percentage 56.00
Individual Contributors Female Percentage 44.00
Bursa C3(b) Percentage of directors by gender and age group

Male Percentage 80.00
Bursa C6(b) Percentage of employees that are contractors or temporary staff Percentage 2.00
Female Percentage 20.00
Bursa C6(c) Total number of employee turnover by employee category
Senior Management Team Number 8
Managers Number 78
Above 50 Percentage 40.00
Individual Contributors Number 610
Bursa (Energy management)
Bursa C6(d) Number of substantiated complaints concerning human rights violations Number 1
Bursa (Supply chain management)
Bursa C7(a) Proportion of spending on local suppliers Percentage 86.00
Bursa (Data privacy and security)
Bursa C8(a) Number of substantiated complaints concerning breaches of customer privacy and losses of customer data Number 0
Bursa (Water)
Bursa C9(a) Total volume of water used Megalitres 43.224000
Bursa (Emissions management)
Bursa C11(a) Scope 1 emissions in tonnes of CO2e Metric tonnes 4,280.00
Bursa C11(b) Scope 2 emissions in tonnes of CO2e Metric tonnes 319,837.00
Note:
1. Megawatt refers to Megawatt-hours (MWh); 468,800 MWh was converted from 1,687,680,034 MJ.
61
EMBEDDING TRUST
BOARD AT A GLANCE
EXPERIENCED,
EFFECTIVE & DIVERSE
LEADERSHIP
Independent
Non-Executive Non-Executive
Directors Directors
5 5
BOARD
COMPOSITION
QUALIFICATION Finance and Accounting Business

AND SPECIFIC INDUSTRY Law Human Capital
Engineering/Information Systems
5 1 3 6 3
SKILLS Telecommunications and Media

TENURE OF AND EXPERIENCE Consumer Related
INDEPENDENT NON-EXECUTIVE DIRECTORS Digital/New Technologies
Investment and Venture Capital
Human Capital Management
0-5 years 6 7 4 6 3
3 Directors 2 1
2
Nationality
Malaysian
4
1
<1 year 6 Directors
>8 years 40-49 Length 1-3 years
Age of Service
50-59 4-6 years Singaporean
Group (Tenure) 3
2 Directors 1 Director
60 and 7-9 years
above
>9 years
Saudi
4 3 Arabian
3 Directors
62
EMBEDDING TRUST INTEGRATED ANNUAL REPORT 2023
8
TOPICS DISCUSSED AT MEETINGS
40%
40%
Total 10
10%
Directors
10%
Strategy, Regulatory, Human Capital Others Female Male

Financials, Funding and Management
Risk Management
Business Performance, Governance and Compliance

Operations, Network and *Covered for all topics
Stakeholder Management
that include Community,
Investors and Customers
2
BOARD COMMITTEES COMPOSITION
AUDIT AND RISK COMMITTEE TRANSFORMATION COMMITTEE SHARE ISSUANCE COMMITTEE
Uthaya Kumar A/L K Vivekananda Alvin Michael Hew Thai Kheam Tan Sri Mokhzani Bin Mahathir
Independent Non-Executive Director Senior Independent Non-Executive Director Chairman/Non-Executive Director
Dato’ Hamidah Naziadin Ooi Huey Tyng Abdulaziz Abdullah M. Alghamdi

Independent Non-Executive Director Independent Non-Executive Director Non-Executive Director
Ong Chu Jin Adrian Ong Chu Jin Adrian Lim Ghee Keong
Independent Non-Executive Director Independent Non-Executive Director Non-Executive Director
Ooi Huey Tyng Abdulaziz Abdullah M. Alghamdi

Independent Non-Executive Director Non-Executive Director
Mohammed Abdullah K. Alharbi Lim Ghee Keong

Non-Executive Director Non-Executive Director
NOMINATION AND REMUNERATION GOVERNMENT AND REGULATORY

COMMITTEE AFFAIRS COMMITTEE
Dato’ Hamidah Naziadin Tan Sri Mokhzani Bin Mahathir

Independent Non-Executive Director Chairman/Non-Executive Director
Alvin Michael Hew Thai Kheam Uthaya Kumar A/L K Vivekananda

Senior Independent Non-Executive Director Independent Non-Executive Director
Uthaya Kumar A/L K Vivekananda Lim Ghee Keong

Independent Non-Executive Director Non-Executive Director
Ooi Huey Tyng

Mazen Ahmed M. AlJubeir

Chairman
Lim Ghee Keong
Non-Executive Director Members
63
EMBEDDING TRUST
DIRECTORS’ PROFILES
TAN SRI MOKHZANI BIN MAHATHIR

Chairman / Non-Executive Director
Working Experience/Occupation
Mokhzani began his working career in 1987 as a Wellsite Operations
Age: Gender: Nationality:
Engineer with Sarawak Shell Berhad and resigned in 1989 to pursue business
63 Male Malaysian
opportunities in Kuala Lumpur. Through 1990-2000, he was involved in the
acquisition and restructuring of Tongkah Holdings Berhad and Pantai Holdings
Date of Appointment as Director of Maxis:
Berhad and their associated companies.
16 October 2009
In 2001, he started Kencana Capital Sdn. Bhd., a family office, from which he
Date of Appointment as Chairman of the Board:
invested in HL Engineering, a small oil and gas engineering company based
22 April 2021 in Lumut, Perak. The boom in this industry saw HL Engineering prosper and
become Kencana Petroleum Berhad, one of Malaysia’s leading oil and gas
Tenure as Director: 14 years services company with an international footprint. Kencana Petroleum later
merged with SapuraCrest Berhad to form SapuraKencana Petroleum Berhad. He
Board Meeting Attendance in 2023: was also Executive Chairman of Opcom Berhad from 2008 until 2019.
12/12
With the Sime Darby Automotive Group, he holds the franchise for Porsche
Board Committees Membership(s): Automobiles in Malaysia. His non-business activities include management and
Government and Regulatory Affairs Committee promotion of motorsports activities. Having held the position of Director and
(Chairman), and Share Issuance Committee Chairman of Sepang International Circuit Sdn. Bhd. until 2016, he is very much
(Chairman) involved in Malaysia’s motorsports scene, be it from grassroot activities right
up to Formula One and MotoGP. He is currently the President of Motorsports
Qualifications Association of Malaysia, the FIA and FIM sanctioned regulatory body for all
He is a qualified petroleum engineer. He pursued motorsports activities in Malaysia. He is still a keen sports car driver and enjoys
his tertiary education at the University of Tulsa, competitive circuit driving. Besides motorsports, he is a regular cyclist and
promotes healthy lifestyle activities via involvement in cycling club events.
Oklahoma in the USA, where he graduated with a
Bachelor of Science in Petroleum Engineering.
Directorship in other public or listed companies
Yayasan Tun Dr Siti Hasmah
DATO’ HAMIDAH NAZIADIN

Hamidah has more than 31 years of extensive strategic human resources (HR)
and leadership experience in the financial services sectors across Malaysia
60 Female Malaysian
and ASEAN.
1 February 2014 She was formerly the Group Chief People Officer of the CIMB Group, a
position she held up to October 2020. During her tenure with CIMB Group,
Tenure as Director: 10 years she led people strategies to attract, develop and retain talent, cultivated an
agile workforce to prepare for the future of work, and enhanced the end-to-
Board Meeting Attendance in 2023: end employee experience via technology innovation. Her key achievements
12/12 included strategising the resource integration in successful mergers and
acquisitions over the years, within Malaysia and across ASEAN and APAC
Board Committees Membership(s): regions, and implementing strategic HR programmes that had earned peer
Nomination and Remuneration Committee and industry recognition through numerous awards. She was also the CEO of
(Chairman), and Audit and Risk Committee CIMB Foundation from May 2016 to October 2020 and member of the Board of
(Member) Commissioners, PT Bank CIMB Niaga, Indonesia, from 2010 to September 2014.
Qualifications She is currently an Independent Non-Executive Director of Sime Darby

She holds a Bachelor of Laws from the University Property Berhad, MR D.I.Y. Group (M) Berhad and Nestle (Malaysia) Berhad.
of Wolverhampton, United Kingdom and a She also sits on the Board of Majlis Sukan Negara Malaysia and is a member
Certificate in Personnel Management from of the Razak School of Government’s Leadership Development Committee.
the Malaysian Institute of Human Resource She is passionate in developing talent, and is active in mentoring and
Management (previously known as the Malaysian coaching young talent and women.
Institute of Personnel Management).
Nestle (Malaysia) Berhad, Sime Darby Property Berhad and MR D.I.Y. Group (M)
Berhad
64
ALVIN MICHAEL HEW THAI KHEAM

Senior Independent Non-Executive Director
Alvin’s 35 years of corporate experience covers private equity at The Abraaj
Group; financial advisory and private equity at H2O Capital; commercial
60 Male Malaysian
banking at TD Bank; investment banking at Lancaster Financial; business
Date of Appointment as Director of Maxis: development and marketing at P&G in Switzerland, Vietnam, Southeast Asia
30 August 2012 and Australia; and top management and regional board experience at L’Oreal,
where he was President of its companies in Malaysia and Taiwan. He served
Tenure as Director: 11 years on the boards of the European Chamber of Commerce in Taipei from 2006 to
2009 and Taipei American School from 2011 to 2014.
Board Meeting Attendance in 2023:
11/12 In 2004, he was conferred the title of Chevalier de l’Ordre Nationale du
Merite by French President, Jacques Chirac, in recognition of his business
Board Committees Membership(s): achievements.
Transformation Committee (Chairman), Nomination
and Remuneration Committee (Member), and Directorship in other public or listed companies
Audit and Risk Committee (Member until August Petronas Dagangan Berhad
2023)
Qualifications
He holds undergraduate degrees from Queen’s
University, Canada and an MBA from INSEAD
France. He is certified with the Canadian
Securities Institute and has attended executive
programmes at IMD, INSEAD, Stanford, USC and
UCSF.
UTHAYA KUMAR A/L K VIVEKANANDA

Uthaya Kumar is currently an Independent Director and Chairman of the
Audit and Risk Management Committees of Bumi Armada Berhad and an
70 Male Malaysian
Independent Director and a member of the Audit Committee and Senior
Date of Appointment as Director of Maxis: Tender Board Committee of Sri Lanka Telecom Plc.
30 March 2022
Previously, he was a senior partner of PricewaterhouseCoopers South East
Tenure as Director: 2 years Asia Peninsula (PwC) and he was with PwC for 35 years. He has led and
worked on some of the most challenging and complex assignments, both
Board Meeting Attendance in 2023: in Malaysia and globally, working with multinational and blue-chip national
12/12 clients in audit, business advisory, mergers and acquisitions, valuations,
privatisations, initial public offerings and cross-border transactions.
Board Committees Membership(s):
Audit and Risk Committee (Chairman), Nomination Directorship in other public or listed companies
and Remuneration Committee (Member), and Bumi Armada Berhad
Government and Regulatory Affairs Committee
(Member)
Qualifications
He is a Fellow of the Institute of Chartered
Accountants in England and Wales, and
a Chartered Accountant of the Malaysian
Institute of Accountants. He is also a member
of the Malaysian Association of Certified Public
Accountants.
65
EMBEDDING TRUST
OOI HUEY TYNG

Ooi Huey Tyng has over 30 years of experience in senior positions at global
banks, leading payments technology provider and fintech.
57 Female Singaporean
She is currently an independent director on multiple boards. She serves on
AIG Asia Pacific Insurance Board where she is the Chair of Risk Management
30 March 2022
Committee and Member of the Audit Committee and Nomination Committee. She
is also a Member of the Board of Governors of Raffles Institution (appointment
Tenure as Director: 2 years
approved by Ministry of Education, Singapore), an Independent Director of
Nasdaq listed Bridgetown 3 SPAC (backed by Pacific Century Group) and a Board
Board Meeting Attendance in 2023: Member and Chair of the Audit Committee of Food From The Heart.
12/12
In addition, she is a Governing Council Member and Chair of Nominating
Board Committees Membership(s): and Remuneration Committee Chapter of Singapore Institute of Directors
Audit and Risk Committee (Member), Nomination and a Member of the Board and Finance Committee of Singapore Institute of
and Remuneration Committee (Member), and Management.
Transformation Committee (Member)
Previously, she held multiple roles in GrabPay such as Managing Director for
Qualifications GrabPay Southeast Asia, Board Member of GrabPay Malaysia, Board Member
She is a Certified Public Accountant in Singapore of GrabPay Philippines, Board Member of GrabLink Philippines Inc, Board
and the UK and holds a Masters of Science in Member of GrabInsure Insurance Agency Philippines Inc and Advisor of Grab
Finance from Purdue University, USA. She is a Financial Group. Before joining Grab, she was with Visa as Country Manager
Member of INSEAD alumni and attended the for Singapore, Brunei and Regional Client Management. Prior to that, she held
Advanced Management Programme at INSEAD, senior leadership roles in UOB, DBS and Citibank.
Fontainebleau, France.
Nil
ONG CHU JIN ADRIAN

Adrian Ong has served as Chief Executive Officer of MR D.I.Y. Group (M)
Berhad since 2019. He is a Non-Independent Executive Director of MR D.I.Y.
53 Male Malaysian
Group, Malaysia, and Non-Executive Chairman of MR. D.I.Y. Holding (Thailand)
Date of Appointment as Director of Maxis: Public Company Limited.
8 August 2023
His experience includes over 30 years in investment banking, private equity,
Tenure as Director: 7 months and public accounting across a range of industries. He was previously Senior
Managing Director of Investment Banking at CIMB, Director and Head of Fund
Board Meeting Attendance in 2023: at CIMB-Standard (now CapAsia), and Managing Director at private equity firm,
6/6 Creador. In these roles, his primary focus was advisory work for initial public
offerings, debt and equity fundraising, mergers and acquisitions, as well as
Board Committees Membership(s): proprietary investments and divestitures across the Asia Pacific.
Audit and Risk Committee (Member) and
Transformation Committee (Member) Prior to these appointments, he worked as an auditor for public accountants
KPMG in Kuala Lumpur, and Kingston Smith in the UK.
Qualifications
He holds a Master of Business Administration Directorship in other public or listed companies
from the Judge Business School, University of MR D.I.Y. Group (M) Berhad
Cambridge. He is a Fellow of the Institute of
Chartered Accountants in England and Wales, and
a Chartered Accountant of the Malaysian Institute
of Accountants.
66
MAZEN AHMED M. ALJUBEIR

Mazen is a Co-Founder and Co-Chief Investment Officer at Isometry Capital,
a New York-based investment advisor managing funds focused on emerging
47 Male Saudi Arabian
markets. He is based in Riyadh and focused on private investments across
Date of Appointment as Director of Maxis: a range of industries. Alongside his investment activities, he serves as an
8 September 2016 independent member on the boards of prominent public corporations, private
companies and social enterprises.
Board Meeting Attendance in 2023: Maxis Communications Berhad
12/12

Nomination and Remuneration Committee
(Member)
Qualifications
He earned his MBA with highest distinction
from Harvard Business School, where he was
designated a George F. Baker Scholar. He earned
his A.B. with honours in Economics from Harvard
College, where he received the John Harvard
and Harvard College Scholarships for academic
distinction.
MOHAMMED ABDULLAH K. ALHARBI

Mohammed is currently the Vice President of Mergers & Acquisitions (M&A) at
Saudi Telecom Company (STC), responsible for leading overall M&A activities
53 Male Saudi Arabian
with a focus on international expansion and strengthening STC’s local
Date of Appointment as Director of Maxis: position in the digital age through in-market consolidation. He has always
29 May 2015 been involved in STC key strategic decision-making on M&A opportunities
and played an integral role in STC investment related activities. He also
represented STC on various Boards in Saudi Arabia, Indonesia, India, and
Board Meeting Attendance in 2023: South Africa.
9/12
He has led the process of identifying synergies and developing synergy
Board Committees Membership(s): realisation programmes, implementing greenfield operations and completed
Audit and Risk Committee (Member) major acquisitions for STC (i.e. Telefonica, Oger Telecom, BGSM, Viva Kuwait,
expansion of Tawal), disposals (i.e. Axis), greenfield operations (i.e. STC
Qualifications
He holds a M.S. Certificate in Engineering Bahrain and STC Kuwait) and early-stage investments (i.e. Careem investment
Management from the University of Missouri, USA. then disposal to Uber, STC pay stake sale to Western Union, IoT2).
He also holds a B.S. in Systems Engineering -
Industrial Engineering and Operations Research Prior to joining STC in 2003, he worked in senior positions at Al Salam Aircraft
from the King Fahd University of Petroleum and Company and Advance Electronics Company.
Minerals, Saudi Arabia.
He has attended multiple executive and
professional courses at leading business schools Maxis Communications Berhad
of the world including Harvard, Euromoney,
Columbia Business School, INSEAD, Wharton and
Kellogg School of Management.
67
EMBEDDING TRUST
ABDULAZIZ ABDULLAH M. ALGHAMDI

Abdulaziz is the Vice-President, Portfolio Management in Saudi Telecom
Company (STC) Group since 2022. He is an executive with more than 15 years
41 Male Saudi Arabian of progressive experience in the telecom industry. Throughout his career
in STC Group, one of the largest telecom companies in the Middle East, he
has shown consistent success in maximising corporate performance, driving
4 September 2018
growth, ensuring adherence to good governance practices, and enhancing
value, especially for the portfolio of companies and VC Funds in both local
and international markets where STC Group is a significant player.
He has rich experience in strategic business interventions and transformation
11/12
programmes in addition to building high-impact Project Management Office
teams for start-ups and greenfield projects. He is a board member in a number
of companies including STC Kuwait and Aqalat Ltd. Further, he has attended a
Transformation Committee (Member) and
number of courses conducted by global executive education institutes such as
Share Issuance Committee (Member)
Harvard and INSEAD.
Qualifications
He received his Master’s degree (M.Sc.) in Human
Maxis Communications Berhad
Resources Management from the University of
Westminster, London, United Kingdom in 2012.
This degree was preceded by a B.Sc. degree in
Computer Information Systems from King Saud
University, Saudi Arabia, in 2006.
LIM GHEE KEONG

Lim Ghee Keong has more than 30 years of experience in financial and
general management. Prior to joining the Usaha Tegas Sdn. Bhd. (UTSB)
56 Male Malaysian Group in 1995, he was attached to General Electric Capital Corporation in the
USA and Ban Hin Lee Bank in Malaysia.
8 May 2014
He is a Director and Chief Operating Officer of UTSB and serves on the
boards of several companies in which UTSB Group has interests, such as
Astro Malaysia Holdings Berhad (listed on Bursa Malaysia Securities Berhad).
He is also a Director of Paxys Inc. (listed on the Philippines Stock Exchange).
12/12
Astro Malaysia Holdings Berhad
Nomination and Remuneration Committee
(Member), Transformation Committee (Member),
(Member), and Share Issuance Committee (Member)
Qualifications
He holds a Bachelor of Business Administration
degree, majoring in Finance, from the University
of Hawaii at Manoa, USA.
Notes :
1. None of the Directors have any family relationship with any directors and/or major shareholders of the Company.
2. Save as disclosed on page 224, none of the Directors have any conflict of interest or potential conflict of interest in any competing business with Maxis or its subsidiaries.
3. Disclosures arising from related party transactions are separately disclosed in accordance with Paragraphs 10.08 and 10.09 of the MMLR.
4. None of the Directors have any convictions for offences within the past five years (other than traffic offences, if any).
5. None of the Directors have any public sanctions and/or penalties imposed on them by any relevant regulatory bodies during the financial year ended 31
December 2023.
6. Mohammed Abdullah K. Alharbi, Mazen Ahmed M. AlJubeir, Abdulaziz Abdullah M. Alghamdi and Ong Chu Jin Adrian (retiring Directors) are standing for
re-election as Directors at the forthcoming Fifteenth Annual General Meeting of the Company. The Nomination and Remuneration Committee and Board of
Directors have considered the assessment of the four retiring Directors and collectively agreed that they meet the criteria of character, experience, integrity,
competence and time to effectively discharge their respective roles as Directors, as prescribed by Paragraph 2.20A of the MMLR. Additional details about the
independent evaluation of the four retiring Directors are set out in the Statement of the Nomination and Remuneration Committee and Notice of the Fifteenth
Annual General Meeting.
68
MAXIS MANAGEMENT TEAM
GOH SEOW ENG

Chief Executive Officer
Goh Seow Eng is the Chief Executive Officer (CEO) of Maxis Berhad Group. Prior to that he was the President
Age: and Chief Operating Officer of Advanced Info Service Plc (AIS) in Thailand.
60
Gender: In his previous role with Singtel in Singapore, he served as Managing Director of Home business where he ran
Male Singtel’s fibre broadband, pay-TV and fixed line businesses as well as the customer life-cycle management and
marketing communication for Singtel’s consumer business in Singapore.
Nationality:
Malaysian Before joining Singtel in November 2010, he served as Chief Operating Officer, Consumer Group, at Astro
Date of Appointment: Malaysia, Southeast Asia’s largest pay-TV operator. Prior to that, he headed various corporate and consumer
1 December 2022 banking units at Citibank in London, Kuala Lumpur, Taipei and Tokyo and led credit card marketing for Wells
Fargo Bank in San Francisco.
He is a graduate of the University of Pennsylvania’s Management and Technology Dual-Degree Programme. He

holds a Bachelor of Applied Science (Computer Science) cum laude and a Bachelor of Science in Economics
cum laude from the university’s Wharton School. He obtained his MBA from the University of California,
Berkeley, and also attended Harvard Business School’s Advanced Management Programme.
His interests in shares of the Company are detailed on page 217 of this Integrated Annual Report.
JENNIFER WONG
Chief Financial Officer
Jennifer brings with her more than 20 years of progressive experience in accounting, controllership, financial
Age: and operation management, as well as business planning and analysis.
53
Gender: She is an accountant by profession and started her career with Arthur Andersen, and later with Ernst & Young
Female and PwC, where she advised on Mergers and Acquisitions transactions, corporate exercises, and Initial Public
Offers in the UK, Malaysia, and Hong Kong. In the span of over 14 years with Celcom Axiata Berhad (Celcom),
Nationality: she has held various senior positions, namely Senior Vice President of Business Planning and Financial
Malaysian Management, Deputy CFO and finally as CFO.
Date of Appointment:
3 October 2022 She is a graduate of Harvard Business School’s Advanced Management Programme, as well as INSEAD’s
General Management Programme and Innovation Programme. She is a member of the Malaysia Institute of
Accountant and Malaysia Institute of Certified Public Accountant.
MARIAM BEVI BINTI BATCHA

Chief Corporate Affairs Officer
Mariam is responsible for providing strategic communications counsel to the Management Team and
Age: overseeing implementation of all internal and external communications strategies, policies and procedures,
60 including media management, employee volunteerism and sustainable corporate responsibility activities. She
Gender: coordinates all efforts in managing stakeholder relations across the Regulatory and Government Engagement
Female functions.
Nationality: She has over 30 years of experience and prior to joining Maxis in September 2010, she served as Vice
Malaysian President, Group Corporate Communications in Telekom Malaysia Berhad. Before that, she headed the
Date of Appointment: Corporate Communications Divisions of United Engineers (Malaysia) Berhad and Amanah Capital Partners
1 May 2019 Berhad.
She holds a Bachelor of Business in Business Administration degree with Distinction from RMIT University in
Melbourne, Australia and a Diploma in Public Relations from the Institute of Public Relations Malaysia (IPRM).
69
EMBEDDING TRUST
MAXIS MANAGEMENT TEAM
NATALIA NAVIN
Chief Human Resource Officer
Natalia is responsible for leading the people agenda at Maxis.

Age:
44 She started her career with Zaid Ibrahim & Co (ZICO Law), and later worked with the United Nations, CIMB,
Gender: Hewlett Packard (HP) and Micro Focus.
Female
She has held regional and global HR leadership roles, along with leading large scale HR programmes
Nationality: relating to merger & divestiture deals, as well as labour relations negotiations. She has enabled multiple
Malaysian transformational people and talent programmes and played a key role in navigating the pandemic by leading
Date of Appointment: key people-related initiatives at Maxis.
2 September 2019
She graduated from Staffordshire University in the UK with a Bachelor of Law (LLB) and was admitted as an
advocate and solicitor of the High Court of Malaya in 2004.
NG MAY CHING
Chief Information Officer
May Ching is responsible for digitalisation and IT in Maxis. Since joining Maxis in 2013, she has driven the
Age: IT and Digital Maxis strategic roadmap and key digital transformation and delivery programmes, established
52 Digital and Data & AI Centers of Excellences as well as managed cybersecurity and operations. She has led the
Gender: transformation and digitalisation of customer experience through cloud at Maxis and has established Maxis as
Female a leader in cloud, data and AI, digital and platform solutions on top of Malaysia’s leading converged network.
Nationality: Prior to joining Maxis, she was a Managing Director in Accenture’s Communications, Media and Technology
Malaysian regional practice with 19 years’ experience in technology delivery, IT transformation and, business and IT
Date of Appointment: solutions consulting for communications providers.
1 December 2020
She graduated from Monash University in Melbourne, Australia, with First Class Honours Bachelor’s degree in
Electrical and Computer Systems Engineering.
ABDUL KARIM FAKIR BIN ALI

Chief Network Officer
Karim leads network engineers in Maxis to build and operate Mobile, Fixed and Enterprise solutions with
Age: pivotal focus on quality leadership and unmatched customer experience.
53
Gender: He rejoined Maxis in January 2014 from Bangkok where he held Senior Vice President position in DTAC,
Male Thailand. He has over 29 years of experience in network strategy framework, organisation transformation,
project steering, quality management, industrial relation, and technology operations.
Nationality:
Malaysian He started his telecommunication career with Binariang (later known as Maxis) in 1994 where he pioneered,
Date of Appointment: planned, and built the 2G network. He joined Digi Telecommunications (Digi) in 2002 and progressed in
1 December 2020 various senior roles with the last positions being Deputy Chief Technical Officer and Celcom-DiGi Programme
Director sites infrastructure consolidation in 2011.
He graduated with an Electrical Engineering degree and was the recipient of University Malaya Rulers
Education Award 1994 and Tunku Abdul Rahman Medal 1995. He has been appointed as an Independent
Member of the Board of Trustees of Yayasan AmanahRaya with effect from August 2022.
70
PATRICK ER
Chief Sales & Services Officer
Patrick heads the Sales & Services division where he is responsible for sales and distribution, customer
Age: experience and service, supply chain, and credit and collections.
49
Gender: He joined Maxis in June 2016 as Head of Commercial Management and Customer Experience and was
Male eventually appointed as Chief of Sales & Service on 1 June 2021.
Nationality: Prior to Maxis, he held senior positions in Hong Leong Bank. He led the micro and small SME segments
Malaysian business and was responsible for the bank’s distribution strategy. Before Hong Leong Bank, he was with Digi
Date of Appointment: where he managed consumer sales and customer service across all retail and branded channel stores.
1 June 2021
He holds a Bachelor of Science in Mechanical Engineering from Michigan Technology University and a Master’s
in Business Administration from University of Newcastle.
LOH KEH JIAT

Chief Marketing Officer
Loh leads the Consumer Business division and strives towards achieving Maxis’ ambition to be the leading
Age: integrated telco in Malaysia.
53
Gender: He joined Maxis as the Chief Marketing Officer (CMO) in August 2021. Prior to Maxis, he worked with Digi,
Male where he held various senior positions within the Sales and Marketing Division for 12 years. Before Digi, he
was with PT Mobile-8 Tbk Indonesia and PricewaterhouseCoopers Malaysia.
Nationality:
Malaysian He has over 20 years of experience in the telecommunications industry with a proven track record in building
Date of Appointment: prepaid and postpaid businesses for the consumer segment. He has also led major transformation programmes
16 August 2021 in digitalising customer journeys and modernisation of sales and distribution in recent years.
He received his undergraduate degree from Monash University and is a Chartered Accountant in Malaysia.
PRATEEK PASHINE
Chief Enterprise Business Officer
Prateek heads up the Maxis Business division with a strong ambition to help transform businesses in Malaysia
Age: to be ready for the future, cutting across corporate, government, small and medium enterprise (SME) and
52 wholesale customers.
Gender:
Male He brings with him close to 30 years of experience in Sales, Marketing, Procurement, Project Financing,
Technology Planning, and Business Planning & Strategy.
Nationality:
Indian Prior to Maxis, he spent over 20 years serving at several companies within the Tata Group including Tata
Date of Appointment: Teleservices and Tata Communications, and on diverse businesses such as hospitality, software, real estate and
3 July 2023 telecom equipment and services. In the last four years, he set up and led Reliance Jio’s Enterprise Business which
provides ICT services such as connectivity, private networks, mobility, cloud, IoT and security to enterprises.
He has served as the Chairman and Board Member of WBA (Wireless Broadband Alliance) and served on the
Board of WiMAX Forum, an industry-led, non-profit organisation.
He has an MBA in Corporate Strategy and Marketing with an Engineering degree in Electronics. He was a
recipient of the prestigious Fulbright Scholarship and attended the Fulbright-CII Fellowship Programme for
Leadership in Management at Carnegie Mellon University, Pittsburgh, USA.
Other information in respect of Maxis Management Team (MMT):

1. The MMT comprise the persons defined as key senior management under Paragraph 4A, Appendix 9C MMLR, that is persons who are primarily responsible
for the business operations of the Maxis Group’s core business and principal subsidiaries.
2. None of the MMT have any directorship in public companies and listed issuers.
3. None of the MMT have any family relationship with any directors and/or major shareholders of the Group.
4. None of the MMT have any conflict of interest or potential conflict of interest in any competing business with Maxis or its subsidiaries.
5. None of the MMT have any convictions for offences within the past five years (other than traffic offences, if any).
6. None of the MMT have any public sanctions and/or penalties imposed on them by any relevant regulatory bodies during the financial year ended 31 December 2023.
71
EMBEDDING TRUST
CORPORATE GOVERNANCE OVERVIEW STATEMENT
CORPORATE GOVERNANCE APPROACH
The Board sets the tone at the top for Maxis’ corporate governance practices and its application to the
Maxis Group. The Board’s commitment to corporate governance practices and applicable policies and
procedures within Maxis is fundamental to sustain the Group as a leading integrated telco.
This Corporate Governance Overview Statement (CGOS) should be read together with the:
(i) Corporate Governance (CG) Report, that details application of each Practice set out in the Malaysian Code on Corporate
Governance (MCCG). The CG Report is accessible online at https://maxis.listedcompany.com/general_meetings.html together
with an announcement of the same on the website of Bursa Securities.
(ii) Other statements in this Integrated Annual Report (IAR) e.g. Statement on Risk Management and Internal Control (SORMIC),
Audit and Risk Committee (ARC) Report, as well as Statement of the Nomination and Remuneration Committee (NRC).
The CGOS and the CG Report are prepared in compliance with Paragraph 15.25 of the MMLR. The CGOS and CG Report
were approved by the Board on 1 April 2024.
SUMMARY OF CORPORATE GOVERNANCE PRACTICES FOR 2023
Maxis has evaluated its practices against the three (3) key principles as set out in the MCCG, namely Principle A: Board
Leadership and Effectiveness, Principle B: Effective Audit and Risk Management and Principle C: Integrity in Corporate
Reporting and Meaningful Relationship with Stakeholders. Maxis has applied all the Practices espoused by the MCCG for the
financial year ended 31 December 2023, save for the following departures:
• Practice 4.2 (Sustainability strategies, priorities, targets, and performance against these targets are communicated to
internal and external stakeholders);
• Practice 5.2 (Board comprises of a majority Independent Directors);
• Practice 5.3 (Tenure of an Independent Director does not exceed a cumulative term limit of nine (9) years);
• Practice 5.9 (Presence of at least 30% women Directors on the Board); and
• Practice 8.2 (Disclosure on a named basis of top five (5) Senior Management personnel’s remuneration).
The Board has provided disclosures on the alternative measures which would largely attain similar outcomes to that of the
Intended Outcomes envisaged by the MCCG. The explanations on the departures and supplements with alternative practices
are contained in the CG Report. These are part of the Board’s commitment to upholding highest standards of corporate
governance, transparency and integrity within our organisation while undertaking our regulatory duty and commercial goals as
an accountable corporate citizen especially to our stakeholders, as explained throughout the IAR.
PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS
BOARD GOVERNANCE AND BOARD RESPONSIBILITIES
The Board is collectively responsible in spearheading and The Board of Directors is responsible for the management
overseeing the Maxis Group to ensure its sustainability of the Company, with powers as defined in the Company’s
and ability to create long-term value for its shareholders Constitution, the CA 2016 and applicable regulations. The
and various stakeholders. The Board provides leadership Board’s Leadership and Governance structure is supported
and strategic guidance within a framework of controls and by the Board Charter, Terms of Reference (TOR)s of the
monitors Maxis’ execution of its strategy. The Board is Board Committees and Limits of Authority (LOA) manual,
entrusted with ensuring that there is an adequate group- which outlines the key matters reserved for the Board, Chief
wide framework for co-operation and communication Executive Officer (CEO) and Management, as well as the
between Maxis and its subsidiaries to enable it to discharge Board’s policies and procedures.
its responsibilities including oversight of Maxis’ financial and
non-financial performance, business strategy and priorities,
risk management that includes material sustainability risks,
and corporate governance policies and practices.
72
BOARD LEADERSHIP
In embedding a sustainable corporate governance culture within the Group, the Board has always strived for the highest
standard of corporate governance practices in the Company and adopting the same as a “way of life” in every aspect
of the organisation. The Chairman leads the Board by setting the tone at the top and manages Board effectiveness by
focusing on strategy, governance and compliance.
The positions of the Chairman and CEO are held by different individuals with clear and distinct roles which are formally
documented in the Board Charter of Maxis. The Board Charter is a comprehensive reference document for Directors
on matters relating to the Board and its processes. The Board Charter also sets out the roles and responsibilities of the
Board, the individual Directors as well as the Senior Independent Director.
Note:
The Board Charter can be found on Maxis’ website at https://maxis.listedcompany.com/corporate_governance.html. The Board Charter was revised and
approved by the Board in February 2024.
BOARD COMMITTEES
In order to assist in the oversight function with respect to specific responsibility areas, the Board has established five
(5) Board Committees, as illustrated below. The Board Committees had discharged their roles and responsibilities in
accordance with their respective TOR, which are made available on Maxis’ website at https://maxis.listedcompany.com/
corporate_governance.html. The Board retains collective oversight over the Board Committees and is regularly apprised on
the proceedings of these Committees by the Board Committees’ Chairmen. Any recommendations would be subsequently
reported to the Board for approval. The Minutes of the Committee meetings are accessible to all Directors.
The Board Governance structure is illustrated below:
Governance Structure
Shareholders
Board of Directors Company Secretary

Board Committees
• Audit and Risk
• Transformation
• Nomination and Remuneration* CEO
• Government and Regulatory
Affairs Board’s Authority specified in
• Share Issuance Management • Board Charter
• Ad hoc Committees of the • Company’s Constitution
Board • TOR of each Committee
• CA 2016, MMLR and other
LOA Manual that sets out applicable regulatory
authorisation limits for CEO, requirements
Head of Internal Assurance
Management and matters
and Head of Integrity and
requiring Board approval
Governance Unit
* Established on 1 September 2023 following the merger of Nomination Committee and Remuneration Committee
The Board Charter details key matters reserved for the Board, inter alia, financial results, dividends, approval of strategy,
the annual operating plans, budgets, new major ventures, acquisitions and disposals, changes to management and control
structure, appointments of Board members, Committee members, CEO and Company Secretary. It further sets out the roles
and responsibilities of the Board, the Chairman, CEO, Senior Independent Director and Company Secretary, and any other
material matters.
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EMBEDDING TRUST
BOARD AND BOARD COMMITTEE ACTIVITIES
The Board discharges its responsibilities through Board and Board Committee meetings, and via circular resolutions for
matters that arise for decision after these meetings. Board papers and presentation materials circulated to the Board and
Board Committees are designed to facilitate effective decision-making, by categorising the agenda items as ‘Updates’,
‘Review’ and ‘Decision’. In 2023, the Board met twelve (12) times to review, deliberate and approve, amongst others, the
following:
Strategy, Regulatory, Financials, Funding and Risk Management
• Budget and Annual Operating Plan (AOP) for 2024

• Strategy planning, key priorities and initiatives, and emerging opportunities and issues
• Regulatory matters
• Cashflow and funding requirements
• Proposed dividends
• Quarterly financial results Q4’22, Q1’23, Q2’23, Q3’23 and audited financial statements for financial year ended 2022
Business Performance, Operations, Network and Stakeholder Management
• Business performance and operations

• Customer and consumer insights
• Network and Information Technology systems and security
• Risk management and internal controls
• Sustainability matters viz Environmental, Social and Governance (ESG) strategies and initiatives
• Investor relations briefing, shareholding analysis, investors engagement plans and feedback from investor engagements
Human Capital Management
• Employee related matters, policies and procedures and business continuity policies
• Employee wellbeing initiatives
• Organisational structure
• Updates on key personnel movements
• Employee engagement
• Succession planning
• Talent and retention management
• Employee bonus and annual salary review
• Share issuance scheme – Establishment of Long Term Incentive Plan 2023
Governance, Compliance and Others
• Annual General Meeting (AGM) and Extraordinary General Meeting

• Integrated Annual Report, CG Report and Circular to Shareholders for recurrent related party transactions and
establishment of Long Term Incentive Plan 2023
• Circular to Shareholders for the proposed execution of the finalised Access Agreement between Digital Nasional
Berhad as an access provider and Maxis Broadband Sdn. Bhd.
• Appointment of a new Independent Director, AGM resolutions on re-election of Directors and extension of
independence of Directors
• Outcome of the Board Effectiveness Evaluation, and actions including training needs
• Changes in composition of Board Committees
• Cybersecurity, data protection and anti-bribery and corruption
• Compliance disclosures
• Board Charter and TOR of Board Committees
• Dealings in shares by Directors and Principal Officers
• Related party transactions and conflicts of interest
74
During the year, the Board Committee members attended all meetings and approved circular resolutions. Matters
deliberated by the Board Committees during the year included:
Audit and Risk Committee
No. of meetings held during the year: 4 meetings

For further information on the ARC, kindly refer to the ARC Report
Key Discussion Topics

• Financial Performance Review and updates, Financial closing matters, Quarterly Financials, Audited Financial
Statements, draft Financial announcements to Bursa Securities and funding updates
• Review of external auditors report for each quarter
• Enterprise Risk Management
• Internal Assurance reports, key findings, recommendations, and investigations
• Occupational Health, Safety and Environment Matters
• Code of Business Practice
• Cyber Security and updates on Network and Systems and Information Security Review
• Quarterly updates on regulatory, legislation, material litigation, revenue assurance and fraud
• Related party transactions and conflicts of interest
• Maxis Anti-Bribery and Corruption (MABC) system
• Review of TOR
• Audit Plans of the external and internal auditors respectively
Remuneration Committee (Merged into the NRC effective 1 September 2023)

• Annual Operating Plan for People and Organisation
• Organisation structure and Maxis Management Team (MMT)
• Remuneration and incentives for employees
• Long Term Incentive Plan 2023 and Cash Incentive Plan for CEO
• Performance and remuneration including annual salary and bonus for employees and the CEO
• Key talents, succession planning and overall talent management
• Learning and development
• Scholarship Scheme
Nomination Committee (Merged into the NRC effective 1 September 2023)

• Board and Board Committees Composition of the Maxis Group with emphasis on the size, skills, independence, and diversity
• Assessment and recommendation of appointment of new Independent Director
• Director’s re-election and review of independence
• Board Effectiveness Evaluation assessment including review of training and development needs of the Board
• Review of the ARC’s Term of Office in accordance with Paragraph 15.20 of the MMLR
• MCCG and governance matters
• Review of Non-Executive Directors' remuneration and policies
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EMBEDDING TRUST
Nomination and Remuneration Committee (Established on 1 September 2023)
No. of meeting held during the year: 1 meeting

For further information on the NRC, kindly refer to the NRC Statement

• Board and Board Committees Composition
• Board Effectiveness Evaluation 2023 including Board Assessments and Methodology
• Review of the ARC’s Term of Office in accordance with Paragraph 15.20 of the MMLR
• CG Report and review of MCCG departures in 2023
• Human resources policies, remuneration framework and succession planning
• Non-Executive Directors' Remuneration
Transformation Committee

• IT and Digital Transformation
• Innovation
• Strategic and Structural Options
• Enterprise Business

• Regulatory matters
• Government engagement/relations matters
Notes:
1. The responsibility of the Share Issuance Committee is to review any issuance of shares pursuant to the Sections 75 and 76 of the CA 2016 as obtained at
the AGM each year. The Share Issuance Committee did not meet as there was no issuance of Maxis’ shares during the year.
2. The Board is also supported by ad-hoc operational and governance committees that are formed from time to time.
76
BOARD COMPOSITION The search process for potential candidates may include
recommendations from existing Directors, Management,
The Board comprises market and industry leaders, cutting major shareholders, industry and professional associations,
across multiple fields, who accordingly serve as Independent open advertisements or independent executive search
Non-Executive Directors and Non-Executive Directors. In firms. The NRC reviews and considers candidate(s) with
2023, the Board comprised of ten (10) Directors, of whom reference to the agreed selection criteria and conducts
50% (5 out of 10) are Independent Non-Executive Directors. engagement sessions with the shortlisted candidate(s) as
well as the fit and proper assessment, before submitting its
Directors’ profiles are set out on pages 64 to 68 of this IAR while the
final recommendation to the Board.
Board Composition overview can be found on pages 62 and 63.
COMPANY SECRETARY
The Board considers that its composition and size are
adequate for carrying out its functions and responsibilities
The Board is supported by the Company Secretary who is
effectively. With its diverse qualifications, expertise, and
qualified to act as company secretary under the CA 2016.
skills, as well as the governance structure of the Board
The Company Secretary acts as advisor to the Board,
Committees and Board, the Board has been able to provide
particularly on Maxis Group’s Constitutions, internal policies
clear and effective leadership to the Group, as well as
and compliance and on applicable governance best
informed and independent judgment of the Group’s strategy
practices, corporate administration, and Board processes to
and performance, to ensure the highest standards of
facilitate overall compliance with the MMLR, CA 2016 and
conduct and integrity are always at the core of the Group’s
applicable laws, rules and regulations.
undertakings. None of the Non-Executive Directors are
involved in the Group’s day-to-day management.
The Board members have full access to the Company
Secretary. The Company Secretary ensures that the
The Senior Independent Director, namely Alvin Michael Hew
Directors are provided with sufficient information and
Thai Kheam, acts as a sounding board for the Chairman and
time to prepare for Board and/or Committee meetings.
as an intermediary for Independent Directors. Additionally,
To this, the meeting materials are made accessible to the
he is tasked with the instrumental role of serving as a
Directors on their devices within reasonable periods prior
contact point for shareholders and stakeholders to raise any
to the meetings. The Company Secretary also ensures the
matters pertaining to Maxis.
minutes of meetings are prepared in a timely manner and
the records are well documented while she concurrently
The presence of Independent Non-Executive Directors on
communicates with Management on the action items and
the Board and its Board Committees are essential, as they
facilitates follow-up requests, decisions or recommendations
provide unbiased as well as impartial opinions and judgment
from the Board.
to Board deliberations. This ensures the interests of not just
the Group, but also its various stakeholders are taken into
The Company Secretary also facilitates the induction
account and well-represented.
of new Directors and the continuous training needs of
Details of the independence assessment are available on pages 84 to Directors including those identified pursuant to the Board
85 of the Statement of the NRC. Effectiveness Evaluation each year.
BOARD APPOINTMENTS In the best effort to provide high quality support and advice
to the Board, the Company Secretary constantly keeps
The NRC makes independent recommendations for selection herself abreast of the progressing and everchanging
and appointments to the Board, based on criteria which they regulatory landscape and corporate governance
develop, maintain and review based on applicable laws and development through continuous trainings.
regulations.
Please refer to the profile of the Company Secretary on page 225.
The NRC will review the gap analysis based on the existing
Board composition such as optimum size, and diversity in
terms of skills, experience, age, gender, knowledge and
independence, having regard to the strategic direction
of the Company. This then forms the proposed selection
criteria.
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EMBEDDING TRUST
INDUCTION AND SUCCESSION PLANNING The outcome of the BEE report outlined the assessment of
the conduct of the Board and Committees, including their
Maxis is cognisant in ensuring that new Directors undergo procedures and decision-making processes. The strengths,
a comprehensive on-boarding programme to familiarise improvement areas, and proposed training areas of the
themselves and understand the Group’s business strategy Board, Board Committees and individual Directors were
and operations. The new Director appointed during the presented to the NRC for review and recommendation, and
subsequently to the Board for approval.
year, Ong Chu Jin Adrian received a detailed induction
programme on Maxis’ operations, business and governance.
Summary of the outcome of BEE 2023
The Board via NRC actively monitors and evaluates the The BEE exercise identified:
tenure of Directors, including Independent Directors, to
provide Board members the opportunity to reassess their Key strengths of the Board
memberships as part of its succession planning and Board • Collective strength and skills of the Board with the right
refresh. Succession planning remains a priority in Maxis in mix of competencies and perspectives leading to robust
ensuring there is a steady pool of talent to fill the vacancies discussions.
at the Board and Senior Management levels. • Led by Chairman who demonstrates leadership and
passion towards the welfare of Maxis.
BOARD EFFECTIVENESS EVALUATION (BEE) • Reasonably strong, capable, active, well prepared and
engaged Board members.
The Board undertakes an annual evaluation to determine
Areas for improvement
the effectiveness of the Board, its Board Committees, and
• Continuous engagements on strategic and leadership
each individual Director. The MCCG recommends that an
matters, and succession planning.
independent expert is appointed at least once every three
• Enhancements of trainings and knowledge upgrades with
(3) years to facilitate the BEE. For 2023 BEE, an internal updates on cybersecurity, technology, media and telecom
evaluation was conducted by the NRC under the oversight (TMT), marketing and branding, and training with leaders
of the NRC Chair, covering the following items: from key business functions.
Oversaw the methodology, conduct and outcome TRAINING AND DEVELOPMENT OF DIRECTORS
of the BEE exercise carried out for the financial Paragraph 15.08 and Practice Note 5 of MMLR
1 year, which included assessment of the Board,
Board Committees, individual Directors as well as Directors regularly attend talks, briefings, workshops and
Independent Directors’ Assessments. utilise online learning tools and reading materials to keep
apprised of operational, legal, regulatory and industry
Evaluated the BEE results which included overall matters in the discharge of their duties. The NRC and
2 strengths of the Board, areas of improvement, the Board assess the training needs of each Director on
general feedbacks and training requirements. an ongoing basis, by determining areas that would best
strengthen his/her contributions to the Board.
Communicated the key focus areas of the BEE
results to the Board which included the ongoing Amongst others, the Directors of the Company, attended
3 developments of the Board, structure of Board and various trainings on industry and economic outlook, cyber
Board Committee meetings as well as Board and security, sustainability and ESG, talent management and
Board Committee meeting agendas and materials. leadership, governance matters and operational matters. In
addition, there were visits to Maxis centres and operations
Shared feedback with Management where relevant as part of the Directors’ development needs. All Directors
4
for actions. will complete the Mandatory Accreditation Programme Part
II: Leading for Impact (LIP) within the timeframe prescribed
Assessed the Directors based on the MABC as well by Bursa Securities.
as the relevant authoritative corporate governance
promulgations including MMLR, MCCG, Guidelines The external auditors regularly share their publications on
5 governance, financial standards and other topics. Management
on Conduct of Directors of Listed Corporation and
their Subsidiaries by the Securities Commission and and/or external experts consistently provide updates to the
Board on industry related operational, technology, financial,
Maxis Fit and Proper Policy.
regulatory and governance developments. Prior to each Board
Meeting, the Directors receive detailed papers that comprise
information and background materials relevant to matters on
the Agenda. The information includes details on the Group’s
operations, customers, competitors, industry, financials, risk
assessments, and technological developments as well as legal
and regulatory updates.
78
REMUNERATION
The Board has instituted a set of policies and procedures to govern the remuneration of Directors. Non-Executive Directors
receive remuneration that commensurate with their responsibilities on the Board as well as on the Board Committees and
it is designed to attract, incentivise, and retain high-performing individuals. Remuneration packages designed for Non-
Executive Directors are based on their individual qualifications, experience and competence while being mindful of their
responsibilities, time commitment and annual evaluation undertaken by the NRC. Maxis is guided by the Non-Executive
Directors’ Fees, Expenses and Reimbursement Policy, which is made available on Maxis’ website at
https://maxis.listedcompany.com/corporate_governance.html.
The Board has established the NRC to assist the Board amongst others, in its oversight function on matters pertaining
to remuneration of Directors. The NRC is guided by its TOR which is made available on Maxis’ website at
The detailed disclosure of the remuneration of individual Directors is disclosed in the CG Report under Practice 8.1.
The aggregate remuneration received by the Directors of the Company during the financial year ended 31 December 2023
are as stated in the following table:
Company (‘000) Group (‘000)

Benefits- Total Benefits- Total
Fees in-kind amount Fees in-kind amount
Name of Directors RM RM RM RM RM RM
Tan Sri Mokhzani bin Mahathir 463 8 471 463 8 471

Dato’ Hamidah Naziadin 383 - 383 383 - 383
Alvin Michael Hew Thai Kheam 433 - 433 433 - 433
Uthaya Kumar A/L K Vivekananda 410 - 410 410 - 410
Ooi Huey Tyng 370 - 370 370 - 370
Ong Chu Jin Adrian 139 - 139 139 - 139
(appointed on 8 August 2023)
Mazen Ahmed M. AlJubeir 283 - 283 283 - 283
Mohammed Abdullah K. Alharbi 300 - 300 300 - 300
Abdulaziz Abdullah M. Alghamdi 300 - 300 300 - 300
Lim Ghee Keong 340 - 340 340 - 340
Raja Tan Sri Dato’ Seri Arshad bin Raja 103 - 103 103 - 103
Tun Uda
(resigned on 18 May 2023)
Note:
There are no Executive Directors on the Board of Maxis.
79
EMBEDDING TRUST
PRINCIPLE C: INTEGRITY IN CORPORATE

PRINCIPLE B: EFFECTIVE AUDIT AND RISK
REPORTING AND MEANINGFUL RELATIONSHIP WITH
MANAGEMENT
STAKEHOLDERS
AUDIT AND RISK COMMITTEE (ARC) COMMUNICATION WITH STAKEHOLDERS
Maxis’ ARC comprises a majority of Independent Directors. The Board is cognisant of its corporate accountability
to stakeholders and ensures high level of efficacy in
The Directors endeavour to present a clear, balanced, and the form, frequency, and timeliness of its engagement
comprehensive assessment of Maxis Group’s financial with stakeholders. The Board is committed to ensuring
position, performance, and prospects as well as other price- shareholders and stakeholders are well-informed and
sensitive public reports and reports to regulators. enabled to input feedback and share concerns with the
Board. Various platforms and channels of communication
The ARC places great emphasis on the evaluation of are used to engage with stakeholders, namely:
the suitability, objectivity, and independence of the
external auditors in providing transparent reports to the (i) Investor Relations section on Maxis’ website inclusive
shareholders. Accordingly, the ARC is guided by Maxis’ of online Investor Relations section and online
External Audit Independence Policy (EAIP) to assess Newsroom covering financial and non-financial
the external auditors’ independence. The Committee performance for the financial year;
also reviewed the annual assessment conducted on the (ii) Maxis’ corporate website www.maxis.com.my;
effectiveness of the external auditors which covered (iii) IAR;
these categories, namely the audit firm’s calibre, quality (iv) quarterly results and analyst briefings;
process, audit team, scope, communication, governance, (v) announcements on Bursa Securities’ website;
independence, and audit fees. The ARC is guided by the (vi) briefing sessions, roadshows, investor conferences and
requirements as set out in Paragraph 15.21 of the MMLR any other investor relations function;
in considering the annual assessment on the suitability, (vii) media releases and events;
objectivity, and independence of the external auditors. As (viii) general meetings;
specified in the TORs of the ARC and NRC, the ARC shall (ix) internal communication channels; and
not appoint a former partner of the external audit firm as (x) community programmes.
its member unless a cooling-off period of at least three (3)
years has been observed prior to the appointment. Please also refer to the Key Stakeholders Engagement section on
pages 20 to 21 of this IAR. Maxis has provided the relevant contact
details for queries and/or concerns regarding the Group under the
Under the EAIP, the ARC and Management shall not engage Corporate Information section.
the external auditors under the following circumstances:
Maxis is committed to maintaining high standards of
• The external auditor audits its own work; corporate disclosure and transparency. Our disclosure
• The external auditor makes management decisions for policy is based on the following three (3) key principles:
the Group;
• A mutuality of interest is created; or (i) Maintain open and regular communications with all
• The external auditor assumes the role of advocate for the shareholders and stakeholders;
Company. (ii) Disseminate financial and strategic updates in a timely
and transparent manner; and
Further details of the ARC are explained in the ARC Report on pages
(iii) Ensure equal treatment and protection of shareholders’
87 to 91 of this IAR.
interests.
RISK MANAGEMENT AND INTERNAL CONTROL
FRAMEWORK CONDUCT OF GENERAL MEETINGS
The Board of Maxis is fully committed to articulating, AGM and Extraordinary General Meetings (EGM) serve
implementing, and reviewing a sound and effective risk as avenues for shareholders to engage the Board
management and internal control environment, ensuring the and Management in a constructive two-way dialogue.
Board is provided with reasonable assurance that adverse Shareholders are encouraged to actively participate
impact arising from a foreseeable future event or situation in discussions on proposed resolutions and future
on the Group’s objectives is mitigated and managed. developments of the Group, as well as provide feedback
on performance. During the year, a virtual AGM and EGM
Further information on Maxis’ risk management and internal control were held on 18 May 2023 and 14 August 2023 respectively
framework is made available in the SORMIC furnished on pages 92 to in accordance with promulgations as contained within the
98 of this IAR.
80
MCCG and Securities Commission Malaysia’s Guidance Note Our sustainability strategy is currently led and driven by
and FAQs on the Conduct of General Meetings for Listed the CEO, with progress and key developments escalated to
Issuers. All ten (10) members of the Board were present at the Board. The CEO, together with the MMT meet with key
the AGM, with eight (8) Directors attending physically and divisions and project teams on a weekly and monthly basis
remaining two (2) Directors attending virtually via the remote to ensure oversight of execution of strategies, initiatives,
platform. At the EGM, four (4) Directors attended physically, and achievement of targets.
and five (5) attended virtually, with one (1) absent with
apologies. The Chairman, CEO, CFO, Company Secretary, To further institutionalise sustainability within our
external auditors, advisors and key essential individuals business processes and operations, we have formalised
were physically present for both the AGM and EGM. The a Sustainability Steering Committee that will oversee
AGM and EGM leveraged technology and virtual platforms, the management of sustainability matters at Maxis. This
that allowed the participation of shareholders, and included Committee comprises of MMT and members of key business
answering questions from shareholders. The Minutes of units. A monthly reporting cadence is being established
the AGM and EGM proceedings, including responses to specifically for sustainability matters, with the CEO and
questions from shareholders, as well as questions that were Sustainability Steering Committee to provide quarterly
not responded to during the meetings were published on updates to the Board.
Maxis’ website which includes the key matters discussed, in
accordance with Paragraph 9.21(2)(b) of the MMLR. Additionally, we are enhancing our internal processes
and policies to consolidate and monitor ESG data that is
The Board has undertaken the following in encouraging reported within the Group in line with our ambition to obtain
shareholder participation at general meetings, that include external assurance on non-financial information.
AGM and EGM:
ALWAYS BE AHEAD
(i) Shareholders are encouraged to raise questions to
the Board at general meetings or by submitting written Maxis’ Focus Areas & Governance Priorities
questions in advance.
(ii) Written answers will be provided after the general The focus area in 2023 was mainly the Board’s processes,
meetings to any significant questions that cannot be proceedings, and structure being constantly assessed and
readily answered during the general meetings. evaluated to remain competitive, refreshed, and agile with
(iii) Shareholders are welcome to raise queries by continued focus on strategy, governance, and compliance.
contacting Maxis at any time. The Board continues to place emphasis on integrity and
(iv) Maxis issues adequate notice of 28 days prior to compliance within Maxis through the MABC system that
the AGM as per the MCCG, which is in excess of the includes amongst others emphasis on anti-bribery and
prescribed notice period of 21 days as per the CA 2016 corruption training, integrity pledges and communication
and MMLR. of the updated Code of Business Practice to Directors,
(v) Queries from shareholders pertaining to the IAR may employees and third parties.
be directed to this email: ir@maxis.com.my.
The Board is committed to providing oversight and working
SUSTAINABILITY MANAGEMENT together with Management in considering Group strategy
and value creation (for wider stakeholders), sustainability
The Board is committed to ensuring that our strategic plans strategy and strategic opportunities. As an ongoing effort
support long-term value creation and incorporates the key for the next few financial years, the Board will continue to
principles of ESG in underpinning sustainability. In 2023, evaluate and benchmark itself against other comparable
this was done through extensive engagement across Maxis international digital and technology companies.
divisions to lead and drive internal ESG integration.
The Board holds the ultimate accountability of Maxis’

sustainability strategy, with the various Board Committees
overseeing the overall implementation of our sustainability
agenda and monitoring the progress of our sustainability
goals.
81
EMBEDDING TRUST
STATEMENT OF THE NOMINATION AND REMUNERATION

COMMITTEE
The Nomination Committee (NC) and Remuneration Committee (RC) were merged on 1 September 2023 resulting in the
formation of the Nomination and Remuneration Committee (NRC). The members of NRC and their respective attendance in
2023 were as follows:
Pre-merger Post Merger

Members NC RC (NRC)
Dato’ Hamidah Naziadin (Chairman), 3/3 6/6 1/1

Alvin Michael Hew Thai Kheam, 3/3 6/6 1/1
Uthaya Kumar A/L K Vivekananda, 3/3 N/A 1/1
Ooi Huey Tyng, N/A 6/6 1/1
Mazen Ahmed M. AlJubeir, 3/3 6/6 1/1
Non-Independent Non-Executive Director
Lim Ghee Keong, N/A 6/6 1/1
Tan Sri Mokhzani bin Mahathir, 3/3 N/A N/A
(Resigned as member of NC on 1 September 2023)
Note:
Paragraph 15.08A(1) of the Bursa Securities’ MMLR provides that the NC must comprise exclusively of non-executive directors, a majority of whom must be
independent, and hence the NRC complies with this requirement.
ROLES AND KEY ACTIVITIES OF THE NRC IN 2023
The Terms of Reference (TOR) of the NRC and each of Maxis’ policies are available at
The NRC functions as a support to the Board’s responsibilities, which include:
• Oversee the composition and performance of the Board, and each of the Board Committee including Board skills,
experience, and diversity.
• Review Director’s independence in accordance with the MMLR, both in substance and form.
• Review Directors' respective time commitment to the Board and Board Committees.
• Conduct annual objective assessment on the effectiveness of the Board, Board Committees and individual Directors.
• Selection, recruitment, appointment and succession planning of the Chief Executive Officer (CEO), Chief Financial Officer
(CFO), Board members and Board Committee members.
• Facilitate Board induction for new Directors, and Board Committee members.
• Review the training requirements and other development needs for Directors.
• Oversee the application of the Fit and Proper Policy as well as Board Diversity Policy for the appointment and re-election
of Directors in the Group.
• Remuneration matters including:
i. the performance reviews of the CEO and Maxis Management Team (MMT), organisation structure, group remuneration,
bonus and incentives framework, including goals and setting of Key Performance Indicators (KPIs).
ii. Long Term Incentive Plan (LTIP) framework and structure.
iii. review of human resources policies.
iv. review of Directors' remuneration structure.
82
The key activities and matters reviewed by the NRC during the year included the following:
Note:
Members of the NRC abstained and did not participate in matters concerning their own interests.
i. Board and Board Committees Composition
• Reviewed the Board and each of the Board Committee compositions, skills, experience, strength, quality and
diversity, and time commitment of each Director and member in fulfilling their responsibilities including the changes
in compositions of the Audit and Risk Committee (ARC), NRC, Government and Regulatory Affairs Committee (GRAC),
Share Issuance Committee, Transformation Committee (TC) as well as the Terms of References (TORs).
• Assessed list of candidates as potential directors based on the criteria of skills, composition and requirements
of Maxis’ operations, competitiveness, and growth strategy as the leading integrated telco in Malaysia. Potential
candidates are from various sources, viz from existing Board members and other sources, including utilising external or
independent sources to meet the skill sets and requirements of the Board.
• Reviewed the assessment and performance of Directors (Board Effectiveness Evaluation set out in page 78 of this
IAR), including Directors standing for re-election in accordance with Maxis’ Fit and Proper Policy, and requirements
of Paragraph 2.20A of the MMLR that each Director, has the character, experience, integrity, competence and time to
effectively discharge his/her role as a director.
• Recommended the appointment of Ong Chu Jin Adrian as Independent Non-Executive Director of Maxis based on
assessments of his fit and properness, requirements of Paragraph 2.20A of the MMLR and skill sets.
• Reviewed the term of office and performance of the ARC members in accordance with Paragraph 15.20 of the MMLR
and that the ARC members carried out their duties and responsibilities in accordance with the TOR of ARC.
• Reviewed the independence of Directors namely Dato’ Hamidah Naziadin, Alvin Michael Hew Thai Kheam, Uthaya
Kumar A/L K Vivekananda, Ooi Huey Tyng and Ong Chu Jin Adrian as Independent Non-Executive Directors of Maxis
including their tenure, where relevant.
• Recommended changes in the Board and Board Committees memberships as set out in the table below:
Director Changes Effective date
Ong Chu Jin Adrian (i) Appointed as Director

(ii) Appointed as Member of ARC 8 August 2023
(iii) Appointed as Member of TC
Tan Sri Mokhzani bin Mahathir Resigned as Member of NC 1 September 2023
Dato’ Hamidah Naziadin Appointed as Chairman of NRC 1 September 2023
Mazen Ahmed M. AlJubeir Appointed as Member of NRC 1 September 2023
Alvin Michael Hew Thai Kheam (i) Resigned as Member of ARC 8 August 2023
(ii) Appointed as Member of NRC 1 September 2023
Uthaya Kumar A/L K Vivekananda Appointed as Member of NRC 1 September 2023
Ooi Huey Tyng Appointed as Member of NRC 1 September 2023
Lim Ghee Keong Appointed as Member of NRC 1 September 2023
ii. Corporate Governance Matters
• Reviewed applications of the MCCG as updated in April 2021 and compliance thereto.
• Reviewed the departures from MCCG and recommended actions for applicability of the same.
• Reviewed the duties and responsibilities in relation to the respective Board Committee TORs, as and when required.
• Reviewed the composition and Board Charter of the relevant subsidiaries of Maxis to ensure alignment with Maxis’
Board Charter, policies, and procedures.
iii. Remuneration Matters
• Reviewed MMT including CEO’s remuneration and bonus structure, incentives, succession planning and KPIs.
• Reviewed LTIP 2015 and LTIP 2023.
• Reviewed human resources policies.
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EMBEDDING TRUST

COMMITTEE
TENURE OF INDEPENDENT DIRECTORS Directors retiring pursuant to Rule 131.1 of the
Company’s Constitution
Independent Non-Executive Directors play significant • Mohammed Abdullah K. Alharbi
roles in bringing independent and objective judgment to • Mazen Ahmed M. AlJubeir
boardroom discussions and decisions. The NRC discharged • Abdulaziz Abdullah M. Alghamdi
the following responsibilities during the year:
Director retiring pursuant to Rule 116 of the
(i) Review and assessment of the independence of the Company’s Constitution
five (5) Independent Non-Executive Directors. This was • Ong Chu Jin Adrian
undertaken two (2) times by way of self-assessment
as well as confirmation by the Independent Directors. The NRC and Board had assessed each of the retiring
The NRC established that they are, both in substance Directors, and also considered the following:
and form, independent of management and free of
any business or other relationship that could materially • performance and contribution based on the Self-
interfere with or could be perceived to materially Assessment (SA) results and Board Effectiveness
interfere with, the exercise of their unfettered and Evaluation (BEE) 2023;
independent judgment. The assessments covered the • level of contribution to the Board and deliberations
regulatory definitions of independent directors under through their skills, experience, and strength in
the MMLR, and an additional subjective element of qualities;
independence in substance. This was additionally • level of objectivity, impartiality, and their abilities to
demonstrated by the conduct and discharge of his/her act in the best interests of the Company; and
duties as a Director. • the Directors’ fitness and properness in accordance
with the Fit and Proper Policy.
(ii) Review and assessment of the tenure of independence
of Director, Dato’ Hamidah Naziadin, whose tenure had The retiring Directors met the performance criteria
exceeded nine (9) years. required of an effective and high-performance Board
based on the Directors’ SA and BEE 2023 results.
The NRC and Board are generally satisfied that each The Board approved the NRC’s recommendation
Independent Director met the criteria of an independent that the retiring Directors pursuant to the Company’s
director as set out in the MMLR, and continues to bring Constitution are eligible to stand for re-election. The
sound, independent and objective judgment to Board profiles of these retiring Directors are set out on pages
deliberations. 66 to 68 of this Integrated Annual Report. Save as
disclosed in the relevant profiles and conflict of interest
ASSESSMENT OF DIRECTORS STANDING FOR disclosures of the retiring Directors on pages 66 to 68
RE-ELECTION AT THE FORTHCOMING FIFTEENTH and page 224 respectively, of the Company’s Integrated
ANNUAL GENERAL MEETING (AGM) Annual Report for the financial year ended 31 December
2023, the retiring Directors do not hold any shares in
The NRC is responsible for recommending to the Board, Maxis, have no family relationship with any Director
Directors who are retiring and standing for re-election at the and/or major shareholder of Maxis, have no conflict
AGM. of interest or potential conflict of interest including
any interest in any competing business with Maxis
i. Directors Retiring pursuant to the Company’s or its subsidiaries, have not been convicted of any
Constitution offence within the past five (5) years and have not been
imposed with any penalty by the relevant regulatory
The NRC and the Board had considered the assessment bodies during the financial year ended 2023.
of the following four (4) Directors (the retiring Directors)
Note:
standing for re-election at the forthcoming Fifteenth The retiring Directors have abstained from deliberation and voting at
AGM pursuant to the Company’s Constitution, and the relevant NRC and Board meetings in respect of their respective
collectively agreed that they meet the criteria regarding eligibility and suitability to stand for re-election.
their character, experience, integrity, competence

and time commitment to effectively discharge their
respective duties and responsibilities as Directors as
prescribed under Paragraph 2.20A of the MMLR and
additionally have satisfied the Directors’ fit and proper
assessment criteria:
84
ii. Extension of Independence pursuant to MCCG (v) The length of time that DHN has remained in her
role has not interfered with her ability to exercise
Dato’ Hamidah Naziadin (DHN) was appointed as independent judgment as an Independent Director
Independent Director on 1 February 2014 and has and she has continued to contribute to the
exceeded a cumulative tenure of nine (9) years. performance and positive dynamics of the Board
Pursuant to the shareholders’ approval obtained at the Committees and Board.
Company’s Fourteenth AGM held on 18 May 2023, DHN (vi) DHN together with the other Independent Directors,
was authorised to continue serving on the Board as an each function as a check and balance to the Board
Independent Director until 17 May 2024. and in the exercise of objectivity as Directors.
(vii) DHN has devoted sufficient time and attention to
The Board through the NRC, had undertaken relevant her professional obligations to Maxis required for
assessments and recommended for DHN to continue informed and balanced decision-making.
to serve as Independent Non-Executive Director for a
further one (1) year period from 18 May 2024 to 17 May REVIEW AND ASSESSMENT OF THE TERMS OF OFFICE
2025. OF THE ARC OF MAXIS PURSUANT TO PARAGRAPH
15.20 OF THE MMLR
Note:
DHN has abstained from deliberation and voting at the relevant NRC and
Board meetings in respect of the recommendation on DHN’s continuation During the year, the NRC and Board reviewed the terms of
to act as an Independent Director of the Company. office, assessment and performance of the ARC, each of the
ARC members and the discharge of the ARC’s duties based
The NRC and Board's recommendations are based on on its TOR and in accordance with Paragraph 15.20 of the
the following justifications: MMLR. The NRC and Board were satisfied that the ARC and
its members had carried out their duties in accordance with
(i) DHN has fulfilled the criteria of an Independent the ARC’s TOR.
Director as stated in the MMLR. She has
demonstrated her objectivity and independence The results of the NRC’s assessment of the ARC were as
both in substance and form. DHN is not hesitant follows:
to challenge the rest of the Board members and
Management team in the course of discharging her 1. The ARC’s independence is satisfactory. The ARC’s
responsibilities as a Director and when considering actions reflected its independence from Management
Board/Committee matters. or any related parties and the ARC acts freely from any
(ii) DHN is free from any conflicts of interest. She conflict of interests.
provides constructive independent counsel to the
NRC (as Chair), ARC (as member) and Board, and 2. The ARC demonstrated confidence in dealing with
guidance to Management. DHN has the ability to difficult and complex matters brought before the ARC.
independently steer the NRC in the best interests of
Maxis. 3. The ARC reviewed and reported to the Board, the
(iii) DHN has vast hands-on experience, knowledge, quarterly and year-end financial results and year-end
and skills in a diverse range of businesses and financial statements, before approval of the Board,
therefore continually provides pragmatic opinions, focusing particularly on:
counsel, oversight, and guidance as a Director. Her
insights provide impartiality to matters considered (a) Changes in or implementation of major accounting
by the Board and Board Committees. policies;
(iv) DHN has specialised knowledge of human (b) Going concern assumption and ability of the Group;
resources, people management and Corporate (c) Significant and unusual events;
Social Responsibility practices which she brings (d) Reports from the external auditors; and
to the Board and Maxis. DHN also has experience (e) Compliance with applicable approved financial
mentoring and coaching young talent and women. reporting standards and other legal requirements.
85
EMBEDDING TRUST

COMMITTEE
4. The ARC reviewed and reported to the Board, the BOARD DIVERSITY POLICY
adequacy of the:
The Board recognises and embraces the benefits of
(a) External auditors (fees, quality of audit function, having a diverse Board and sees increasing diversity at
competence, resources including key audit partner the Board level as an essential element in maintaining a
and knowledge); competitive advantage. A truly diverse Board encompasses
(b) Internal auditors (scope, methodology, competence, various areas including, but not limited to diversity of age,
resources and quality of functions); and skills, experience, cultural background, gender, ethnicity
(c) Maxis’ accounting and finance staff. and nationality of its Board members to ensure effective
governance and robust decision-making by the Board. The
5. The ARC reviewed related party transactions and NRC and Board regularly review the composition of the
conflict of interest situations, including the quarterly Board to ensure the proper discharge of its functions and
review of the Recurrent Related Party Transactions obligations.
Mandate for 2023/2024.
Underpinning Maxis Board Diversity Policy is Maxis’
6. The ARC Chairman presented a formal detailed report commitment in ensuring that all Directors are appointed on
to the Board on the proceedings of every ARC meeting. merit and in line with the standards as set out in Paragraph
2.20A of the MMLR. The background of each Director
7. The ARC is committed and has the competence, can be found on pages 64 to 68 of this Integrated Annual
integrity, skills, experience, time and resources to Report, which demonstrates the Board’s Diversity Policy.
undertake their duties. The Board regularly reviews its composition to improve its
diversity including gender diversity.
8. The ARC was satisfied that appropriate internal and
external support and resources are available to the The search to appoint additional women on the Board is a
ARC. continuous effort. The review and selections are aligned
with Maxis’ requirements for diversity, and for candidates
FIT AND PROPER POLICY with the experience and calibre who can contribute to the
Group’s growth strategy as a leading integrated telco.
Maxis established the Fit and Proper Policy for the Board
of Directors, CEO and CFO; for the appointment and re- The Board endeavors to meet its diversity requirements and
election of directors as required by Paragraph 15.01A of the targets to accomplish at least 30% women directors on the
MMLR. This policy addresses the application of Paragraph Board. The NRC and Board are always on the look out to
2.20A of the MMLR that requires every listed corporation expand the pool of potential women candidates for Board
to ensure that each of its directors, chief executive or chief candidacy. In 2023, the NRC and the Board considered the
financial officer has the character, experience, integrity, appointment of additional Independent Directors from a
competence and time to effectively discharge his/her role as pool of potential candidates that were obtained from various
a director, chief executive or chief financial officer. sources including independent search firms. In line with
this, the Board endeavours to take incremental steps to
The Fit and Proper Policy established the duties and achieving the diversity requirements of the MCCG.
responsibilities of the NRC in overseeing the application
of the said Policy as well as the conduct of fit and proper This NRC Statement should be read together with the
assessments relating to Directors, CEO and CFO. The fit and Corporate Governance Overview Statement and CG Report
proper criteria is made part and parcel of the BEE exercise 2023.
to evaluate the re-election of Directors and appointment
of senior management personnel, which assesses the
character and integrity; experience and competence; as well
as time commitment of the individual.
86
AUDIT AND RISK COMMITTEE REPORT
The Board of Maxis is pleased to present the Audit and Risk Committee (ARC) Report for the
financial year ended 31 December 2023.
THE AUDIT COMMITTEE AT A GLANCE
No. of Members 5, all Non-Executive

No. of Independent Members Chairman + 3 Others
No. of Meetings 4 in 2023
Attendance Rate See below
WHO WE ARE
Meetings Full Profile

No Name Status Appointment Attended on page
1 Uthaya Kumar A/L K Vivekananda* NE, IN Appointed as member on 28/04/2022 4/4 65

and re-designated as Chairman on
01/07/2022
2 Dato’ Hamidah Naziadin NE, IN 01/02/2014 4/4 64
3 Mohammed Abdullah K. Alharbi NE 13/10/2015 4/4 67
4 Ooi Huey Tyng NE, IN 01/07/2022 4/4 66
5 Ong Chu Jin Adrian NE, IN Appointed as member on 08/08/2023 1/1 66
6 Alvin Michael Hew Thai Kheam NE, IN Ceased as member on 08/08/2023 3/3 65
NE – Non-Executive, IN – Independent, * – Chairman
THE ARC’S SKILLS AT A GLANCE A total of four ARC meetings were held in 2023. At these
meetings, the Committee reviewed Maxis’ financial results,
• All members are financially literate. announcements to Bursa Securities for Q4 2022 and
• All members are able to read, analyse, interpret and full-year 2022, Q1 2023, Q2 2023 and Q3 2023, financial
understand financial statements. closing matters, covering provisions, judgmental accounting
• All members have extensive professional experience. and contingency items for the respective financial quarters,
• Each member has skill sets which make the ARC effective funding and financial risk management including compliance
as a team, lending it the ability to effectively discharge its with debt covenants, reports from both the external and
duties and responsibilities. internal auditors, regulatory and legal updates, enterprise
• Uthaya Kumar A/L K Vivekananda (ARC Chairman), risk management matters, related party transactions,
a Fellow of the Institute of Chartered Accountants in conflicts of interest, revenue assurance, business and
England and Wales; and Ong Chu Jin Adrian (appointed continuity planning, systems and security information,
as member on 8 August 2023), a Fellow of the Institute health, safety and environment, compliance and other
of Chartered Accountants in England and Wales, meet internal control matters.
the Bursa Securities MMLR for Audit Committees to have
at least one member of an association of accountants In addition, there were two Circular Resolutions in between
specified in Part II of the First Schedule of the the ARC Meetings (passed by unanimous consent in
Accountants Act 1967. accordance with Clause 6.3 of the ARC’s Terms of Reference),
which were principally related to transaction approvals.
SUMMARY OF ACTIVITIES OF THE COMMITTEE
The ARC Chairman reported the outcomes and decisions of
During the financial year, the Committee reviewed and the ARC proceedings to the Board the soonest practicable
updated its Terms of Reference. An annual review of the after each meeting. Members of Management, the Group’s
Terms of Reference was also performed to ensure all external auditors and external legal counsel also attended
requirements were complied with. the meetings as and when invited. In the discharge of its
duties and responsibilities, the Committee undertook the
following major activities during the year:
87
EMBEDDING TRUST
Risk Management and Internal Control critical accounting judgments, and the impact of new
• The Committee reviewed the quarterly status reports on accounting standards before releasing the financial results
Enterprise Risk Management (ERM) activities within the to Bursa Securities. The 2023 quarterly results, compliant
Group presented by the Management, which includes with the Malaysian Financial Reporting Standards (MFRS),
overall risk profile, changes and updates on the number were assessed in each quarterly meeting. Improvements to
of key risks, and the corresponding mitigating actions. the third and fourth quarter reports were made based on
The Committee also reviewed the risk appetite statement the Committee's reviews and recommendations. In its first
and risk methodology adopted in ensuring that key and quarterly meeting, the Committee also examined the draft
high risks were identified and tracked. audited financial statements for the year ending December
31, 2022, and the fourth quarter results of 2022.
• At the ARC meetings, the Committee assessed the
effectiveness of internal control systems, including IT and • In reviewing the integrity of financial information, the
network controls, by reviewing reports from the Internal Committee deliberated with Management to ensure
Audit and external auditors, and through discussions that all matters set out in Section 5 of the Audit and
with senior management. This evaluation covered the Risk Committee Terms of Reference (“Responsibilities”
information technology and network controls; the Group’s under the heading “Financial Reporting”) as well as the
financial, auditing and accounting organisations and following areas, where relevant, had been complied with:
personnel; and business practice compliance procedures.
i. The MMLR;
• In its meetings and discussions with senior management, ii. Provisions of the CA 2016 and other legal and
the Committee frequently highlighted the significance regulatory requirements; and
of information security, focusing on the Group's iii. MFRS issued by the Malaysian Accounting Standards
preparedness for preventing and responding to cyber- Board.
attacks and online fraud. Recognising the importance
of this issue, the Committee received updates on • Every quarter, Management assured the Committee that
cybersecurity every quarter and deliberated the action all related party transactions, including recurrent ones,
plans to address the risks. followed the MMLR and the Group's policies. Additionally,
Internal Assurance provided quarterly reports confirming
• The Committee continued to support ethical business that these transactions complied with the established
practices by reviewing the defalcation cases from 2023. policies and procedures.
The Committee also requested and received improved
reporting on cases of defalcation from inception of Overall Governance, Regulatory and Other Updates
knowledge of incidence or allegation to final closure. • Management presented to the Committee, for its
Management was requested, and has implemented a review, the status and changes in material litigation,
consequences management process that will contribute law and regulations, compliance with loan covenants
to a culture of accountability and responsibility. and regulatory updates on the Group’s business on a
quarterly basis.
• Management is in the process of enhancing
whistleblowing channels by appointing a third party Internal Audit
independent specialist organisation to receive information • The Group’s internal audit function (internally referred
from whistleblowers. This appointment will enhance to as the Internal Assurance Division) carried out its
confidentiality of information and preserve anonymity. activities based on the risk-based Annual Audit Plan
approved by the Committee, covering scopes under
• To reinforce the anti-bribery and anti-corruption the governance, risk management and internal control
governance framework, in line with Section 17A of the processes, including regulatory compliance such as
MACC Amendment Act, at every meeting, the Committee related party transactions. Based on the approved Annual
deliberated the Company’s compliance with the Maxis Audit Plan for 2023, a total of 35 manual engagements
Anti Bribery Management System (MABC) policies and as well as 44 continuous automated audits development
procedures. Additionally, the Committee received regular were conducted as at year-end covering the following
updates from the Compliance Officer on initiatives and key categories:
activities aimed at enhancing the Company’s compliance
culture. i. Governance areas (Accounting & Finance, Contracts
Management, Regulatory Compliance, Sales
Financial Reporting Operations, Technology): 83%
• The Committee, along with key Group officers, regularly ii. Strategic initiative reviews: 4%
reviewed the Group's quarterly financial results and annual iii. Top and emerging risks: 4%
audited statements. This included examining provisions, iv. Fraud and Bribery: 9%
88
• In their quarterly meetings, the Committee received Development. The KPIs were updated to be in line with
updates from Internal Assurance on the 2023 Annual Audit the progress of the three-year roadmap with emphasis on
Plan. These updates included progress on engagements, measures that promotes strengthening of the business
main findings, conclusions from audits, recommendations, internal control environment and compliance practices;
investigation results, and the status of Management's expanding its continuous assurance capability using
corrective actions to resolve issues promptly. automation technologies; and efficiency outcomes from
Agile processes.
• The Committee was updated on the progress of audit
automation and the results from automated reports. They • The Committee continuously reviewed the adequacy
reviewed how digitalisation improved oversight of risks and competency of the resources in Internal Assurance
and controls, particularly by addressing exceptions noted Division. Related to talent management, the Committee
in these reports more promptly. Throughout the year, was updated on the Assurance Leadership Development
each business unit was responsible for resolving issues Programme (ALDP), which was designed to accelerate
identified by the automated reports and enhancing their growth of high potential individuals in the organisation
self-assessment of risk and control effectiveness, ensuring through a one-year rotational exposure in Internal
the proper application of internal controls. Additionally, the Assurance Division. The programme aims to enhance
Committee advised Internal Assurance to focus automation business acumen; leadership skills; and risk and
on key risk areas, reducing Management’s workload and compliance mindset of the identified talents through audit
avoiding duplication with other line of defence functions. assignments participation, while enhancing employees’
career experience.
• In its last quarterly meeting of the year, the Committee
discussed the 2024 Annual Audit Plan, focusing on • At its concluding meeting, the Committee was apprised
priority areas, evolving risks in the organisation and of the outcomes of the mandatory External Quality
industry, and the Company’s growth strategy. The plan Assessment Review, undertaken by an independent third
covered crucial governance areas, which include finance, party. The results of this comprehensive review indicated
business operations, contract management, forensic that Maxis Internal Assurance is in full compliance with
reviews, technology, and regulatory compliance, as the International Standards for the Professional Practices
well as top and emerging risks, strategic initiatives, and of Internal Auditing set forth by the IIA. Additionally,
ongoing audit automation development. The Committee a comparative benchmarking against global internal
also examined the scope and coverage of the planned auditing functions was conducted, revealing that majority
activities to ensure that major risk areas and key business of the evaluated areas within its processes are operating
processes, identified by the Enterprise Risk Management at ‘Optimised’ and ‘Managed’ levels of capability maturity.
department and internal audit, were properly addressed. Moreover, the assessment highlighted Maxis Internal
Assurance's position in increasing digital capabilities.
• The Committee emphasised that fraud and bribery
risk areas; financial discipline; and business policy • The Committee also reviewed the adequacy of the
compliance should be given heightened focus, with Internal Audit Charter and approved the internal audit
the aim to strengthen the control environment and function’s proposal to enhance the charter in line with
compliance stature of the Company. These risks are the IIA Standards and latest updates in the ARC Terms of
addressed through forensic type of review, which focuses Reference.
on in-depth evaluation of the rationale, decision-making
processes, adequacy of controls and fraud prevention, External Audit
as well as avoidable losses. The Committee emphasised • During its first quarterly meeting, the Committee
that Internal Assurance is to increase forensic expertise reviewed the external auditor’s report for the financial
within the function. The Committee advised Internal year ended 31 December 2022 and recommended for the
Assurance to consider the impact to the business and Board’s approval.
value for money when conducting its work.
• At the same meeting, the Committee evaluated the
• In line with the digital aspiration of the function as external auditors’ suitability and independence. They
approved by the Committee, Internal Assurance also reviewed their adherence to Maxis’ External Audit
continues to increase focus on audit automation activities Independence Policy (EAIP) for the work done in 2022,
for next year, as well as the continuous improvement on its to ensure their independence and objectivity were not
Agile Auditing practices, as its core process methodology. compromised. Management presented the auditors'
compliance status to the Committee, which was also
• During the same meeting, the internal audit function independently verified by Internal Audit. After discussing
presented for the Committee’s approval the divisional these reports, the Committee concluded that the auditors
KPIs for 2024 covering four strategic focus areas: complied with the EAIP.
Operations, Customers, Innovation and Learning &
89
EMBEDDING TRUST
• The Committee reviewed the statutory audit services, • The Committee monitored the progress of the initiatives
audit related services and non-audit services provided and programmes, which includes compliance progress;
by the external auditors and their corresponding incurred anti-bribery and anti-corruption internal control
fees, which included tax related services, regulatory enhancements; ABMS & MABC updates, effectiveness,
compliance reporting, accounting consultation and related activities and areas of concerns; as well as on the
agreed-upon procedures. The Committee concluded that status of ongoing/completed investigations related to
the auditors had remained independent during the year. bribery & corruptions.
• At its quarterly meetings, the Committee deliberated on • Since the establishment of MICF, the Committee
the results and issues arising from the external auditors’ monitored IGU’s progress in related programmes such
review of the 2023 quarterly financial results, Q4 2022 as Integrity Pledges (100%); completion of MABC related
financial results and audit of the 2022 year-end financial training for directors (100%); MABC e-learning module
statements as well as the resolution of issues highlighted for employees (100%); completion of integrity and
in their report to the Committee. The Committee also compliance training for employees and third parties and
deliberated on key audit matters highlighted by the online due diligence compliance screening to assess
auditors, the Internal Control Recommendations (ICRs) bribery and corruption related risks.
raised by them, and monitored their closure status.
• The Committee had also deliberated and endorsed the
• The Committee reviewed the external auditors’ 2023 following with respect to anti-bribery corruption and
Audit Plan outlining their strategy, approach and anti-money laundering and counter financing of terrorism
proposed fees for the current financial year’s statutory (AML/CFT) initiatives driven and led by IGU:
audit. The Committee noted the proposed plan and
approved it for the current financial year. i. Maxis Anti-Bribery & Corruption related policies and
procedures
• The Committee reviewed the annual assessment ii. ISO37001:2016 Anti-Bribery System certification and
conducted on the effectiveness of the external auditors. ABMS training sessions
The assessment covered seven categories, namely the iii. Bribery and Corruption risk assessment and review
audit firm’s calibre, quality process, audit team, scope, iv. Integrity and Compliance Trainings
communication, governance, independence, and audit v. Maxis Code of Business Practise for Third Parties
fees. In addition, the Committee carried out an exercise (MCOBP) enhancement
and sent out a Request for Proposals to the “Big Four vi. Brown Bag Sessions
firms”. On evaluation of the results of the exercise, vii. Full implementation of due diligence screening
PricewaterhouseCoopers were recommended by the via solution provider as part of Third-Party Risk
Committee to be retained as external auditors. Management
viii. Full implementation of Integrity Vetting System
Integrity and Governance Unit (eSTK) screening by the Malaysian Anti-Corruption
• The Committee provided oversight over the IGU Commission on the Chairman, Directors, Chief
function. IGU is in charge with the role to ensure the Executive officers, Senior Management Officers
implementation and compliance of Adequate Procedures and officers designated for critical and strategic
pursuant to the Section 17A(5) of the Malaysian Anti- positions, including third parties were vetted prior
Corruption Commission Act 2009 (MACC Act). This entering formalised relationship with Maxis.
role, inter alia, is to foster a culture of zero tolerance to
corruption, abuse of power and ethical misbehaviours. Long Term Incentive Plan (LTIP)
• The internal audit on LTIP grants for the financial year
• The Committee reviewed and deliberated reports and was performed in September 2023. In ensuring that the
updates from the Head of IGU at every quarter of the allocation for employees was as per approved criteria,
ARC Meeting on the continuous implementation and disclosed pursuant to LTIP, the Committee deliberated
enforcement of ethics & integrity compliance governed the review results presented by Internal Assurance
by the ISO37001:2016 Anti-Bribery Management System during its November meeting.
(ABMS) and Maxis Integrity Compliance Framework
(MICF).
90
PROCEEDINGS OF THE ARC MEETINGS The full headcount for Internal Assurance Division is 24 and
is further supported by two rotational employees from the
The Group’s internal and external auditors and certain Assurance Leadership Development Talent Programme,
members of Senior Management attended the Committee each assigned for a one-year term.
meetings by invitation.
The division is headed by Shafik Azlee Mashar, who has
The Committee also held a total of 3 separate private many years of experience in managing internal audit
sessions with the internal and external auditors without functions within telecommunications, FMCG and banking
the presence of Management. Both the internal and organisations. Shafik holds a Bachelor’s degree in
external auditors have unfettered access to members of Information Systems Engineering from Imperial College
the Committee, including the Chairman, any time during the of Science Technology & Medicine, London and is a
year. Certified Information Systems Auditor (CISA), Certified
PRINCE2 Project Management Professional, Certified
Deliberations during the Committee meetings were minuted. ScrumMaster (CSM) for Agile and Certified Lead Auditor for
The Chairman of the Committee reported the proceedings ISO37001:2016 Anti Bribery.
of the Committee to the Board after every Committee
meeting. Minutes of the meetings were circulated to all The Head of the Internal Assurance Division reports directly
members of the Board and significant issues were brought to the Chairman of the Committee, and is responsible
up and discussed at Board meetings. for enhancing the quality assurance and improvement
programme of the internal audit function. Its effectiveness is
Given the complexity of the business and the responsibility monitored through continuous internal and external quality
of the Committee, the Committee is aware that it cannot assessments and the results are communicated to the
discharge its role by the process of only formal meetings. In Committee.
this respect, the Committee does seek information and have
discussions with Management, extra Committee meetings, The total costs incurred for the internal audit function for
to understand business issues as and when they arise. the financial year ended 31 December 2023 amounted to
RM7.7 million (2022: RM7.5 million).
TRAINING
The internal audit function fully abides by the provisions of
Trainings attended by the Committee members during the its charter. The Internal Assurance Charter is reviewed and
financial year is reported under the Corporate Governance approved by the Committee annually. The internal audit
Overview on page 78. function’s activities conform to the International Standards
for the Professional Practices of Internal Auditing set forth
INTERNAL ASSURANCE DIVISION by the IIA.
The Group has an in-house independent internal audit The Audit and Risk Committee has regular dialogues and
function (internally referred to as the Internal Assurance sessions with the Head of Internal Assurance and team
Division) that reports directly to the Committee. Its primary throughout the year.
responsibility is to provide independent and objective
assessment of the adequacy and effectiveness of the risk
management, internal control and governance processes
established by Management and/or the Board within the
Group.
91
EMBEDDING TRUST
STATEMENT ON RISK MANAGEMENT

AND INTERNAL CONTROL
BOARD RESPONSIBILITY MAXIS’ ENTERPRISE RISK MANAGEMENT FRAMEWORK
The Board affirms its overall responsibility for the adequacy There is an ERM function that oversees implementation of
and effectiveness of the Group’s system of internal control the ERM Framework. A process has been established where
and risk management. The Group has an established risk ERM discussions are held on a regular basis between units
management and internal control framework. within divisions/departments/sections to identify potential
risks. In addition, the ERM team participates in strategic and
operational discussions regularly. The ERM function also
Management has primary responsibility for identifying,
focuses on risk areas related to project management risks
assessing, addressing, monitoring and reporting key and fraud management risks (prevention and detection).
business risks. Risk management and internal control
systems are designed to identify, assess and manage risks Changes to risk information and newly identified risks are
that may impede the achievement of the Group’s business then reported, reviewed and discussed with the Maxis
objectives and strategies rather than to eliminate these risks Management Team (MMT) and with the Audit and Risk
entirely. They can only provide reasonable and not absolute Committee on a quarterly basis.
assurance against fraud, material misstatement or loss,
and this is achieved through a combination of preventive, All identified risks are displayed on a five-by-five risk
detective and corrective measures. matrix based on their risk ranking to assist Management
to prioritise their efforts and appropriately manage the
different levels of risk.
The risk management and internal control framework are
embedded into the culture, processes and structures of the The Board implemented a process where the risk management
Group which are subject to regular review by the Board. function assists the Transformation Committee in its evaluation
These reviews are an ongoing process for identifying, of projects risks.
evaluating and managing significant risks that may affect
the Group’s achievement of its business objectives and Risk Management e-module and risk information dashboard
strategies. are continuously being utilised by the ERM team in promoting
risk awareness and facilitating risk management activities.
The Group’s risk management and internal control During the year, a Bribery and Corruption Risk Framework
framework, in all material aspects, are consistent with the & Cybersecurity Risk Assessment via ServiceNow was
implemented.
guidance provided to Directors as set out in the “Statement
on Risk Management and Internal Control: Guidelines for
CONTROL ENVIRONMENT AND STRUCTURE
Directors of Listed Issuers”.
Inculcating and ensuring a risk awareness and management
RISK MANAGEMENT culture is an ongoing process. The Board and Management
have established processes and introduced tools for
Risk management is an integral part of the Group’s business identifying, evaluating and managing significant risks faced
strategy formulation and implementation. Oversight over this by the Group. These include testing of the effectiveness and
critical area is carried out by the Audit and Risk Committee. efficiency of the internal control procedures and updating
The Audit and Risk Committee, supported by the internal the system of internal controls when there are changes to
audit function, provides independent assurance on the the business environment or regulatory guidelines. These
processes have been in place for the financial year ended
effectiveness of the Maxis Enterprise Risk Management (ERM)
31 December 2023 and up to the date of approval of this
framework and reports to the Board periodically.
Statement on Risk Management and Internal Control for
inclusion in the Integrated Annual Report.
The Maxis ERM framework is broadly based on the ERM
framework of the Committee of Sponsoring Organisations The key elements of the Group’s control environment include:
of the Treadway Commission (COSO). The Maxis’ ERM
framework involves identifying, analysing, measuring, 1. Organisation Structure
responding, monitoring and reporting on risks that may affect The business of the Group is overseen by the Board.
the achievement of its business objectives. Risk indicators The Board is supported by a number of established
and key performance indicators are applied to ensure that committees, namely Audit and Risk, Nomination
risks are managed within the established risk appetite. and Remuneration, Transformation, Government
and Regulatory Affairs, Share Issuance and ad-hoc
This framework helps the Group to respond adequately to
operational and governance committees that are
uncertainties surrounding the Group’s internal and external
formed from time to time. Each Committee has clearly
environment. The ERM function reports to the Board on a defined terms of reference and responsibilities reports
quarterly basis through the ARC. For major risks to which the to the Board on its activities to keep the Board updated
Group is exposed, refer to the Business Model section on and to assist in decision-making where relevant.
pages 25 to 28.
Please refer to the Corporate Governance Overview for further
details
92
The Board and Board Committees have full access to Management and information in the discharge of their duties and
responsibilities.
Responsibility for implementing the Group’s strategies, operations, and day-to-day businesses, including implementing
the system of risk management and internal control, is delegated to the Chief Executive Officer (CEO). The organisation
structure sets out segregation of roles and responsibilities, lines of accountability and limits of authority.
2. Code of Conduct and Code of Business

The Group’s Code of Conduct (CoC) and Code of Business Practice (CoBP) stipulate how Directors and employees as
well as external parties such as third-party employees, contractors, consultants and/or personnel positioned in Group’
premises and acting on Group’ behalf, including all parties or entities doing business with the Group, should conduct
themselves lawfully and ethically in all business matters.
All Directors, employees and third-party employees are required to complete the Annual Mandatory CoC and CoBP
Assessment and Acknowledgement. All Assessments and Acknowledgements are rolled out annually in January for
existing employees including third party contractors (TPCs). All assigned assessments are to be completed by 28
calendar days of the assigned date.
The CoBP, encompasses compliance and governance of its embedded policies surrounding business practices such as
the Maxis Anti-Bribery and Corruption (MABC), data privacy and protection, insider trading etc. It also entails the Group’s
corporate responsibility in order to contribute to the realisation of human rights and labour standards in accordance with
the Malaysian laws and labour practices, by committing to workplace diversity and respecting differences.
Annual mandatory training and assessments are carried out together with regular company-wide campaigns, reminders
and communications by the respective Policy Owners. Compliance Champions for the respective Divisions assist to
expand the compliance footprint in relations to two integral policies in the Group, i.e. MABC and Personal Data Privacy &
Protection.
In ensuring proper governance are in place for managing risk and controls, the Group practices three lines of defence
(3-LoD) approach highlighted as per below:
Board of Directors/Audit and Risk Management
Risk Management Team

External Audit
1st Line Defence 2nd Line Defence 3rd Line Defence

Regulator
Financial Control
Enterprise Risk Management

Internal
Management Revenue Assurance
Operation
Operation
Control
Controls Compliance Internal Assurance
Measures
Cyber Security
Data Privacy Office
Business Continuity Management
• First line of defence (Functions that own & manage risks and its relevant controls): The line management responsible
for identifying & managing risks directly (design/ operation of controls).
• Second line of defence (Functions that exercise oversight over risk and its controls): Risk and assurance functions
responsible for on-going monitoring of design and operation of controls in the first line of defence and providing
advice and facilitating risk management and control design activities.
• Third line of defence (Functions that provide independent assurance): ARC is assisted by Internal Audit responsible
for independent assurance over managing of risks and its controls.
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EMBEDDING TRUST

3. Audit and Risk Committee (ARC) 4. Internal Assurance
The ARC consists of five non-executive members The internal audit function (internally known as the
of the Board, majority of whom are Independent Internal Assurance Division) reviews key processes,
Directors. The ARC reviews the Group’s financial evaluates the adequacy and effectiveness of internal
reporting process, the system of internal controls, the control, risk management and governance processes
implementation and management of ERM framework established by Management and/or the Board. It is also
and the work of both internal and external auditors. responsible to investigate all questionable transactions
The ARC also reviews the process for monitoring or MABC non-compliance when information is received
ethics, whistleblowing and compliance with laws and and detected internally or externally.
regulations, as well as other matters which may be
specifically delegated to the ARC by the Board from The Internal Assurance division’s practices are
time to time. The ARC, as a minimum, meets quarterly. governed by the Internal Assurance Charter, which
is subject to revision on an annual basis. The annual
The Whistleblowing policy is managed by the Internal audit plan, established on a risk-based approach, is
Assurance team, and all reported incidences are reviewed and approved by the ARC annually and an
communicated to the ARC Chairman upon receipt. All update is given to the ARC every quarter. The internal
allegations are investigated and reported to the ARC. audit function also practices technology-driven
automated checks over a number of selected internal
The ARC also reviews the sufficiency of the MABC control areas.
system and ISO 37001:2016 Anti-Bribery Management
System (ABMS). The Compliance Officer as Head The ARC oversees the internal audit function, its
of Integrity and Governance Unit (IGU) updates the independence, resources, scope of work, and results
ARC on the implementation of the Maxis Integrity of work. The internal audit function also maintains
Compliance Framework (MICF) and the overall quality assurance and improvement programme
effectiveness of the MABC system. The Compliance and continuously monitors its overall effectiveness
Officer also advises the Board on issues of compliance through internal self-assessments and external quality
with applicable laws, regulations, rules, directives and assurance review.
guidelines. The ARC also reviews the independence
and determines the authority and area of responsibility The internal audit function follows the requirements of
of the IGU. International Standards for the Professional Practices
of Internal Auditing of the Institute of Internal Auditors
ARC members are regularly briefed on key matters Inc. Compliance with these Standards is assessed
affecting the financial statements of the Group. through an audit conducted once every five years by
an independent external party. The most recent audit
The external auditors reports to the ARC on their was completed in 2023.
independence the nature, approach, scope and fees
charged. The ARC also reviews the effectiveness of Further details of the function and its activities are set
the internal audit function, which include inter alia, the out in the ARC Report on pages 87 to 91.
nature, scope and results of their work.
5. Integrity and Compliance, Anti-Bribery and Corruption
During 2023, the efficiency and effectiveness of fraud The Group’s IGU is an independent unit that reports to
management, including whistleblowing are being given the Board of the Group via the ARC. IGU is responsible
as an added review focus by the ARC. for the implementation, monitoring, strengthening and
evaluation of anti-corruption controls within the Group
The ARC has full and unimpeded access to the internal through MICF (which is inclusive of the MABC System)
and external auditors and all employees of the Group. and the Anti-Money Laundering/Countering Financial
The Chairman of the ARC provides the Board with Terrorism (AML/CFT) framework.
reports and results held by the ARC. Further details of
the activities undertaken by the ARC are set out in the The MICF, developed on the principles outlined in
ARC Report on pages 87 to 91. the Guidelines of Adequate Procedures pursuant to
section 17A(5) of the Malaysian Anti-Corruption Act
2009 that promotes integrity and compliance within
our organisation while providing a robust shield
against corporate liability.
94
IGU is headed by the Compliance Officer who is 6. Revenue Assurance

responsible for the continuous implementation, The Revenue Assurance function is responsible for
compliance, enhancement, enforcement and the detection of revenue leakage by reconciliations
effectiveness of the MABC System and shall ensure of chargeable transactions from network and IT
the implementation of Adequate Procedures pursuant systems to the billing systems, and independent rating
to the Section 17A(5) of the Malaysian Anti-Corruption of key services via automated tools. Processes and
Commission Act 2009 (MACC Act). The Compliance controls within the revenue cycle are also reviewed
Officer, which reports functionally to the ARC, provides regularly. The Revenue Assurance department meets
periodic reports to the ARC. key stakeholders on an ongoing basis to address key
revenue assurance issues and drive revenue assurance
initiatives across the Group. Key issues and mitigation
The Group through implementation of reasonable
actions are reported to Management and the ARC on a
and proportionate measures and effective controls
monthly and half-yearly basis, respectively.
that have been developed in accordance with the
ISO requirements to prevent, detect and respond to
7. Fraud Management – Subscriber (FM-Subs)
bribery and corruption. The Group’s leaders have The FM-Subs function complements the Revenue
consistently set the tone at the top for its commitment Assurance function. The FM-Subs function monitors
to conducting business professionally, ethically and daily subscriber calls/events on a near real time basis
with the highest standards of integrity and zero including both mobile and fixed services. Immediate
tolerance to bribery and corruption. The MABC system action is taken to manage suspected fraudulent calls/
is in accordance with the requirement of the events by monitoring call patterns on a 24/7 basis
ISO 37001:2016 Anti-Bribery & Management System throughout the year in addition to other manual
(ABMS). reporting investigations. FM-Subs also reviews
customer journey and key new services and products
The Group has a zero-tolerance policy against bribery for possible fraud risk and recommends counter-
and corruption. The Group has implemented the MABC measures. Instances of fraud, along with the remedial
system which sets out the expected behaviour and actions taken are reported to Management on a
ethical conduct of all Directors, employees and third monthly basis and presented half-yearly to the ARC.
parties who represent or act for or on behalf of the
Group. The MABC system, amongst others, explicitly 8. Business Continuity Management (BCM)
prohibits the giving and acceptance of bribes by the BCM is integral to the Group’s resilience strategy,
Group’s employees, money laundering, sponsorship and aimed at reinforcing our operations against potential
donations activities including the giving and receiving of disruptions. This entails the identification and
facilitation payments in all its business dealings. prioritisation of critical operations crucial for business
continuity during adverse events. BCM focus on
systems and processes, in addressing potential
A series of training programmes, including mandatory
single points of failure. Rigorous testing conducted
MABC online learning for current employees,
in evaluating the effectiveness of BCM strategies and
onboarding programme for new employees and
continuous improvement. In fostering BCM culture, the
Vendor Integrity Programmes (VIP) for third parties
Group ensures that all employees are well-prepared
(including suppliers, vendors, dealers, partners, and acquainted with BCM culture and protocols
distributors, SI etc.) are conducted regularly by IGU to through training sessions and awareness programmes.
ensure that all employees, including the Board, Top
Management and third parties are committed and 9. Cybersecurity, Data Protection and Data Privacy
uphold the same integrity spirit and culture. The Group maintains compliance to all mandatory
cybersecurity standards required by MCMC such as
The Group was successfully awarded with the ABMS compliance to the ISO 27001 (Information Security
certification on 7th November 2022. Management System), Personal Data Protection Act
2010 (PDPA) and applicable standards released by the
Also, during the year, the Group introduced a new Malaysian Technical Standards Forum Bhd (MTSFB).
updated Whistleblowing channel, and was communicated
to all employees, including the Board, Top Management Cybersecurity Management (CSM), IT, Enterprise and
and third parties. Network Divisions implements both cybersecurity and
data protection controls for applications, systems,
Corruption is a perennial risk and the Board strives and networks, services, and internet of things (IoT).
will continue to look for improvements in its prevention Immediate actions are taken if there are potential
and detection. threats and exploitable security vulnerabilities
identified.
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EMBEDDING TRUST

The rapid pace of technology change continues to The organisation’s cybersecurity team focused
expand our threat landscape, especially in areas on proactive cyber defense to get ahead of
of cloud computing, artificial intelligence, machine emerging threats. Threat hunting exercises were
learning, 5G, IoT and beyond. These innovations continually done to probe for hidden risks and
introduce new vectors for cyberattacks that can leave vulnerabilities. Public facing systems undergo
systems and data vulnerable. frequent vulnerability scanning and annual
penetration testing to harden defenses. Breach
We remain vigilant against advanced, evolving and attack simulation tools are executed to mimic
methods that threat actors could potentially use to gain the latest advanced persistent threat techniques
unauthorised access within our environments. Some to test tooling. Regular reviews of identity and
common critical threats we continually monitor for and access controls and entitlements ensure proper
mitigate include data breaches, malware infections, permissions and data access. Cyber threat
denial-of-service attacks, and abuse of privileged intelligence efforts also monitor the dark web and
credentials. industry sources for early warnings on potential
threats to take preventative actions before the
We have focused on evaluating and strengthening organisation is targeted.
security and data protection controls in parallel with
adopting new technologies to address emerging risks. To further improve preventative cybersecurity
controls, secure development practices for
9.1 Cybersecurity and Data Protection Application Programming Interface (APIs) were
The CSM's functions in the Group oversees developed. Endpoint detection and response
cybersecurity and data protection. The function capabilities were expanded to analyse all hosts
monitors and mitigates both internal and external for indicators of compromise. Cloud infrastructure
and code repositories now have security testing
cybersecurity threats, operates cybersecurity
and policy compliance checks baked into the
and data protection tools, maintain compliance
continuous delivery pipeline. Other layered
with regulatory and industry security standards,
controls around access management also create
develop policies and technical specifications,
barriers to prevent access abuse. Tuning and
provide awareness and capacity building. The
maintenance of core security tools takes place
team works closely with other divisions and
regularly to ensure adequate security protection
provides regular reports to management and the
and coverage. Additionally, controls dashboards
ARC.
were implemented to increase visibility into risk
and compliance postures across business units.
During the financial year, the organisation’s
cybersecurity team conducted a review of data
Significant effort went toward improving detective
protection controls and policies for employee
controls and response capabilities including
mobile devices and corporate devices. Working
adding new use cases to the 24/7 security
closely with key business units, the security team operations center. Alert triage procedures were
evaluated existing data leak prevention rules to refined to minimise false positives and ensure
align with evolving data environments and risk higher fidelity detection of potential incidents for
priorities. To bolster data protection capabilities, investigation. Updated response playbooks now
the security team implemented expanded integrate automation to accelerate containment
Information Rights Management functionalities upon threats identified by expanded monitoring.
and Data Leakage Prevention tools with new Finally, collaborative purple team exercises bring
detections tailored to detect data loss risks across defenders and ethical hackers together to surface
on-premises and cloud-based data. Finally, taking security gaps through simulated real-world attacks
a user-centric approach to security, the team on the digital environment.
consolidated and simplified data labeling practices
to include only the most essential categories. 9.2 Data Privacy
With easier to adopt labeling, employees can The Group is committed to protecting the privacy
consistently classify and protect sensitive and security of its subscribers’, employees’,
information throughout the organisation. The directors,’ third parties’ and other stakeholders’
overall data protection programme enhancements personal data. We recognise that personal data is
this year focused on strengthening technical valuable and that individuals have a right to control
controls, enhancing user experiences, and how their personal data is collected, used, and
improving data security on the human side. shared. To this end, we have entrusted the Data
Privacy Office (DPO) to run the Data Privacy and
Protection Programme.
96
Our Data Privacy Practices privacy laws and our internal SOPP. This year,
We have implemented a comprehensive Data we successfully conducted 3 Privacy Impact
Privacy and Protection Programme to ensure that Maturity Assessments across all the Group
we comply with the Personal Data Protection operating entities to identify and assess the
Act 2010 and Personal Data Protection Code of Group’s current privacy maturity level, and to
Practice for the Communications Sector 2017. Our develop a plan to improve its privacy practices
Data Privacy and Protection Programme includes considering the upcoming amendments to the
the following: Personal Data Protection Act 2010.
• Data Privacy risk assessment: We regularly
• Data Privacy and Protection Policy, Data conduct data privacy risk assessments to
Subjects Request Procedure and Data Privacy identify and mitigate potential risks to personal
Incident and Management Procedure: We have data.
developed and implemented comprehensive
Data Privacy and Protection standard The Group will continue to invest in our data
operating policy and procedures (SOPP) that privacy programme to ensure that we are
cover all aspects of the Group’s operations compliant with all applicable data privacy laws and
which process personal data. These SOPP will regulations.
be updated when data privacy laws and/or
organisational changes in the Group affect the 10. Regulatory
relevant entity or division processing personal The Regulatory function ensures compliance with the
data. Communications and Multimedia Act 1998 (CMA) and
• Personal Data Privacy compliance training: its applicable rules and regulations which govern the
As part of the Group’s Digitisation initiative, Group’s core business in the communications and
we have rolled out Personal Data Privacy multimedia sector in Malaysia. As a licensee under the
compliance training via Maxis Academy CMA, the Group adheres to its licensing conditions,
in September 2022 to ensure that all the as well as economic, technical, social and consumer
Group’s staffs are aware of their obligations protection regulations embedded in the CMA and its
when processing personal data in their daily subsidiary legislation. The Group actively participates
operations. We also provide custom Personal in new regulatory and industry development
Data Privacy training to the Group’s exclusive consultations initiated by MCMC.
distributors, dealers, Hotlink Foot Soldiers
(HFS) and Hotlink Independent Agents (HIAs). The Regulatory function also frequently engages
• Data Privacy Incident and Breach Investigation MCMC and the Ministry of Communications and Digital
Response Team: The DPO will be part of on industry issues.
the Response Team when investigating and
assessing any complaints of any data privacy 11. Legal
incidents. We also have a privacy hotline email The Legal function plays a key role in ensuring that the
for any staff to lodge a complaint or report any interests of the Group are preserved and safeguarded
data privacy incident and breach for the DPO from a legal perspective. It ensures that the Group’s
to investigate. operations, policies and procedures and transactions
• New Data Privacy Laws Monitoring and Gap with third parties comply with all relevant laws, and
Analysis: The DPO monitors new data privacy that legal risks to the business are addressed. The
laws and regulations in Malaysia and conducts Board is also briefed through reports to the ARC on
gap analysis to identify any areas of non- material litigation and any changes in law that would
compliance. As the Telco Forum representative, affect the Group’s operations.
the Group was invited to participate in
the cross-industries engagement session 12. Company Secretary
conducted by the Ministry of Communications Please refer to page 77 of the Corporate Governance
and Digital together with the Personal Data Overview Statement on Company Secretary in this
Protection Commission on the Commission’s Integrated Annual Report.
proposed amendments to the Personal Data
Protection Act 2010. As part of our corporate 13. Limits of Authority
responsibility, we then updated the Telco The Limits of Authority (LOA) manual sets out the
Forum on the proposed amendments so that authorisation limits for various levels of the Group’s
they could be prepared for the upcoming Management and staff as well as matters requiring
amendments too. Board approval. The LOA manual is reviewed and
• Compliance Monitoring: DPO conducts regular updated periodically to align with business, operational
compliance monitoring to ensure that the and structural changes.
Group is complying with all applicable data
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EMBEDDING TRUST

14. Policies and Procedures 5. The Group’s Integrity Awareness and Compliance
Policies, procedures, guidelines and service level Committee, comprising the Compliance Officer and
agreements are located on the Group’s intranet site. representatives from Legal and P&O meets on a
These include those relating to finance, contract periodic basis to co-ordinate and monitor programmes
management, marketing, procurement, human planned and developed under the MICF and ensures
resources, information systems, network operations, that they are implemented. On a quarterly basis or as
legal, system and information security controls. and when requested, the Compliance Officer reports
on the activities, deliverables and implementation of
15. Financial and Operational Information MICF to the ARC.
Budgets are prepared by Management and presented
to the Board for approval before the commencement 6. Cybersecurity and data protection within the Group is
of a new financial year. The Group’s performance governed by relevant members of MMT who meet on
is tracked and measured against the budget, and a monthly basis to direct, review, approve and monitor
reported monthly. On a quarterly basis, actual results corporate cybersecurity and data protection policies
and a rolling forecast are reviewed by the Board or standards, incidents and projects undertaken by
to enable the Directors to evaluate the Group’s the Group. CSM reports every two months to the CEO
performance. and quarterly to the ARC on the Group’s cybersecurity
and data protection status. Cybersecurity controls
A three-year Long Range Plan (LRP) is prepared are assessed by independent third parties as well as
and updated on an annual basis to identify financial both the external and internal auditors as part of their
challenges and opportunities in the near future. The LRP various planned reviews.
aims to stimulate long-term and strategic thinking among
the operating units and thereby devising strategies 7. ERM department reports to the Board on a quarterly
to deliver long term financial sustainability. The LRP is basis through the ARC on the risk profile of the Group
presented to the Board for approval on an annual basis. and the progress of action plans to manage and
respond to the risks.
MONITORING AND REVIEW
8. The legal function identifies, advises and ensures
Processes that monitor and review the effectiveness of the compliance with laws and regulations. It also reviews
system of risk management and internal controls include: and advises the business on risks in relation to the
Group’s transactions.
1. Management representations made to the Board by
the CEO and Chief Financial Officer (CFO), based on CONCLUSION
representations made to them by Management on
the adequacy and effectiveness of the Group’s risk For the financial year under review and up to the date of
management and internal control system. Any material issuance of the financial statements, the Board is satisfied
exceptions identified are highlighted to the Board. with the adequacy and effectiveness of the Group’s
system of risk management and internal control. No
2. Internal Assurance independently reports to the ARC. material losses, contingencies or uncertainties have arisen
It highlights to the ARC and the MMT significant issues from any inadequacy or failure of the Group’s system of
and exceptions identified during the course of their internal control that would require separate disclosure
work. Together with IGU, the function also reports in the Integrated Annual Report. The CEO and CFO have
to the ARC on a quarterly basis on any bribery and provided assurance to the Board that the Group’s risk
corruption related incidents, as well as MABC non- management and internal control system, in all material
compliances. aspects, is operating adequately and effectively.
3. The Fraud Working Group (FWG) comprises REVIEW OF THE STATEMENT BY EXTERNAL AUDITORS
representatives from business units, Revenue
Assurance and SFM, Legal, People and Organisation As required by Paragraph 15.23 of the Bursa Malaysia
(P&O) and Internal Assurance departments. FWG Securities Berhad Main Market Listing Requirement, the
establishes and monitors fraud related policies and external auditors have reviewed this Statement on Risk
regularly reviews and agrees on actions to be taken on Management and Internal Control. Their limited assurance
identified instances of fraud. review was performed in accordance with Audit and
Assurance Practice Guide 3 (AAPG 3): Guidance for Auditors
4. The Defalcation Committee deals with matters on Engagements to Report on the Statement on Risk
pertaining to fraud and unethical practices including Management and Internal Control included in the Integrated
bribery and corruption related incidents and Annual Report, issued by the Malaysian Institute of
MABC non-compliance. There’s a separate Special Accountants. AAPG 3 does not require the external auditors
Defalcation Committee, deals with similar matter where to form an opinion on the adequacy and effectiveness of the
senior management is involved. risk management and internal control systems of the Group.
98
DIRECTORS’ RESPONSIBILITY STATEMENT
The Directors are required by the Companies Act 2016 to prepare financial statements for each financial year which have
been made out in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards and
the requirements of the Companies Act 2016 so as to give a true and fair view of the financial position of the Group and of
the Company as of 31 December 2023 and of their financial performance and cash flows for the financial year then ended.
In preparing the financial statements, the Directors have:
• Selected and applied the appropriate and relevant accounting policies on a consistent basis;
• Made judgments and accounting estimates that are reasonable in the circumstances; and
• Prepared the annual audited financial statements on a going concern basis.
The Directors are responsible to ensure that the Group and the Company keep accounting records which disclose with
reasonable accuracy the financial position of the Group and the Company.
The Directors also have the overall responsibilities to take such steps to safeguard the assets of the Group and for the
establishment, designation, implementation and maintenance of appropriate accounting and internal control systems for
the prevention and detection of fraud and other irregularities relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error.
Incorporated on pages 100 to 215 of this Integrated Annual Report are the financial statements of the Group and the Company
for the financial year ended 31 December 2023.
99
FINANCIAL STATEMENTS
DIRECTORS’ REPORT
The Directors hereby submit their Report to the members together with the audited financial statements of the Group and of
the Company for the financial year ended 31 December 2023.
PRINCIPAL ACTIVITIES
The principal activity of the Company is investment holding, whilst the principal activities of the Group, comprising the Company
and its subsidiaries, are to offer a full suite of converged telecommunications, digital and related services and solutions, and
corporate support and services functions for the Group. Details of the principal activities of the subsidiaries are shown in Note
18(a) to the financial statements.
There have been no significant changes in the nature of the principal activities of the Group and the Company during the
financial year.
FINANCIAL RESULTS
Group Company
RM’million RM’million
Profit for the financial year attributable to:

- equity holders of the Company 993 1,322
- non-controlling interests (1) -
992 1,322
DIVIDENDS
The single-tier tax-exempt dividends paid by the Company since the end of the previous financial year were as follows:
RM’million
In respect of the financial year ended 31 December 2022:

Fourth interim dividend of 5.0 sen per ordinary share, paid on 30 March 2023 392
In respect of the financial year ended 31 December 2023:

First interim dividend of 4.0 sen per ordinary share, paid on 28 June 2023 313
Second interim dividend of 4.0 sen per ordinary share, paid on 29 September 2023 313
Third interim dividend of 4.0 sen per ordinary share, paid on 21 December 2023 313
1,331
Subsequent to the financial year, on 22 February 2024, the Directors declared a fourth interim single-tier tax-exempt dividend
of 4.0 sen per ordinary share in respect of the financial year ended 31 December 2023 which will be paid on 21 March 2024.
The financial statements for the financial year ended 31 December 2023 do not reflect these dividends. Upon declaration,
the cash dividend payment will be accounted for in equity as an appropriation of retained earnings during the financial year
ending 31 December 2024.
The Directors do not recommend the payment of any final dividend in respect of the financial year ended 31 December 2023.
100
FINANCIAL STATEMENTS INTEGRATED ANNUAL REPORT 2023
RESERVES AND PROVISIONS
All material transfers to or from reserves and provisions during the financial year have been disclosed in the financial statements.
SHARE CAPITAL
During the financial year, the issued share capital of the Company was increased from 7,830,148,710 ordinary shares to 7,832,077,110
ordinary shares by the issuance of 1,928,400 new ordinary shares under the Company’s Long Term Incentive Plan (“LTIP”).
These new ordinary shares issued during the financial year ranked pari passu in all respects with the existing ordinary shares of
the Company.
LONG TERM INCENTIVE PLAN (“LTIP”)
The Company established two Long Term Incentive Plans in 2015 (“2015 Scheme”) and 2023 (“2023 Scheme”) (collectively known
as “LTIP”). The 2015 Scheme and 2023 Scheme are governed by the By-Laws which were approved by the shareholders on 28
April 2015 and 18 May 2023 respectively and is administered by the Nomination and Remuneration Committee which is appointed
by the Board of Directors of the Company, in accordance with the By-Laws. The Nomination and Remuneration Committee may
from time to time, offer LTIP to eligible employees (including executive director) of the Group and includes any person who is
proposed to be employed as an employee (including executive director) of the Group.
The maximum number of new shares which may be made available under the LTIP and/or allotted and issued upon vesting of the
new shares under the LTIP shall not, when aggregated with the total number of new shares allotted and issued under Employee
Share Option Scheme (“ESOS”), exceed 250,000,000 shares at any point of time during the duration of the LTIP. The ESOS had
expired in 2019. The LTIP comprises a Performance Share Grant (“PS Grant”) and a Restricted Share Grant (“RS Grant”) which shall
be in force for a period of 10 years. The 2015 Scheme commenced from 31 July 2015, while the 2023 Scheme commenced from 3
July 2023, the effective dates of the implementation of the LTIP.
Details of the LTIP are disclosed in Note 31(a) to the financial statements.
During the financial year, 11,146,700 PS Grant under the LTIP were granted to the eligible employees of the Group. Subject to the
terms and conditions of the By-Laws governing the LTIP, the employees shall be entitled to receive new ordinary shares in the
Company, to be allotted and issued pursuant to the LTIP (“new shares”), upon meeting the vesting conditions as set out in the letter
of offer for the new shares. The vesting conditions comprise, amongst others, the performance targets and/or conditions for the
period commencing from 1 January 2023 and ending on 31 December 2025, as stipulated by the Nomination and Remuneration
Committee. The vesting date is on 30 June 2026, subject to meeting such performance targets.
The movement of the PS Grant under the LTIP is as follows:

Quantity
’million
Total outstanding as at 1 January 2023 30

Total granted 11
Total vested (2)
Total forfeited (7)
Total outstanding as at 31 December 2023 32
The Directors have not been granted any shares since LTIP implementation.
101
DIRECTORS’ REPORT
DIRECTORS
The Directors in office since the beginning of the financial year to the date of the Report are:
Non-Executive Directors
Tan Sri Mokhzani bin Mahathir

Alvin Michael Hew Thai Kheam
Lim Ghee Keong
Dato’ Hamidah binti Naziadin
Mohammed Abdullah K. Alharbi
Mazen Ahmed M. AlJubeir
Abdulaziz Abdullah M. Alghamdi
Uthaya Kumar A/L K Vivekananda
Ooi Huey Tyng
Ong Chu Jin Adrian (Appointed on 8 August 2023)
Raja Tan Sri Dato’ Seri Arshad bin Raja Tun Uda (Resigned on 18 May 2023)
LIST OF DIRECTORS OF SUBSIDIARIES
Pursuant to Section 253 of the Companies Act 2016, the list of Directors of the subsidiaries (excluding Directors who are also
Directors of the Company) in office since the beginning of the financial year to the date of the Report is as follows:
Goh Seow Eng

Wong Chui Fen
Loh Keh Jiat
Chew Choo Soon
Joachim Karel F.Vandaele
Tan Toi Ngee
Eer Kai Song
Su Puay Leng
Barry Ooi Eu Hock
Prateek Nikhil Pashine (Appointed on 8 August 2023)
Claire Margaret Featherstone (Resigned as Director on 8 August 2023 and appointed as
(Alternate Director to Prateek Nikhil Pashine) Alternate Director to Prateek Nikhil Pashine on 8 August 2023)
Susan Yuen Su Min (Resigned on 31 July 2023)
Ong Soo Chan (Resigned on 31 July 2023)
Siow Shy Teng (Resigned on 27 September 2023)
DIRECTORS’ BENEFITS
During and at the end of the financial year, no arrangements subsisted to which the Company or any of its subsidiaries are a
party, being arrangements with the object or objects of enabling Directors of the Company to acquire benefits by means of
the acquisition of shares in, or debentures of, the Company or any other body corporate.
102
DIRECTORS’ BENEFITS (CONTINUED)
Since the end of the previous financial year, no Director of the Company has received or become entitled to receive a benefit
(other than benefits included in the aggregate amount of emoluments received or due and receivable by the Directors as
shown below) by reason of a contract made by the Company or a related corporation with the Director or with a firm of which
he/she is a member, or with a company in which he/she has a substantial financial interest.
The Directors’ benefits are as follows:
2023
Group Company
Fees 4 4
Estimated monetary value of benefits-in-kind * *
4 4
* Less than RM1 million
DIRECTORS’ INTERESTS
According to the Register of Directors’ Shareholdings required to be kept under Section 59 of the Companies Act 2016,
particulars of interests of the Directors who held office at the end of the financial year in shares in the Company are as follows:
Number of ordinary shares in the Company

At 1.1.2023 Acquired Sold At 31.12.2023
Direct Interest
Tan Sri Mokhzani bin Mahathir 750,000 - - 750,000
Indirect Interest(1)
Tan Sri Mokhzani bin Mahathir 1,000 - - 1,000
Note:
(1)
Deemed interest in shares of the Company held by spouse pursuant to Section 59(11)(c) of the Companies Act 2016.
Other than those disclosed above, according to the Register of Directors’ Shareholdings, none of the Directors in office at
the end of the financial year held any interest in shares in the Company and its related corporations during the financial year.
INDEMNITY AND INSURANCE FOR DIRECTORS AND OFFICERS
The Directors of the Group and of the Company were insured against certain liabilities under a Directors’ and Officers’ liability
insurance policy maintained as a group basis under Binariang GSM Sdn. Bhd. (“BGSM”), the ultimate holding company, for up
to a maximum of RM210 million for any one claim and in aggregate. During the financial year, the Group and the Company paid
an aggregate of RM0.8 million and RM0.2 million respectively based on the apportioned premium in respect of such policy.
103
DIRECTORS’ REPORT
IMMEDIATE HOLDING, PENULTIMATE HOLDING AND ULTIMATE HOLDING COMPANIES
The Directors of the Company regard BGSM Equity Holdings Sdn. Bhd. as the immediate holding company, BGSM Management
Sdn. Bhd. as the penultimate holding company and BGSM as the ultimate holding company. All these companies are
incorporated and domiciled in Malaysia.
STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS
Before the statements of profit or loss, statements of comprehensive income and statements of financial position of the Group
and of the Company were made out, the Directors took reasonable steps:
(a) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of allowance
for impairment and satisfied themselves that all known bad debts had been written off and that adequate allowance had
been made for impairment; and
(b) to ensure that any current assets, other than debts, which were unlikely to realise in the ordinary course of business,
their values as shown in the accounting records of the Group and of the Company, had been written down to an amount
which they might be expected so to realise.
At the date of this Report, the Directors are not aware of any circumstances:
(a) which would render the amounts written off for bad debts or the amount of the allowance for impairment in the financial
statements of the Group and of the Company inadequate to any substantial extent; or
(b) which would render the values attributed to current assets in the financial statements of the Group and of the Company
misleading; or
(c) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and of
the Company, misleading or inappropriate.
No contingent or other liability has become enforceable or is likely to become enforceable within the period of 12 months after
the end of the financial year which, in the opinion of the Directors, will or may affect the ability of the Group or of the Company
to meet their obligations when they fall due.
At the date of this Report, there does not exist:
(a) any charge on the assets of the Group and of the Company which has arisen since the end of the financial year which
secures the liability of any other person; or
(b) any contingent liability of the Group and of the Company which has arisen since the end of the financial year.
At the date of this Report, the Directors are not aware of any circumstances not otherwise dealt with in this Report or the
financial statements of the Group and of the Company which would render any amount stated in the financial statements
misleading.
104
STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS (CONTINUED)
In the opinion of the Directors:
(a) the results of the Group’s and of the Company’s operations during the financial year were not substantially affected by
any item, transaction or event of a material and unusual nature, other than as disclosed in Note 12 and Note 36 to the
financial statements; and
(b) there has not arisen in the interval between the end of the financial year and the date of this Report any item, transaction
or event of a material and unusual nature likely to affect substantially the results of the operations of the Group or of the
Company for the financial year in which this Report is made.
SUBSIDIARIES
The details of subsidiaries are set out in Note 18(a) to the financial statements.
AUDITORS
Details of the auditors’ remuneration for the Group and Company are as follows:
2023
Group Company
RM RM
PricewaterhouseCoopers PLT (LLP0014401–LCA & AF 1146) 1,318,500 40,000

Member firms of PricewaterhouseCoopers PLT 1,061,000 12,500
2,379,500 52,500
The auditors, PricewaterhouseCoopers PLT, have expressed their willingness to continue in office.
Signed on behalf of the Board of Directors in accordance with their resolution dated 11 March 2024.
TAN SRI MOKHZANI BIN MAHATHIR UTHAYA KUMAR A/L K VIVEKANANDA

DIRECTOR DIRECTOR
105
STATEMENTS OF PROFIT OR LOSS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
Group Company
2023 2022 2023 2022
RM’million RM’million RM’million RM’million
Note (Restated)
Revenue 6 10,180 9,789 1,332 1,547

Traffic, device, commissions and other direct
costs (4,031) (3,831) - -
Spectrum licence fees (247) (259) - -
Network costs (557) (518) - -
Staff and resource costs 7 (880) (813) - -
Operation and maintenance costs (428) (394) - -
Marketing costs (163) (189) - -
Impairment of receivables and deposits, net (129) (107) - -
Government grant and other income 247 301 * *
Other operating expenses (199) (49) (27) (10)
Depreciation and amortisation 9 (1,903) (1,721) - -
Finance income 10(a) 27 30 23 16
Finance costs 10(b) (473) (437) * *
Profit before tax 1,444 1,802 1,328 1,553
Tax expenses 12 (452) (651) (6) (4)
Profit for the financial year 992 1,151 1,322 1,549
Attributable to:
- non-controlling interests (1) (1)
992 1,151
Earnings per share attributable to equity

holders of the Company:
- basic (sen) 13(a) 12.7 14.7
- diluted (sen) 13(b) 12.7 14.7
* Less than RM1 million.
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
106
STATEMENTS OF COMPREHENSIVE INCOME

Group Company
2023 2022 2023 2022
Note (Restated)

Other comprehensive income
Item that will be reclassified subsequently to
profit or loss:
- net change in cash flow hedge 32(c) 2 3 - -
Total comprehensive income for the financial

year 994 1,154 1,322 1,549
Attributable to:
- non-controlling interests (1) (1)
994 1,154
107
STATEMENTS OF FINANCIAL POSITION

AS AT 31 DECEMBER 2023
Group Company
31.12.2023 31.12.2022 1.1.2022 2023 2022
RM’million RM’million RM’million RM’million RM’million
Note (Restated) (Restated)
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 15 5,384 5,639 5,193 - -
Intangible assets 16 11,193 11,507 11,474 - -
Right-of-use assets 17 1,826 1,887 1,854 - -
Investments in subsidiaries 18 - - - 25,106 25,138
Financial assets at fair value through other
comprehensive income (“FVOCI”) 20 4 4 4 4 4
Receivables, deposits and prepayments 21 1,333 1,226 1,068 - -
Deferred tax assets 23 * 1 * - -
TOTAL NON-CURRENT ASSETS 19,740 20,264 19,593 25,110 25,142
CURRENT ASSETS
Inventories 24 22 8 5 - -
Receivables, deposits and prepayments 21 2,435 2,136 1,654 5 5
Amounts due from related parties 25 15 9 * - -
Loans due from a subsidiary 18 - - - 343 309
Derivative financial instruments 22 - * * - -
Tax recoverable - * * - -
Deposits, cash and bank balances 26 569 628 1,191 15 32
TOTAL CURRENT ASSETS 3,041 2,781 2,850 363 346
TOTAL ASSETS 22,781 23,045 22,443 25,473 25,488
108
Group Company
31.12.2023 31.12.2022 1.1.2022 2023 2022
RM’million RM’million RM’million RM’million RM’million
Note (Restated) (Restated)
LESS:
CURRENT LIABILITIES
Provisions for liabilities and charges 27 160 144 137 - -

Payables and accruals 28 4,126 4,176 3,887 1 1
Amount due to a subsidiary 18 - - - * *
Amounts due to related parties 25 11 32 20 - -
Borrowings 30 857 283 2,034 - -
Derivative financial instruments 22 3 6 9 - -
Taxation 265 171 19 2 2
TOTAL CURRENT LIABILITIES 5,422 4,812 6,106 3 3
NET CURRENT (LIABILITIES)/ASSETS (2,381) (2,031) (3,256) 360 343
NON-CURRENT LIABILITIES
Provisions for liabilities and charges 27 396 366 335 - -

Payables and accruals 28 499 385 145 - -
Deferred income 29 1,147 913 528 - -
Borrowings 30 8,915 9,582 8,056 - -
Deferred tax liabilities 23 658 896 798 - -
TOTAL NON-CURRENT LIABILITIES 11,615 12,142 9,862 - -
NET ASSETS 5,744 6,091 6,475 25,470 25,485
EQUITY
Share capital 31 2,593 2,585 2,564 2,593 2,585
Reserves 32 3,150 3,504 3,911 22,877 22,900
Total equity attributable to owners of the
Company 5,743 6,089 6,475 25,470 25,485
Non-controlling interests 1 2 - - -
TOTAL EQUITY 5,744 6,091 6,475 25,470 25,485
109
STATEMENTS OF CHANGES IN EQUITY

Attributable to equity holders of the Company

Issued and fully
paid ordinary shares
Reserve
arising
from
Number Merger reverse Other Non-
of Share relief acquisition reserves Retained controlling Total
shares capital (Note 32(a)) (Note 32(b)) (Note 32(c)) earnings Total interests equity
Group Note ’million RM’million RM’million RM’million RM’million RM’million RM’million RM’million RM’million
At 31 December
2022, as
previously
reported 7,830 2,585 22,729 (22,729) 72 3,712 6,369 2 6,371
Restatement of
comparatives 36 - - - - - (280) (280) - (280)
Restated at 1
January 2023 7,830 2,585 22,729 (22,729) 72 3,432 6,089 2 6,091
Profit for the
financial year - - - - - 993 993 (1) 992
Other
comprehensive
income for the
financial year - - - - 2 - 2 - 2
Total
comprehensive
income for the
financial year - - - - 2 993 995 (1) 994
Dividends
provided for
or paid 14 - - - - - (1,331) (1,331) - (1,331)
LTIP and
incentive
arrangement 32 2 8 - - (17) (1) (10) - (10)
Total
transactions
with owners,
recognised
directly in
equity 2 8 - - (17) (1,332) (1,341) - (1,341)
Dilution of
interest in
subsidiary - - - - - (*) (*) * -
At 31 December
2023 7,832 2,593 22,729 (22,729) 57 3,093 5,743 1 5,744
110
Attributable to equity holders of the Company

Issued and fully
paid ordinary shares
Reserve
arising
from
Number Merger reverse Other Non-
of Share relief acquisition reserves Retained controlling Total
shares capital (Note 32(a)) (Note 32(b)) (Note 32(c)) earnings Total interests equity
Group Note ’million RM’million RM’million RM’million RM’million RM’million RM’million RM’million RM’million
At 1 January
2022, as
previously
reported 7,826 2,564 22,729 (22,729) 64 4,097 6,725 - 6,725
Restatement of
comparatives 36 - - - - - (250) (250) - (250)
Restated at 1
January 2022 7,826 2,564 22,729 (22,729) 64 3,847 6,475 - 6,475
Acquisition of non-
wholly owned
subsidiaries - - - - - - - 3 3
Profit for the
financial year - - - - - 1,152 1,152 (1) 1,151
Other
comprehensive
income for the
financial year - - - - 3 - 3 - 3
Total
comprehensive
income for the
financial year - - - - 3 1,152 1,155 (1) 1,154
Dividends
provided for
or paid 14 - - - - - (1,566) (1,566) - (1,566)
LTIP and
incentive
arrangement 32 4 21 - - 5 (1) 25 - 25
Total
transactions
with owners,
recognised
directly in
equity 4 21 - - 5 (1,567) (1,541) - (1,541)
At 31 December
2022 7,830 2,585 22,729 (22,729) 72 3,432 6,089 2 6,091
111
STATEMENTS OF CHANGES IN EQUITY

Issued and fully paid

ordinary shares
Merger Other
Number of Share relief reserves Retained
shares capital (Note 32(a)) (Note 32(c)) earnings Total equity
Company Note ’million RM’million RM’million RM’million RM’million RM’million
At 1 January 2023 7,830 2,585 22,729 87 84 25,485

Total comprehensive income for
the financial year - - - - 1,322 1,322
Dividends provided for or paid 14 - - - - (1,331) (1,331)
LTIP 32 2 8 - (14) - (6)
Total transactions with owners,
recognised directly in equity 2 8 - (14) (1,331) (1,337)
At 31 December 2023 7,832 2,593 22,729 73 75 25,470
At 1 January 2022 7,826 2,564 22,729 86 102 25,481

Total comprehensive income for
the financial year - - - - 1,549 1,549
Dividends provided for or paid 14 - - - - (1,566) (1,566)
LTIP 32 4 21 - 1 (1) 21
Total transactions with owners,
recognised directly in equity 4 21 - 1 (1,567) (1,545)
At 31 December 2022 7,830 2,585 22,729 87 84 25,485
112
STATEMENTS OF CASH FLOWS

Group Company
2023 2022 2023 2022
Note (Restated)
CASH FLOWS FROM OPERATING ACTIVITIES
Adjustments for:
Impairment of receivables and deposits 33(b) 178 156 - -
Provision for inventories obsolescence (net) * * - -
Impairment of goodwill 2 - - -
Impairment of investment in subsidiaries - - 18 -
Amortisation of:
- contract cost assets 21(d) 200 207 - -
- intangible assets 16 378 312 - -
- deferred income 29 (157) (150) - -
Dividend income 6 - - (1,332) (1,547)
Unrealised fair value (gain)/loss on forward foreign
exchange contracts (1) 1 - -
Unrealised loss/(gain) on foreign exchange differences 2 (2) - -
Depreciation of:
- property, plant and equipment 15 1,187 1,065 - -
- right-of-use assets 17 338 344 - -
Property, plant and equipment:
- gain on disposal (1) (*) - -
- net reversal of impairment 15 (4) (7) - -
- write-offs 15 144 17 - -
Intangible assets write-off 16 27 - - -
Termination of lease contracts (1) (12) - -
(Write-back of)/provision for (net):
- site rectification and decommissioning works 27 (5) (7) - -
- staff incentive scheme 27 131 133 - -
- contract obligations 27 (2) 6 - -
Share-based payments (9) 32 - -
Finance costs 10 473 437 * *
Finance income 10 (27) (30) (23) (16)
Tax expenses 12 452 651 6 4
4,297 4,304 (9) (10)
Government grant relating to costs 61 99 - -
Payments for:
- site rectification and decommissioning works 27 (1) (1) - -
- staff incentive scheme 27 (116) (130) - -
Operating cash flows before working capital changes 4,241 4,272 (9) (10)
113
STATEMENTS OF CASH FLOWS

Group Company
2023 2022 2023 2022
Note (Restated)
CASH FLOWS FROM OPERATING ACTIVITIES

(CONTINUED)
Changes in working capital:

Inventories (14) (3) - -
Receivables (845) (1,091) * *
Payables 30 497 * (*)
Balances with:
- related parties (28) 3 - -
- subsidiaries - - * *
Cash flows from operations 3,384 3,678 (9) (10)

Dividends received - - 1,332 1,547
Interest received 27 30 21 19
Tax paid (595) (405) (5) (4)
Tax refund - * - *
Net cash flows from operating activities 2,816 3,303 1,339 1,552
CASH FLOWS FROM INVESTING ACTIVITIES
Loans granted to a subsidiary - - (738) (1,374)

Loan repayments from a subsidiary - - 705 1,370
Dividends received - - - 65
Investments in subsidiaries - - - (326)
Capital repayment from a subsidiary - - - 258
Property, plant and equipment and intangible assets:
- purchase (1,141) (1,720) - -
- disposal proceeds 1 * - -
Consideration paid for business combinations (net of cash
acquired) - (106) - -
Contingent consideration paid for business combinations (13) (5) - -
Government grant relating to the purchase of assets 29 391 535 - -
Placement of deposits with maturity of more than three
months (2) * - -
Net cash flows used in investing activities (764) (1,296) (33) (7)
114
Group Company
2023 2022 2023 2022
Note (Restated)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of shares - - 8 21

Share-based Incentive arrangement:
- disposal of shares 3 1 - -
- acquisition of shares (4) (7) - -
Drawdown of borrowings 1,400 1,500 - -
Repayments of:
- borrowings (1,440) (1,750) - -
- lease liabilities 17(iii) (322) (320) - -
Payments of finance costs (419) (428) * *
Ordinary share dividends paid 14 (1,331) (1,566) (1,331) (1,566)
Net cash flows used in financing activities (2,113) (2,570) (1,323) (1,545)
NET (DECREASE)/INCREASE IN CASH AND CASH

EQUIVALENTS (61) (563) (17) *
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF
THE FINANCIAL YEAR 601 1,164 32 32
CASH AND CASH EQUIVALENTS AT THE END OF THE
FINANCIAL YEAR 26 540 601 15 32
115
NOTES TO THE FINANCIAL STATEMENTS

31 DECEMBER 2023
1 GENERAL INFORMATION
The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main
Market of Bursa Malaysia Securities Berhad.
The principal activity of the Company is investment holding, whilst the principal activities of the Group, comprising the
Company and its subsidiaries, are to offer a full suite of converged telecommunications, digital and related services
and solutions, and corporate support and services functions for the Group. Details of the principal activities of the
subsidiaries are shown in Note 18(a) to the financial statements.
There have been no significant changes in the nature of the principal activities of the Group and of the Company during
the financial year.
The Directors regard BGSM Equity Holdings Sdn. Bhd. as the immediate holding company, BGSM Management Sdn. Bhd.
as the penultimate holding company and Binariang GSM Sdn. Bhd. (“BGSM”) as the ultimate holding company. All these
companies are incorporated and domiciled in Malaysia.
The address of the registered office of business of the Company is as follows:
Level 21, Menara Maxis

Kuala Lumpur City Centre
Off Jalan Ampang
50088 Kuala Lumpur
The address of the principal place of business of the Company is as follows:
Level 5 - 9, 11, 15 - 25 Menara Maxis

Kuala Lumpur City Centre
Off Jalan Ampang
50088 Kuala Lumpur
2 BASIS OF PREPARATION
The financial statements of the Group and of the Company have been prepared in accordance with the Malaysian
Financial Reporting Standards (“MFRS”), International Financial Reporting Standards and the requirements of the
Companies Act 2016 in Malaysia. The financial statements have been prepared under the historical cost convention
except as disclosed in the summary of material accounting policies in Note 3 to the financial statements.
The preparation of financial statements in conformity with MFRS requires the use of certain critical accounting estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported
financial year. It also requires the Directors to exercise their judgment in the process of applying the Group’s and the
Company’s accounting policies. Although these estimates and judgments are based on the Directors’ best knowledge
of current events and actions, actual results may differ.
The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant
to the financial statements are disclosed in Note 4 to the financial statements.
116
2 BASIS OF PREPARATION (CONTINUED)
(a) Amendments to published standards and interpretations that are effective and applicable to the Group and the
Company
The Group and the Company have applied the following amendments to published standards for the financial year
beginning on 1 January 2023:
• Amendments to MFRS 101 “Classification of liabilities as Current or Non-current”

• Amendments to MFRS 101 and MFRS Practice Statement 2 on “Disclosure of Accounting Policies”
• Amendments to MFRS 108 “Definition of Accounting Estimates”
• Amendments to MFRS 112 “Deferred Tax related to Assets and Liabilities arising from a Single Transaction”
The adoption of the above amendments to published standards did not have any significant effect on the
consolidated and separate financial statements of the Group and of the Company respectively upon their initial
application.
(b) Amendments to published standards that are applicable to the Group and the Company but not yet effective
The amendments below to published standards are effective for the financial year beginning on or after 1 January
2024. None of these are expected to have a significant effect on the consolidated and separate financial statements
of the Group and the Company respectively.
• Amendments to MFRS 16 “Lease Liability in a Sale and Leaseback”

• Amendments to MFRS 107 and MFRS 7 “Supplier Finance Arrangements”
• Amendments to MFRS 101 “Non-current Liabilities with Covenants”
3 SUMMARY OF MATERIAL ACCOUNTING POLICIES
The following accounting policies have been applied consistently in dealing with items that are considered material in
relation to the financial statements.
(a) Basis of consolidation
(i) Subsidiaries
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group
controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with
the entity and has the ability to affect those returns through its power to direct the relevant activities of the
entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
117

31 DECEMBER 2023
3 SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONTINUED)
(a) Basis of consolidation (continued)
(i) Subsidiaries (continued)
The Group applies the acquisition method to account for business combinations when the acquired sets of
activities and assets meet the definition of business. The Group determines that it has acquired a business
when the acquired set of activities and assets include an input and a substantive process that together
significantly contribute to the ability to create outputs. The consideration transferred for the acquisition of
a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the
acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of
any asset or liability resulting from a contingent consideration arrangement and fair value of any pre-existing
equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed
in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition
date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition
basis, either at fair value or at the non-controlling interest’s proportionate share of the recognised amounts
of acquiree’s identifiable net assets.
Acquisition-related costs are expensed as incurred.
If the business combination is achieved in stages, the carrying value of the acquirer’s previously held equity
interest in the acquiree is re-measured to fair value at the acquisition date and any gains or losses arising
from such re-measurement are recognised in the statement of profit or loss.
Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition
date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or
liability is recognised in profit or loss. Contingent consideration that is classified as equity is not re-measured,
and its subsequent settlement is accounted for within equity.
Goodwill is initially measured as the excess of the aggregate of the consideration transferred, the amount
of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity
interest in the acquiree over the fair value of the identifiable net assets acquired. If the total of consideration
transferred, non-controlling interest recognised and previously held interest measured is less than the
fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is
recognised directly in the statement of profit or loss. See accounting policy Note 3(c)(iii) on goodwill.
Inter-company transactions, balances and unrealised gains or losses on transactions between Group
companies are eliminated.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated
statement of profit or loss, statement of comprehensive income, statement of changes in equity and statement
of financial position respectively.
All earnings and losses of the subsidiary are attributed to the parent and the non-controlling interests, even if
the attribution of losses to the non-controlling interests results in a debit balance in the shareholders’ equity.
Profit or loss attributable to non-controlling interests for prior years is not restated.
118
(a) Basis of consolidation (continued)
(ii) Changes in ownership interests in subsidiaries without change of control
Transactions with non-controlling interests that do not result in loss of control are accounted for as transactions
with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying
amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any
difference between the amount of the adjustment to non-controlling interests and any consideration paid or
received is recognised in equity attributable to owners of the Group.
(b) Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost
includes expenditure (including borrowing and staff costs) that is directly attributable to the acquisition of property,
plant and equipment and any cost that is directly attributable to bringing the asset to the location and condition
necessary for it to be capable of operating in the manner intended by management. The cost of certain property,
plant and equipment items include the costs of dismantling and removing the item and restoring the sites on which
these items are located. These costs are due to obligations incurred either when the items were installed or as a
consequence of having used these items during a particular period.
Certain telecommunications assets are stated at the amount of cash or cash equivalent that would have to be
paid if the same or an equivalent asset was acquired. Included in telecommunications equipment are purchased
software costs which are integral to such equipment.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Group and the cost
of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs
and maintenance are charged to the statement of profit or loss during the financial year in which they are incurred.
Freehold land is not depreciated as it has an infinite life.
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(b) Property, plant and equipment (continued)
All other property, plant and equipment are depreciated on the straight-line method to write-off the cost of each
category of assets to its residual value over its estimated useful life, summarised as follows:
Buildings 44 - 50 years
Telecommunications equipment 2 - 25 years
Motor vehicles 5 years
Office furniture, fittings and equipment 3 - 7 years
Capital work-in-progress and capital inventories comprise mainly telecommunications equipment, information
technology equipment and renovations. They are reclassified to the respective categories of property, plant and
equipment and depreciated when they are ready for their intended use.
Residual values and useful lives are reassessed and adjusted, if appropriate, at each reporting date to ensure the
amount and period of depreciation are consistent with the expected pattern of consumption of the future economic
benefits embodied in the items of property, plant and equipment.
At each reporting date, the Group assesses whether there is any indication of impairment. Where an indication of
impairment exists, the carrying amount of the asset is assessed and written down immediately to its recoverable
amount. See accounting policy Note 3(f) on impairment of non-financial assets.
Gains and losses on disposals are determined by comparing proceeds with carrying amounts and are included in
the statement of profit or loss.
Leased assets (including leasehold land) are presented as “right-of-use assets” in a separate line item in the
statement of financial position.
(c) Intangible assets
The Group acquires intangible assets either as part of a business combination or through separate acquisition.
Intangible assets acquired in a business combination are recorded at their fair value at the date of acquisition and
recognised separately from goodwill. On initial acquisition, management judgment is applied to determine the
appropriate allocation of purchase consideration to the assets being acquired, including goodwill and identifiable
intangible assets.
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(c) Intangible assets (continued)
(i) Spectrum rights
The Group’s spectrum rights consist of rights to spectrum bands previously acquired as part of a business
combination and other spectrum rights.
For other spectrum rights, the intangible asset that is initially recognised at the date of acquisition includes an
estimate for the future anticipated variable costs. Subsequent changes on such estimates will be recognised
against the cost of the asset.
Spectrum rights are considered to have a finite life and thus are amortised on a straight-line basis over the
period of expected benefit and assessed at each reporting date for any indication of impairment. Upon the
expiry of the Spectrum Assignment (“SA”) periods, costs to renew spectrum rights that are previously acquired
as part of a business combination are charged to the statement of profit or loss during the SA periods.
The estimated useful lives of the spectrum rights of the Group are as follows:
Spectrum rights acquired as part of a business combination 15 - 16 years

Other spectrum rights 2 - 5 years
The useful lives are reassessed and adjusted, if appropriate, at each reporting date.
See accounting policy Note 3(f) on impairment of non-financial assets.
(ii) Other indefinite life intangible assets - telecommunications licences
Telecommunications licences comprise the rights that exist with the embedded approvals of the Government
to allow Maxis to operate as one of the few mobile operators in Malaysia together with all the ancillary
Network Facilities Provider (“NFP”), Network Service Provider (“NSP”) and Applications Service Provider
(“ASP”) licences. The telecommunications licences were acquired as part of a business combination and are
issued for a fixed period.
Telecommunications licences are considered to have an indefinite useful life if they can be renewed
indefinitely without significant costs in comparison to the expected future economic benefits that the rights
can generate for the Group. Therefore, the telecommunications licences are not amortised but tested for
impairment on an annual basis, and where an indication of impairment exists.
See accounting policy Note 3(f) on impairment of non-financial assets.
The indefinite useful life assumption applied to this acquired intangible assets is reassessed at each reporting
date. When the expectation differs from previous estimates, the change is accounted for as a change in
accounting estimate.
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31 DECEMBER 2023
(c) Intangible assets (continued)
(iii) Goodwill
Goodwill arises from a business combination and represents the excess of the aggregation of the consideration
transferred for purchase of subsidiaries or businesses, the amount of any non-controlling interest in the
acquiree and the fair value of any previously held equity interest in the acquiree over the fair value of the
identifiable net assets acquired.
Goodwill is measured at cost less any accumulated impairment losses. Negative goodwill is recognised
immediately in the statement of profit or loss.
Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity
sold.
Goodwill is allocated to cash-generating units (“CGUs”) for the purpose of impairment testing. Goodwill is
not amortised but is tested annually for impairment or more frequently if events or changes in circumstances
indicate that it might be impaired. See accounting policy Note 3(f) on impairment of non-financial assets.
Each CGU or a group of CGUs represents the lowest level within the Group at which goodwill is monitored for
internal management purposes and which is expected to benefit from the synergies of the combination.
(iv) Software
Costs that are directly associated with identifiable and unique software products controlled by the Group
and that will probably generate economic benefits exceeding costs beyond one year, are recognised as
intangible assets.
Expenditure which enhances or extends the performance of computer software programmes beyond their
original specifications is recognised as a capital improvement and added to the original cost of the software.
Costs associated with maintaining computer software programmes are recognised as an expense when
incurred.
Directly attributable costs that are capitalised as part of the software product include the software development
employee costs and an appropriate portion of relevant overheads. Other development expenditures that do
not meet these criteria are recognised as an expense as incurred. Development costs previously recognised
as an expense are not recognised as an asset in a subsequent period.
Software recognised as assets are amortised using the straight line method over their estimated useful
economic lives of 2.5 – 8 years.
No amortisation is calculated on software development until the underlying software is completed and is
ready for its intended use.
(v) Customer relationships
Customer relationships acquired in a business combination are recognised at fair value at the acquisition
date. It has a finite useful life that ranges between 1 to 8 years and are amortised on a straight-line basis
over the period of the expected benefits and assessed at each reporting date whether any indication of
impairment exists. See accounting policy Note 3(f) on impairment of non-financial assets.
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(d) Investments in subsidiaries
In the Company’s separate financial statements, investments in subsidiaries are stated at cost less accumulated
impairment losses plus the fair value of share grants over the Company’s equity instruments for employees (including
full-time executive directors) of the subsidiaries during the vesting period, deemed as capital contribution. See
accounting policy Note 3(s)(iii) on share-based compensation benefits. Where an indication of impairment exists,
the carrying amount of the investment is assessed and written down immediately to its recoverable amount. See
accounting policy Note 3(f) on impairment of non-financial assets.
(e) Financial instruments
A financial instrument is any contract that gives rise to both a financial asset of one enterprise and a financial
liability or equity instrument of another enterprise.
A financial asset is any asset that is cash, a contractual right to receive cash or another financial asset from another
enterprise, a contractual right to exchange financial instruments with another enterprise under conditions that are
potentially favourable, or an equity instrument of another enterprise.
A financial liability is any liability that is a contractual obligation to deliver cash or another financial asset to another
enterprise, or to exchange financial instruments with another enterprise under conditions that are potentially
unfavourable.
Financial assets
(i) Classification
The Group and the Company classify their financial assets in the following measurement categories:
• those to be measured subsequently at fair value (either through other comprehensive income (“OCI”) or
through profit or loss); and
• those to be measured at amortised cost.
The classification depends on the entity’s business model for managing the financial assets and the contractual
terms of the cash flows.
For assets measured at fair value, gains and losses will be recorded in profit or loss or OCI. For investments
in equity instruments that are not held for trading, this will depend on whether the Group and the Company
have made an irrevocable election at the time of initial recognition to account for the equity investment at
FVOCI.
The Group and the Company reclassify debt investments when and only when its business model for
managing those assets changes.
(ii) Recognition and derecognition
Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the
Group and the Company commit to purchase or sell the asset. Financial assets are derecognised when the
rights to receive cash flows from the financial assets have expired or have been transferred and the Group
and the Company have transferred substantially all the risks and rewards of ownership.
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(e) Financial instruments (continued)
Financial assets (continued)
(iii) Measurement
At initial recognition, the Group and the Company measure a financial asset at its fair value plus, in the case of
a financial asset not at fair value through profit or loss (“FVPL”), transaction costs that are directly attributable
to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in
profit or loss.
Financial assets with embedded derivatives are considered in their entirety when determining whether their
cash flows are solely payment of principal and interest.
Debt instruments
Subsequent measurement of debt instruments depends on the Group’s and the Company’s business model
for managing the asset and the cash flow characteristics of the asset. There are three measurement categories
into which the Group and the Company classify their debt instruments:
• Amortised cost:
Assets that are held for collection of contractual cash flows where those cash flows represent solely
payments of principal and interest are measured at amortised cost. Interest income from these financial
assets is included in finance income using the effective interest rate method. Any gain or loss arising
on derecognition is recognised directly in profit or loss and presented in other operating expenses
together with foreign exchange gains and losses. Impairment losses are presented as separate line item
in the statement of profit or loss.
• FVOCI:
Assets that are held for collection of contractual cash flows and for selling the financial assets, where
the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI.
Movements in the carrying amount are taken through OCI, except for the recognition of impairment
gains or losses, interest income and foreign exchange gains and losses which are recognised in profit or
loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI
is reclassified from equity to profit or loss and recognised in other operating expenses. Interest income
from these financial assets is included in finance income using the effective interest rate method. Foreign
exchange gains and losses are presented in other operating expenses and impairment expenses are
presented as separate line item in the statement of profit or loss.
• FVPL:
Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on
a debt investment that is subsequently measured at FVPL is recognised in profit or loss and presented
net within other operating expenses in the period in which it arises.
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(iii) Measurement (continued)
Equity instruments
The Group and the Company subsequently measure all equity instruments at fair value. Where the Group’s
and the Company’s management has elected to present fair value gains and losses on equity investments
in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the
derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss
as other income when the Group’s right to receive payments is established.
Changes in the fair value of financial assets at FVPL are recognised within other operating expenses in the
statement of profit or loss as applicable.
(iv) Subsequent measurement - impairment
The Group assesses on a forward-looking basis the expected credit loss (“ECL”) associated with its debt
instruments carried at amortised cost and at FVOCI. The impairment methodology applied depends on
whether there has been a significant increase in credit risk.
The Group has five types of financial instruments that are subject to the ECL model:
• Trade receivables
• Finance lease receivables
• Contract assets
• Other receivables and deposits
• Amounts due from related parties
The Company has two types of financial instruments that are subject to the ECL model:
• Other receivables and deposits
• Loans due from a subsidiary
While cash and cash equivalents are also subject to the impairment requirements of MFRS 9 “Financial
Instruments”, the identified impairment loss was immaterial.
ECL represents a probability-weighted estimate of the difference between present value of cash flows
according to contract and present value of cash flows the Group expects to receive, over the remaining life
of the financial instrument.
The measurement of ECL reflects:

• an unbiased and probability-weighted amount that is determined by evaluating a range of possible
outcomes;
• the time value of money; and
• reasonable and supportable information that is available without undue cost or effort at the reporting
date about past events, current conditions and forecasts of future economic conditions.
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31 DECEMBER 2023
(iv) Subsequent measurement - impairment (continued)
(a) General 3-stage approach for other receivables, deposits, and loans to subsidiaries
At each reporting date, the Group measures ECL through loss allowance at an amount equal to
12-month ECL if credit risk on a financial instrument or a group of financial instruments has not increased
significantly since initial recognition. For all other financial instruments, a loss allowance at an amount
equal to lifetime ECL is required.
(b) Simplified approach for trade receivables, finance lease receivables, contract assets and amounts due
from related parties.
The Group applies the MFRS 9 simplified approach to measure ECL which uses a lifetime ECL for all the
above.
Significant increase in credit risk
The Group considers the probability of default upon initial recognition of asset and whether there has
been a significant increase in credit risk on an ongoing basis throughout each reporting period. To
assess whether there is a significant increase in credit risk, the Group compares the risk of a default
occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition.
It considers available reasonable and supportable forward-looking information.
The following indicators are incorporated:
• internal credit rating; and

• actual or expected significant adverse changes in business, financial or economic conditions that
are expected to cause a significant change to the debtor’s ability to meet its obligations.
Macroeconomic information (such as market interest rates or growth rates) is incorporated as part of the
internal rating model.
A significant increase in credit risk is presumed if a debtor is more than 30 days past due in making
contractual payment.
Definition of default and credit-impaired financial assets
The Group defines a financial instrument as default, when counterparty fails to make contractual
payment more than 90 days after they fall due or the debtor is insolvent or has significant financial
difficulties.
Financial instruments that are credit-impaired are assessed on individual basis.
For certain categories of financial assets, such as trade receivables, finance lease receivables, contract
assets and amounts due from related parties, balances that are assessed not to be impaired individually
are subsequently assessed for impairment on a collective basis based on similar risk characteristics.
126
(iv) Subsequent measurement - impairment (continued)
Groupings of instruments for ECL measured on collective basis
(a) Collective assessment
To measure ECL, trade receivables, finance lease receivables, contract assets and amounts due from
related parties have been grouped based on shared credit risk characteristics of customer’s behaviour
and the days past due. The contract assets relate to unbilled amounts and have substantially the same
risk characteristics as the trade receivables for the same types of contracts. The Group has therefore
concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss
rates for the contract assets.
(b) Individual assessment
Trade receivables, finance lease receivables, contract assets, other receivables and deposits, related
parties’ owings and loans due from a subsidiary that are in default or credit-impaired are assessed
individually.
Write-off
(a) Trade receivables, finance lease receivables, contract assets and amounts due from related parties
The above is written off when there is no reasonable expectation of recovery. Indicators that there is
no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a
repayment plan with the Group.
Impairment losses on the above are presented within ‘Impairment of receivables and deposits, net’ in
the statements of profit or loss. Subsequent recoveries of amounts previously written off are credited
against the same line item in the statements of profit or loss.
(b) Other receivables and deposits and loans due from a subsidiary
The Group writes off financial assets, in whole or in part, when it has exhausted all practical recovery
efforts and has concluded there is no reasonable expectation of recovery. The assessment of no
reasonable expectation of recovery is based on unavailability of debtor’s sources of income or assets
to generate sufficient future cash flows to repay the amount. The Group may write-off financial assets
that are still subject to enforcement activity. These are presented as net impairment losses within
‘Impairment of receivables and deposits, net’ in the statements of profit or loss. Subsequent recoveries
of amounts previously written off are credited against the same line item.
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Financial liabilities
(i) Classification and measurement
The Group and the Company classify their financial liabilities in the following categories: at fair value through
profit or loss, other financial liabilities and financial guarantee contracts. Management determines the
classification of financial liabilities at initial recognition.
The Group and the Company do not hold any financial liabilities carried at fair value through profit or loss
(except for derivative financial instruments and deferred contingent consideration arising from business
combinations) and financial guarantee contracts. See accounting policy Note 3(g) on derivative financial
instruments and hedging activities.
Other financial liabilities are non-derivative financial liabilities. Other financial liabilities are initially recognised
at fair value plus transaction costs that are directly attributable to the acquisition of the financial liability and
subsequently carried at amortised cost using the effective interest method. Changes in the carrying value of
these liabilities are recognised in the statement of profit or loss.
The Group’s and the Company’s other financial liabilities comprise payables (including inter-companies
and related parties’ balances) and borrowings in the statement of financial position. Financial liabilities are
classified as current liabilities; except for maturities greater than 12 months after the reporting date, in which
case they are classified as non-current liabilities.
(ii) Recognition and derecognition
Financial liabilities are recognised when the Group and the Company become party to the contractual
provisions of the instrument.
Financial liabilities are derecognised when the liability is either discharged, cancelled, expired or has been
restructured with substantially different terms.
Offsetting of financial assets and financial liabilities
Financial assets and financial liabilities are offset and the net amount reported in the statement of financial position
when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on
a net basis, or realise the asset and settle the liability simultaneously. The legally enforceable right must not be
contingent on future events and must be enforceable in the normal course of business and in the event of default,
insolvency or bankruptcy.
(f) Impairment of non-financial assets
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment.
Assets that have a finite economic useful life are subject to amortisation and are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss
is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount. The
recoverable amount is the higher of an asset’s fair value less costs of disposal and value-in-use. For the purpose
of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash
flows which are largely independent of the cash inflows from other assets or groups of assets (“CGUs”). Non-
financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment
at each reporting date.
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(f) Impairment of non-financial assets (continued)
Any impairment loss is charged to the statement of profit or loss. Impairment losses on goodwill are not reversed.
In respect of other assets, any subsequent increase in recoverable amount is recognised in the statement of profit
or loss to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been
determined, net of depreciation and amortisation, if no impairment loss had been recognised.
(g) Derivative financial instruments and hedging activities
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently
remeasured at their fair value at each reporting date.
A derivative financial instrument is carried as an asset when the fair value is positive and as a liability when the fair
value is negative.
The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging
instrument, and if so, the nature of the item being hedged. Derivative that does not qualify for hedge accounting
are classified as “held for trading” and accounted for at fair value through profit and loss. Changes in fair value of
any derivative financial instrument that does not qualify for hedge accounting are recognised immediately in the
statement of profit or loss.
Derivatives that qualify for hedge accounting are designated as either:
• Hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedge);
• Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast
transaction (cash flow hedge); or
• Hedges of a net investment in a foreign operation (net investment hedge).
The Group documents at the inception of the hedge relationship, the economic relationship between hedging
instruments and hedged items including whether changes in the cash flows of the hedging instruments are expected
to offset changes in the cash flows of hedged items. The Group documents its risk management objective and
strategy for undertaking its hedge transactions.
The fair values of various derivative instruments used for hedging purposes are disclosed in Note 22. Movements
on the hedging reserve in shareholders’ equity are shown in Note 32(c). The full fair value of a hedging derivative is
classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months,
and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. Trading
derivatives are classified as a current asset or liability.
Cash flow hedge
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges
is recognised in other comprehensive income and accumulated in reserves within equity. The gain or loss relating
to the ineffective portion is recognised immediately in the statement of profit or loss.
Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit
or loss. The gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is
recognised in profit or loss within ‘finance costs’.
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31 DECEMBER 2023
(g) Derivative financial instruments and hedging activities (continued)
Cash flow hedge (continued)
When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for
hedge accounting, the accounting of any cumulative deferred gain or loss and deferred cost of hedging included
in equity depends on the nature of the underlying hedged transaction. For cash flow hedge which resulted in the
recognition of a non-financial asset, the cumulative amount in equity shall be included in the initial cost of the
asset. For other cash flow hedges, the cumulative amount in equity is reclassified to profit or loss in the same
period that the hedged cash flows affect profit or loss. When hedged future cash flows or forecast transaction is no
longer expected to occur, the cumulative gain or loss and deferred cost of hedging that was reported in equity is
immediately reclassified to the statement of profit or loss.
The Group and the Company do not have any fair value hedges and net investment hedges.
(h) Fair value estimates
The fair value of the financial assets, financial liabilities and derivative financial instruments is estimated for
recognition and measurement or for disclosure purposes.
In assessing the fair value of financial instruments, the Group makes certain assumptions and applies the estimated
discounted value of future cash flows to determine the fair value of financial instruments. The fair values of financial
assets and financial liabilities are estimated by discounting future cash flows at the current interest rate available
to the respective companies.
The face values for financial assets and financial liabilities with a maturity of less than one year are assumed to be
approximately equal to their fair values.
For derivative financial instruments that are measured at fair value, the fair values are determined using a valuation
technique which utilises data from recognised financial information sources. Assumptions are based on market
conditions existing at each reporting date. The fair values of interest rate swaps are calculated as the present value
of estimated future cash flow using an appropriate market-based yield curve. The fair values of forward foreign
exchange contracts are determined using the forward exchange rates as at each reporting date.
(i) Inventories
Inventories are stated at the lower of cost and net realisable value. Cost includes the actual cost of materials and
incidentals in bringing the inventories to their present location and condition, and is determined on a weighted
average basis. Net realisable value is the estimated selling price in the ordinary course of business, less the
estimated costs of completion and selling expenses.
(j) Trade and other receivables
Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary
course of business. Other receivables generally arise from transactions outside the usual operating activities of the
Group. If collection is expected in one year or less, they are classified as current assets. If not, they are presented
as non-current assets.
Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain
significant financing components, where they are recognised at fair value plus transaction costs. Other receivables
are recognised initially at fair value plus transaction costs.
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(j) Trade and other receivables (continued)
After recognition, trade and other receivables are subsequently measured at amortised cost using the effective
interest rate method, less loss allowance. See Note 3(e)(iv) for the impairment policy on receivables.
(k) Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys
the rights to control the use of an identified asset for a period of time in exchange for consideration.
Accounting as lessee
Leases are recognised as right-of-use (“ROU”) asset and a corresponding liability at the date on which the leased
asset is available for use by the Group (i.e. the commencement date).
Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract
to the lease and non-lease components based on their relative stand-alone prices.
(i) Lease term
In determining the lease term, the Group considers all facts and circumstances that create an economic
incentive to exercise an extension option, or not to exercise a termination option. Extension options (or
periods after termination options) are only included in the lease term if the lease is reasonably certain to be
extended (or not to be terminated).
In determining the enforceable period of the lease, the Group considers the following:
• the broader economics of the contract, and not only contractual termination payments. If either party has
an economic incentive not to terminate the lease such that it would incur a penalty on termination that
is more than insignificant, the contract is deemed enforceable beyond the date on which the contract
can be terminated; and
• whether each of the parties has the right to terminate the lease without permission from the other party
with no more than an insignificant penalty. A lease is no longer enforceable only when both parties have
such a right. Consequently, if only one party has the right to terminate the lease without permission from
the other party with no more than an insignificant penalty, the contract is deemed enforceable beyond
the date on which the contract can be terminated by that party.
The Group reassesses the lease term upon the occurrence of a significant event or change in circumstances
that is within the control of the Group and affects whether the Group is reasonably certain to exercise an
option not previously included in the determination of lease term, or not to exercise an option previously
included in the determination of lease term. A revision in lease term results in remeasurement of the lease
liabilities.
(ii) ROU assets
ROU assets are initially measured at cost comprising the following:
• the amount of the initial measurement of lease liability;

• any lease payments made at or before the commencement date less any lease incentive received;
• any initial direct costs; and
• decommissioning or restoration costs.
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(k) Leases (continued)
Accounting as lessee (continued)
(ii) ROU assets (continued)
ROU assets are subsequently measured at cost, less accumulated depreciation and impairment loss, if any.
In addition, the ROU assets are adjusted for certain remeasurement of the lease liabilities.
The ROU assets are generally depreciated over the shorter of the asset’s useful life and the lease term on a
straight-line basis, as follows:
Land and network infrastructure 2 - 90 years

Offices and customer service centers 2 - 20 years
(iii) Lease liabilities
Lease liabilities are initially measured at the present value of the lease payments to be made over the lease
term. The lease payments include the following:
• fixed payments (including in-substance fixed payments), less any lease incentive receivable;
• the exercise price of extension options if the Group is reasonably certain to exercise that option; and
• payments of penalties for terminating the lease, if the lease term reflects the Group exercising that
option.
The Group presents the lease liabilities within borrowings in the statement of financial position. Interest
expense on the lease liability is presented within the finance cost in the statement of profit or loss.
Lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily
determined, which is generally the case for leases in the Group, the lessee’s incremental borrowing rate is
used. This is the rate that the individual lessee would have to pay to borrow the funds necessary to obtain
an asset of similar value to the ROU in a similar economic environment with similar terms, security and
conditions.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or
loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of
the liability for each period.
(iv) Short-term leases and leases of low-value assets
Short-term leases are leases with a lease term of 12 months or less. Payments associated with short-term
leases of equipment, land and buildings, and network cell sites and all leases of low-value assets are
recognised on a straight-line basis as an expense in the statement of profit or loss.
Accounting as a lessor
As a lessor, the Group determines at lease inception whether each lease is a finance lease or an operating lease.
To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of
the risks and rewards incidental to ownership of the underlying asset to the lessee. As part of this assessment, the
Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset.
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(k) Leases (continued)
Accounting as a lessor (continued)
(i) Finance leases
The Group classifies a lease as a finance lease if the lease transfers substantially all the risks and rewards
incidental to ownership of an underlying asset to the lessee.
The Group derecognises the underlying asset and recognises a receivable at an amount equal to the net
investment in a finance lease. Net investment in a finance lease is measured at an amount equal to the sum of
the present value of lease payments from the lessee and the unguaranteed residual value of the underlying
asset. Initial direct costs are also included in the initial measurement of the net investment.
Lease income is recognised over the term of the lease using the net investment method so as to reflect a
constant periodic rate of return. The Group revises the lease income allocation if there is a reduction in the
estimated unguaranteed residual value.
(ii) Operating leases
The Group classifies a lease as an operating lease if the lease does not transfer substantially all the risks and
rewards incidental to ownership of an underlying asset to the lessee.
The Group recognises lease payments received under an operating lease as lease income on a straight-line
basis over the lease term and is included in revenue in the statement of profit or loss due to its operating
nature.
(iii) Separating lease and non-lease components
If an arrangement contains lease and non-lease components, the Group allocates the consideration in the
contract to the lease and non-lease components based on the stand-alone selling prices in accordance with
the principles in MFRS 15 “Revenue from Contracts with Customers”.
(l) Loans to subsidiaries
Loans to subsidiaries are recognised initially at fair value. If there are any difference between cash disbursed and
fair value on initial recognition, the difference would be accounted as additional investment in the subsidiary as it
reflects the substance of the transaction.
Loans to subsidiaries are subsequently measured at amortised cost using the effective interest rate method, less
loss allowance. See Note 3(e)(iv) for the impairment policy on receivables.
(m) Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, deposits held at call with financial institutions, other short-
term, highly liquid investments with original maturities of three months or less that are readily convertible to
known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts.
Bank overdrafts are included within borrowings in current liabilities on the statement of financial position. For the
purposes of the statement of cash flows, cash and cash equivalents are presented net of deposits with maturity
more than three months.
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31 DECEMBER 2023
(n) Share capital
(i) Classification
Ordinary shares and redeemable preference shares with discretionary dividends are classified as equity.
Other shares are classified as equity and/or liability according to the economic substance of the particular
instrument. Distributions to holders of a financial instrument classified as an equity instrument are charged
directly to equity.
(ii) Share issue costs
External costs directly attributable to the issue of new shares are deducted, net of tax, against proceeds and
shown in equity.
(o) Payables
Payables, including accruals, represent liabilities for goods received and services rendered to the Group and
the Company prior to the end of the financial year and which remain unpaid. Payables are classified as current
liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Payables are recognised initially at fair value net of transaction costs incurred, which include transfer taxes and
duties. Payables are subsequently measured at amortised cost using the effective interest method.
(p) Borrowings
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are
capitalised as part of the cost of the assets. Other borrowing costs are recognised as an expense in the statement
of profit or loss when incurred.
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the drawdown
occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the
fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it
relates.
Interest expense, losses and gains relating to a financial instrument, or a component part, classified as a liability is
reported within finance costs in the statement of profit or loss.
Borrowings are removed from the statement of financial position when the obligation specified in the contract is
discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been
extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred
or liabilities assumed, is recognised in the statement of profit or loss within finance costs.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of
the liability for at least 12 months after the end of the reporting period.
134
(p) Borrowings (continued)
(i) Borrowings in a designated hedging relationship
Borrowings subject to cash flow hedges are recognised initially at fair value based on the applicable interest
rate plus any transaction costs that are directly attributable to the issue of borrowing. These borrowings are
subsequently carried at amortised costs. Any difference between the final amount paid to discharge the
borrowing and the initial proceeds is recognised in the statement of profit or loss over the borrowing period
using the effective interest method.
Interest expense on the borrowings are recognised in the statement of profit or loss, along with the associated
gains or losses on the hedging instrument, which have been reclassified from the cash flow hedging reserve
to the statement of profit or loss.
(ii) Borrowings not in a designated hedging relationship
Borrowings not in a designated hedging relationship are initially recognised at fair value plus transaction
costs that are directly attributable to the issue of borrowing. These borrowings are subsequently carried at
amortised costs. Any difference between the final amount paid to discharge the borrowing and the initial
proceeds is recognised in the statement of profit or loss over the borrowing period using the effective interest
method.
(q) Provisions for liabilities and charges
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events,
when it is probable that an outflow of resources will be required to settle the obligation and when a reliable
estimate of the amount can be made.
Provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. When it is no
longer probable that an outflow of economic resources will be required to settle the obligation, the provision is
reversed. Where the effect of the time value of money is material, provisions are measured at the present value of
management’s best estimate of the expenditures expected to be required to settle the obligation by discounting
the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of
money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised
as interest expense.
(i) Site rectification and decommissioning works
Provision for site rectification works is based on management’s best estimate and the past trend of costs
for rectification works to be carried out to fulfil new regulatory guidelines and requirements imposed after
network cell sites were built.
Provision for decommissioning works is the estimated costs of dismantling and removing the structures on
identified sites and restoring these sites. This obligation is incurred either when the items are installed or as
a consequence of having used the items during a particular period.
The estimated amount is determined after taking into consideration the time value of money, risk specific to
the provision and the current conditions of the sites. The initial estimated amount is capitalised as part of the
cost of property, plant and equipment.
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31 DECEMBER 2023
(q) Provisions for liabilities and charges (continued)
(ii) Staff incentive scheme
Provision for staff incentive scheme is based on management’s best estimate of the total employee benefits
payable as at reporting date based on the service and/or performance conditions of individual employees
and/or financial performance of the Group.
(iii) Separation benefits
Provision for staff mutual separation scheme is based on management’s best estimate of the total employee
benefits payable based on the number of consecutive years of employment with the Group.
(r) Income taxes
The tax expenses for the period comprise current and deferred tax. The income tax expense or credit for the
period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each
jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to
unused tax losses. Tax is recognised in the statement of profit or loss except to the extent that it relates to items
recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other
comprehensive income or directly in equity, respectively.
Current tax expenses are determined according to the tax laws of each jurisdiction in which the Group operates and
include all taxes based upon the taxable profits, and real property gains taxes payable on disposal of properties.
Deferred tax is provided in full, using the liability method, on temporary differences arising between the amounts
attributed to assets and liabilities for tax purposes and their carrying amounts in the financial statements. However,
deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred tax is also
not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business
combination that at the time of the transaction affects neither accounting nor taxable profit or loss.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available
against which the deductible temporary differences, investment tax allowance or unused tax losses can be utilised.
Deferred tax liability is recognised for all taxable temporary differences arising on investments in subsidiaries
except where the timing of the reversal of the temporary differences is controlled by the Group and it is probable
that the temporary difference will not reverse in the foreseeable future.
Deferred tax assets are recognised on deductible temporary differences arising from investments in subsidiaries
only to the extent that it is probable the temporary difference will reverse in the future and there is sufficient taxable
profit available against which the deductible temporary difference can be utilised.
Deferred tax is determined using tax rates (and tax laws) that have been enacted or substantively enacted by the
reporting date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability
is settled.
The measurement of deferred tax liabilities and deferred tax assets shall reflect the tax consequences that would
follow from the manner in which the entity expects, at the reporting date, to recover or settle the carrying amount
of its assets and liabilities.
136
(r) Income taxes (continued)
Deferred and current tax assets and liabilities are offset when there is a legally enforceable right to offset current
tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to taxes levied by the
same taxation authority or either the taxable entity or different taxable entities when there is an intention to settle
the balances on a net basis.
(s) Employee benefits
(i) Short-term employee benefits
Salaries, paid annual leave, bonuses and non-monetary benefits that are expected to be settled wholly within
12 months after the end of the period in which the employees render the related service are recognised
in respect of employees’ services up to the end of the reporting period and are measured at the amounts
expected to be paid when the liabilities are settled. The Group recognises a provision where contractually
obliged or where there is a past practice that has created a constructive obligation.
(ii) Defined contribution plans
A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate
entity on a mandatory, contractual or voluntary basis, and the Group has no legal or constructive obligation
to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to
employee service in the current and prior periods.
The Group’s contributions to defined contribution plans are charged to the statement of profit or loss in
the period to which they relate. Once the contributions have been paid, the Group has no further payment
obligations. The Group recognises a provision when an employee has provided services in exchange for
employee benefits to be paid in the future. When contributions to a defined contribution plan are not expected
to be settled wholly before 12 months after the end of the reporting period in which the employees render the
related service, they shall be discounted to present value.
(iii) Share-based compensation benefits
The Group and the Company operate equity-settled, share-based compensation plans for eligible employees
(including full-time executive directors) of the Group and of the Company, pursuant to the Long Term Incentive
Plan (“LTIP”) and incentive arrangement.
Where the Group and the Company pay for services of employees using the share grants, the fair value of
the share grants which is determined using the observable market price of the shares at the grant date is
recognised as an employee benefit expense in the statement of profit or loss over the vesting periods, with
a corresponding increase in equity.
When the shares of the Company are acquired from the open market at market price using cash incentive
payable to employees under the incentive arrangement, the transactions are recorded in share-based
payments reserve and are recognised as an employee benefit expense in the statement of profit or loss over
the vesting periods.
The total amount to be expensed over the vesting period is determined by reference to the fair value of the
shares and the number of shares that are expected to vest by the vesting date. At each reporting date, the
Group and the Company revise this estimated number of shares and any revision of this estimate is included
in the statement of profit or loss and with the corresponding adjustment in equity.
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31 DECEMBER 2023
(s) Employee benefits (continued)
(iii) Share-based compensation benefits (continued)
Non-market vesting conditions attached to the transactions are not taken into account in determining fair
value. Non-market vesting and service conditions are included in assumptions about the number of shares
that are expected to vest.
When share grants are forfeited due to failure by the employee to satisfy the service and/or performance
conditions, any expenses previously recognised in relation to such share grants are reversed effective on the
date of the forfeiture.
If the share grants expire or lapse, the corresponding share-based payments reserve attributable to the share
grants are transferred to retained earnings.
In the separate financial statements of the Company, the fair value of the share grants offered to employees of
the subsidiary in exchange for the services of employees to the subsidiary are treated as a capital contribution
and thus recognised as investment in subsidiary, with a corresponding credit to equity.
(iv) Separation benefits
Separation benefits are payable when employment is terminated by the Group before the normal retirement
date, or when an employee accepts voluntary redundancy in exchange for these benefits.
The Group recognises separation benefits at the earlier of the following dates: (a) when the Group can no
longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is
within the scope of MFRS 137 and involves the payment of separation benefits. In the case of an offer made to
encourage voluntary redundancy, the separation benefits are measured based on the number of employees
expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period
are discounted to present value.
(t) Income recognition
(i) Revenue from contract with customers
Telecommunications revenue
Revenue from prepaid services is recognised when services are rendered. Consideration from the sale of
prepaid sim cards and reload vouchers to customers where services have not been rendered at the reporting
date is deferred as contract liability until actual usage or when the cards, vouchers or reloaded amounts are
expired or forfeited.
Postpaid services are provided in postpaid packages which consist of a series of promised services including
voice, data, text, digital and other converged telecommunications services. As the services are separately
identifiable and the customers can benefit from each of the services on its own, each service is accounted for
as a separate performance obligation.
138
(t) Income recognition (continued)
(i) Revenue from contract with customers (continued)
Telecommunications revenue (continued)
For postpaid usage-based plans, revenue is recognised when the customers use the services and is measured
at the consideration specified in the contract.
Fixed fee postpaid service plans may include services which provide customers with limited and unlimited
usage for the respective services within the plan. For services with unlimited usage, revenue is recognised
proportionately over the fixed fee billing period based on the consideration allocated for the service. For
services with limited usage, revenue is recognised when the customer utilises their entitled usage and is
measured based on the consideration allocated for the service. Services with limited usage can be utilised
up to the end of the fixed fee period. At the end of the fixed fee period, the remaining consideration allocated
for the service which has not been utilised is recognised as revenue in full.
The consideration specified in the contract is adjusted for expected discounts and rebates for contracts which
offer discounted rates when certain volume commitments are met, to the extent that it is highly probable
that a significant reversal will not occur. Accumulated experience is used to estimate and provide for the
discounts, using the expected value method. As the amount billed to customer is higher than the transaction
price, a contract liability is recognised.
Postpaid packages are either sold separately or bundled together with the sale of a device to a customer.
Devices can also be obtained separately from other device retailers and can be used together with the
postpaid packages provided by the Group. As postpaid packages and devices are capable of being distinct
and separately identifiable, there are two performance obligations within a bundled transaction. Accordingly,
the Group allocates the transaction price based on the relative stand-alone selling prices (“RSSP”) of the
postpaid packages and device.
Stand-alone selling prices are based on observable sales prices; however, where stand-alone selling prices
are not directly observable, estimates will be made maximising the use of observable inputs.
Sale of device
Revenue from sale of device is recognised at the point in time when control of the asset is transferred to the
customer, usually on delivery and acceptance of the device.
Payment for the transaction price of the device is typically collected at the point the customer signs up for the
bundled contract, except for bundled packages that have a payment structure allowing customers to pay for
the device over a period of up to 36 months. For these arrangements, the Group discounts the transaction
price using the rate that would be reflected in a separate financing transaction between the Group and its
customers at contract inception, to take into consideration the significant financing component. The financing
component is recognised as interest revenue over the contract period and presented as part of the revenue
of the Group.
A contract asset is recognised when the Group delivers the devices before the payment is due. If the payment
happens before the delivery of the device then a contract liability is recognised. Contract assets and contract
liabilities are presented within receivables and payables respectively in the statement of financial position.
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31 DECEMBER 2023
(i) Revenue from contract with customers (continued)
Sale of device (continued)
Devices and equipment that are transferred as part of a fixed line telecommunications services bundled
package which can only be used together with the services provided by the Group, are considered as a
single performance obligation in telecommunications services revenue.
The contract for sale of devices does not give the customers a right of return nor responsibilities within the
ambit of device manufacturer’s warranty.
When another party is involved in providing devices to a customer, the Group is a principal in such
arrangements when it controls the devices before they are transferred to the customers. As the principal, the
Group recognises revenue on the gross consideration allocated to the devices with the corresponding direct
costs of satisfying the contract.
Customer loyalty programme
The Group operates a loyalty programme which may provide the customers a material right to acquire future
products and services from the Group or selected partner vendors of the Group for free or at a discount.
Where there is a material right to the customer, a portion of the consideration specified in the contract is
allocated to the material right on a RSSP basis. The consideration allocated is recognised as a contract
liability. Revenue is only recognised when the material rights such as free goods or discounts are redeemed
or expired.
(ii) Interest revenue
Interest revenue on receivables from contracts with customers with significant financing components is
recognised over the customer’s contract period using an effective interest rate reflecting the customers’
credit risk.
(iii) Contract assets
A contract asset is the right to consideration in exchange for goods or services transferred to the customer.
If the Group transfers goods or services to a customer before the customer pays consideration or before
payment is due, a contract asset is recognised for the earned consideration that is conditional. Contract
assets are presented within “Receivables, deposits and prepayments” of the statement of financial position.
(iv) Contract liabilities
Contract liability is the unsatisfied obligation by the Group to transfer goods or services to customer for which
the Group has received the consideration in advance or has billed the customer, whichever is earlier. Contract
liabilities are presented within “Payables and accruals” of the statement of financial position.
Contract liabilities are recognised as revenue when the Group performs under the contract.
140
(v) Dividend income
Dividend income is recognised when the Group’s and the Company’s right to receive payment is established.
(vi) Interest income
Interest income is recognised on a time proportion basis, taking into account the principal outstanding and
the effective interest rate over the period to maturity, when it is determined that such income will accrue to
the Group and the Company.
(u) Incremental costs incurred to acquire a contract
The direct and incremental costs of acquiring a contract including, for example, sales commissions are recognised
as contract cost assets as these are incremental costs that would not have been incurred by the Group if the
respective contracts had not been obtained. The Group expects to recover these costs in the future through
telecommunications services revenue earned from the customer. These are amortised consistently over the term
of the specific contract to which the cost relates to.
Where the costs incurred to acquire a contract are in respect of contracts with amortisation period of less than one
year, these are recognised as an expense when incurred in line with the practical expedient elected by the Group.
Amortisation of contract acquisition costs is presented within traffic, device, commissions and other direct costs
within the statement of profit or loss.
An impairment loss is recognised to profit or loss to the extent that the carrying amount of the contract cost asset
recognised exceeds the remaining amount of considerations that the Group expects to receive for the specific
contract that the cost relate to less additional costs required to complete the specific contract.
(v) Deferred income – Government grant
As a Universal Service Provider, the Group is entitled to claim certain qualified expenses from the relevant authorities
in relation to Universal Service Provider projects. The claim qualifies as a government grant and is recognised at
its fair value where there is reasonable assurance that the grant will be received and the Group will comply with all
the attached conditions.
Government grants relating to costs are recognised as income in the statement of profit or loss to match them with
the expenses they are intended to compensate in the period they are incurred.
Government grants relating to the purchase of assets are included in non-current liabilities in the statement of
financial position as deferred income and are credited to the statement of profit or loss as income on a straight-line
basis over the expected useful lives of the corresponding assets.
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31 DECEMBER 2023
(w) Contingent liabilities
The Group does not recognise a contingent liability but discloses its existence in the financial statements. A
contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the
occurrence of one or more uncertain future events beyond the control of the Group or a present obligation that is
not recognised because it is not probable that an outflow of resources will be required to settle the obligation. A
contingent liability also arises in the extremely rare circumstance where there is a liability that cannot be recognised
because it cannot be measured reliably.
(x) Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision-makers comprising the Chief Executive Officer and the Chief Financial Officer. The chief operating
decision-makers are responsible for allocating resources, assessing performance of the operating segments and
making strategic decisions.
4 CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
Estimates and judgments are continually evaluated by the Directors and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and judgments
The Group and the Company make estimates and assumptions concerning the future. The resulting accounting estimates
will, by definition, rarely equal the related actual results. To enhance the information content of the estimates, certain key
variables that are anticipated to have a material impact on the Group’s and the Company’s results and financial position
are tested for sensitivity to changes in the underlying parameters. The estimates and assumptions that have a significant
risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are
outlined below.
Critical accounting estimates and judgments – Group
(a) Impairment assessment of intangible assets - goodwill
Goodwill is not amortised but is tested annually for impairment or more frequent if events or changes in
circumstances indicate that it might be impaired. When performing an impairment testing, the carrying amount of
goodwill is allocated to the converged telecommunications services and solutions CGU. The recoverable amount
of a CGU is determined based on value-in-use calculations.
The key assumptions used in the value-in-use calculations require management’s estimates and are sensitive to
changes in compounded revenue and EBITDA (i.e. profit before finance income, finance costs, tax, depreciation,
amortisation and allowance for write down of identified network costs) annual growth rates in the projection period,
post-tax discount rate and terminal growth rate. See Note 16 to the financial statements for the key assumptions on
the impairment assessment of goodwill.
142
4 CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (CONTINUED)
Critical accounting estimates and judgments - Group (continued)
(b) Estimated useful lives and impairment assessment of property, plant and equipment and intangible assets - software
The Group reviews annually the estimated useful lives and assesses for indicators of impairment of property, plant
and equipment and software within the intangible assets based on factors such as business plans and strategies,
historical sector and industry trends, general market and economic conditions, regulatory landscape, expected
level of usage, future technological developments and other available information. It is possible that future results
of operations could be materially affected by changes in these estimates brought about by changes in the factors
mentioned. Any impairment or reduction in the estimated useful lives would increase charges to the statement of
profit or loss and decrease their carrying value. See Note 15 and 16 to the financial statements for the impact of the
changes in the estimated useful lives of property, plant and equipment and intangible assets.
(c) Provisions for liabilities and charges
The Group recognises provisions for liabilities and charges when it has a present legal or constructive obligation
arising as a result of a past event, and it is probable that an outflow of economic benefits will be required to
settle the obligation and a reliable estimate can be made. The recording of provision requires the application of
judgments about the ultimate resolution of these obligations. As a result, provisions are reviewed at each reporting
date and adjusted to reflect the Group’s current best estimate. See Note 27 to the financial statements for the
impact on changes in estimates.
(d) Revenue recognition for contracts with customers
Identification of performance obligation
Certain contracts with customers are bundled packages that may include sale of products and telecommunications
services that comprise voice, data and other converged telecommunications and solutions services. The Group
accounts for individual products and services separately as separate performance obligations if they are distinct
promised goods and services, i.e. if a product or service is separately identifiable from other items in the bundled
package and if a customer can benefit from it separately. The Group exercises judgments to identify if products and
services within the bundled package are distinct as a separate promised products and services. This determination
will affect the allocation of consideration specified in the contract and the revenue recognised for each performance
obligation.
Principal versus agent
The Group is a principal for sale of devices as the Group controls the device before it is transferred to the customer.
In making such an assessment, the Group takes into consideration both the legal form of the contract with its
customer and supplier. Revenue from sale of device is recognised on a gross basis and payment to the supplier for
device cost is recorded as a direct cost.
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31 DECEMBER 2023
(d) Revenue recognition for contracts with customers (continued)
Determining stand-alone selling price (“SSP”)
The Group has assessed that there are two performance obligations for bundled contracts where the Group needs
to allocate the transaction price between the postpaid service and device based on their relative SSP.
SSP for postpaid packages and devices are based on observable sales prices; however, where certain SSP are not
directly observable, estimates will be made maximising the use of observable inputs.
The estimation of SSP is a significant estimate as it will directly determine the amount of revenue to be recognised
up front (sale of device) and amount of revenue to be recognised over time (telecommunications revenue). For
example, a lower SSP for device will result in a lower amount of revenue recognised upfront and higher amount of
revenue recognised over the contract period.
(e) Income taxes
Significant estimation is involved in determining the Group’s provision for income taxes as there are certain
transactions and computations for which the final tax determination is uncertain at the reporting date. The Group
applies consistent tax treatment on such transactions and computations when determining the Group’s provision
for income taxes for all years of assessment.
Where the final tax outcome of these matters is different from the amounts that were initially recognised, such
differences will impact the income tax and deferred tax provisions in the period in which such determination is
made.
(f) Determining the lease term where the Group acts as a lessee
In determining the lease term and assessing the length of the non-cancellable period of a lease, the Group applies
the definition of a contract and determines the period for which the contract is enforceable. However, for leases
of certain telecommunications network sites, the contract contains an exit clause that is exercisable by both the
lessee and lessor with a short notification period. For such contracts, the Group considers whether the lessee and
lessor each has the right to terminate the lease without the permission from the other party with no more than an
insignificant penalty, in determining the lease term. In determining a penalty, the Group assesses monetary and
non-monetary considerations which include amongst others, network cell site relocation effort.
The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this
assessment and that is within the control of the lessee.
The determination of the lease term is a significant judgment as it will directly affect the recognition of a lease as
a short term lease or a right-of-use asset with a corresponding lease liability. For example, a short term lease is
recognised as an expense in the profit or loss throughout the lease term while a lease recognised as a right-of-use
asset is capitalised and depreciated on a straight line basis over the lease term with a corresponding lease liability
measured at the present value of the lease payments.
144
(g) Provision for expected credit losses of trade receivables and contract assets
The Group applies a simplified approach in calculating ECLs for trade receivables, finance lease receivables and
contract assets. To measure the expected loss rates, trade receivables and contract assets have been grouped
based on shared credit risk characteristics and the days past due. These historical loss rates are adjusted to
reflect forward-looking information on macroeconomic factors affecting the ability of the customers to settle the
receivables such as unemployment rate, interest rate and economic outlook. At every reporting date, the historical
observed default rates are updated and changes in the forward-looking estimates are analysed.
The Group estimates the relationship between historical loss rates and forward-looking information on
macroeconomic factors and ECL which may not be representative of a customer’s actual default in the future.
Critical accounting estimates and judgments - Company
(a) Investments in subsidiaries
The Company will assess at the end of each reporting period whether there is any indication that the investment
in subsidiaries may be impaired. If any such indication exists, the Company will perform an impairment assessment
on the carrying amount of its investment against its recoverable amount.
The key assumptions used in determining the recoverable amount require management’s estimates and are
sensitive to changes in compounded revenue and EBITDA annual growth rates in the projection period, post-tax
discount rate and terminal growth rate. See Note 18 to the financial statements for the key assumptions on the
impairment assessment of the investments in subsidiaries.
5 SEGMENT REPORTING
Segment reporting is not presented as the Group is primarily engaged in providing converged telecommunications
services and solutions in Malaysia, whereby the measurement of profit or loss including EBIT (i.e. profit before finance
income, finance costs and tax expenses) that is used by the chief operating decision-makers is on a Group basis.
The Group’s operations are mainly in Malaysia. In determining the geographical segments of the Group, revenues are
based on the country in which the customer or international operator is located. Non-current assets by geographical
segments are not disclosed as all operations of the Group are based in Malaysia.
Group
2023 2022
Malaysia 9,995 9,536

Other countries(1) 185 253
Total revenue 10,180 9,789
EBIT 1,890 2,209
Note:
(1)
Represents revenue from roaming and hubbing business.
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31 DECEMBER 2023
6 REVENUE
Group Company
2023 2022 2023 2022
Note RM’million RM’million RM’million RM’million
Revenue comprises the following:
Revenue from contracts with customers (a) 9,986 9,661 - -

Interest revenue (b) 139 73 - -
Lease income (c) 55 55 - -
Dividend income from subsidiaries - - 1,332 1,547
10,180 9,789 1,332 1,547
(a) Revenue from contracts with customers
Group
2023 2022
(i) Disaggregation of revenue from contracts with customers:

- Telecommunications services and solutions
- postpaid 4,463 4,249
- prepaid 2,619 2,693
- others 1,296 1,266
8,378 8,208
- Sale of devices 1,608 1,453
9,986 9,661
(ii) Timing of revenue recognition:

- at a point in time 2,753 2,691
- over time 7,233 6,970
9,986 9,661
(b) Interest revenue
The Group offers devices in bundled contracts that allow customers to pay for the devices over a period of up to
36 months (2022: up to 36 months). The interest revenue represents the significant financing component of such
contracts.
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6 REVENUE (CONTINUED)
(c) Lease income
The Group, as a lessor, leases certain network telecommunications sites under operating leases. The leases have
lease term ranges from 3 months to 3 years (2022: 3 months to 3 years).
The future minimum rentals receivable under non-cancellable operating leases are as follows:
Group
2023 2022
Within one year 29 24

Later than one year but not later than five years 18 14
47 38
(d) Unsatisfied performance obligations
The revenue expected to be recognised in the following financial years in relation to performance obligations that
are unsatisfied as at the reporting date is as follows:
Group
2023 2022
Telecommunications services 1,918 1,806
Management expects that all of the transaction price allocated to the unsatisfied performance obligations as at the
end of the financial year will be recognised as revenue within the next 36 months (2022: 36 months).
7 STAFF AND RESOURCE COSTS
The staff and resource costs incurred by the Group net of capitalisation in property, plant and equipment and intangible
assets during the financial year comprise:
Group
2023 2022
Salaries and bonuses 647 612

Defined contribution plan 90 87
Other employee benefits 152 82
Share-based payment (reversal)/expense (9) 32
880 813
Included in other employee benefits are separation benefit expenses incurred as part of the staff and resource cost
optimisation exercise.
147

31 DECEMBER 2023
8 REMUNERATION OF DIRECTORS AND KEY MANAGEMENT PERSONNEL
(a) Directors’ remuneration
The aggregate amount of emoluments received/receivable by Directors of the Company during the financial year
is as follows:
Group Company
2023 2022 2023 2022
Fees 4 4 4 4
Estimated monetary value of benefits-in-
kind * - * -
Total Directors’ remuneration 4 4 4 4
(b) Key management personnel remuneration
Key management personnel comprise persons including Directors of the Company, having authority and
responsibility for planning, directing and controlling the activities of the Group entities either directly or indirectly.
The aggregate amount of emoluments received/receivable by key management personnel excluding Directors of
the Company during the financial year is as follows:
Group
2023 2022
Salaries and other short-term employee benefits 25 41

Defined contribution plan 3 2
Share-based payments * 17
Estimated monetary value of benefits-in-kind * *
28 60
Total key management personnel remuneration of the Group and of the Company for the financial year is RM32
million (2022: RM64 million) and RM4 million (2022: RM4 million) respectively.
148
9 DEPRECIATION AND AMORTISATION
Group
2023 2022
Note RM’million RM’million
Depreciation of:
- property, plant and equipment 15 1,187 1,065
- right-of-use assets 17 338 344
Amortisation of intangible assets 16 378 312
1,903 1,721
10 FINANCE INCOME AND COSTS
Group Company
2023 2022 2023 2022
(a) Finance income
Interest income on:

- deposits with licensed banks 27 30 1 1
- loans due from a subsidiary - - 22 15
27 30 23 16
(b) Finance costs
Accretion of site rectification and

decommissioning works costs and
changes in costs estimate
on provision (net) 27 15 14 - -
Interest expense on:
- borrowings 331 306 - -
- supplier financing 28(a) 38 19 - -
- lease liabilities 17 84 85 - -
Net fair value loss on interest rate swap
(“IRS”):
- cash flow hedge, reclassified from
equity 32(c) - 8 - -
Others 5 5 * *
473 437 * *
149

31 DECEMBER 2023
11 PROFIT OR LOSS ITEMS
This note provides a breakdown of items charged/(credited):
Group Company
2023 2022 2023 2022
Note (Restated)
Impairment of receivables and deposits 33(b) 178 156 - -

Amortisation of:
- contract cost assets 21(d) 200 207 - -
- intangible assets 16 378 312 - -
- deferred income 29 (157) (150) - -
Bad debts recovered (49) (48) - -
Commissions and incentives 372 363 - -
Depreciation of:
- property, plant and equipment 15 1,187 1,065 - -
- right-of-use assets 17 338 344 - -
Device expenses 1,945 1,702 - -
Fair value (gains)/losses on forward
foreign exchange contracts
- realised (5) (12) - -
- unrealised (1) 1 - -
Government grant relating to costs (61) (99) - -
Inter-operator traffic expenses 304 429 - -
Licences and Universal Service
Provision (“USP”) contributions under
the Communications and Multimedia
Act, 1998 and subsidiary legislation 389 377 - -
Losses/(gains) on foreign exchange
differences:
- realised 4 7 * *
- unrealised 2 (2) - -
Management fees charged by a
subsidiary - - 3 4
150
11 PROFIT OR LOSS ITEMS (CONTINUED)
This note provides a breakdown of items charged/(credited): (continued)
Group Company
2023 2022 2023 2022
Note (Restated)
Property, plant and equipment:

- gain on disposal (1) (*) - -
- net reversal of impairment 15 (4) (7) - -
- write-offs 15 144 17 - -
Intangible assets write-off 16 27 - - -
(Write-back of)/provision for (net):
- site rectification and decommissioning
works 27 (5) (7) - -
- staff incentive scheme (included in
staff and resource costs) 27 131 133 - -
Rental of: 17
- equipment 26 18 - -
- land and buildings 9 (2) - -
- network cell sites 57 55 - -
Termination of lease contracts (1) (12) - -
Impairment of goodwill 2 - - -
Impairment of investment in subsidiaries - - 18 -
2023 2022 2023 2022

RM RM RM RM
Auditors’ remuneration:
- fees for statutory audits:
- auditors of the Group 1,133,500 926,500 40,000 40,000
- others 17,500 16,000 - -
- fees for audit related services:
- auditors of the Group(1) 185,000 621,400 - 374,000
- fees for other services:
- member firms of PwC Malaysia(2) 1,061,000 1,658,818 12,500 16,000
Notes:
(1)
Fees incurred in connection with performance of quarter reviews, agreed-upon procedures and regulatory
compliance reporting paid or payable to PricewaterhouseCoopers PLT (LLP0014401–LCA & AF 1146) (“PwC
Malaysia”), auditors of the Group and of the Company.
(2)
Fees incurred in connection with tax compliance services, due diligence and advisory services paid or payable to
member firms of PwC Malaysia.
151

31 DECEMBER 2023
12 TAX EXPENSES
Group Company
2023 2022 2023 2022
Note (Restated)
Current tax:
- current year 633 559 6 4
- under/(over) provision in prior years (i) 56 (2) * *
689 557 6 4
Deferred tax:
- origination and reversal of temporary
differences (253) 94 - -
- recognition and reversal of prior
years’ temporary differences 16 (*) - -
23 (237) 94 - -
Tax expenses 452 651 6 4
Note (i)
Maxis Broadband Sdn Bhd (“MBSB”), a wholly owned subsidiary of the Company, was served with the following notices
of additional assessments with penalties (the “Assessments”) by Inland Revenue Board (“IRB”):
(i) Notice of additional assessment issued in November 2019 disallowed MBSB from its entitlement to incremental
chargeable income exemption (“ICI Notice”) for Year of Assessment 2017; and
(ii) Notices of additional assessment issued in November 2020, March 2021, February 2022 and April 2023, disallowed
MBSB’s deduction of interest expenses incurred for the Years of Assessment 2016 and 2017, 2018 and 2019, 2020
and 2021 respectively.
The Assessments (excluding notice issued in April 2023) were disclosed as contingent liabilities in the previous financial
year. On 29 December 2023, IRB and MBSB agreed to global settlement terms for the Assessments. Pursuant thereto,
MBSB recognised and paid additional tax of RM73 million as full and final settlement of the Assessments. A settlement
agreement is subsequently signed in accordance with the Income Tax Act 1967 on 14 February 2024.
152
12 TAX EXPENSES (CONTINUED)
The Malaysian Budget 2022 introduced a one-off increase in the corporate tax rate to 33% on chargeable income
that exceeds RM100 million for year of assessment 2022. In previous year, the computation of deferred tax assets and
liabilities had been adjusted to reflect such change.
The explanation of the relationship between the tax expenses and profit before tax is as follows:
Group Company
2023 2022 2023 2022
% % % %
(Restated)
Numerical reconciliation between the Malaysian

tax rate and average effective tax rate
Malaysian tax rate 24 33 24 24
Tax effects of:

- expenses not deductible for tax
purposes 2 3 1 1
- recognition and reversal of prior years’
temporary difference 1 - - -
- under/(over) provision of prior year tax 4 (*) * *
- income not subject to tax - - (24) (24)
Average effective tax rate 31 36 1 1
* Less than 1%.
13 EARNINGS PER SHARE
(a) Basic earnings per share
Group
2023 2022
(Restated)
Profit attributable to the equity holders of the Company (RM’million) 993 1,152
Weighted average number of issued ordinary shares (’million) 7,831 7,828
Basic earnings per share (sen) 12.7 14.7
153

31 DECEMBER 2023
13 EARNINGS PER SHARE (CONTINUED)
(b) Diluted earnings per share
For the diluted earnings per share calculation, the weighted average number of ordinary shares in issuance of
the Company is adjusted to assume full conversion of all dilutive potential ordinary shares to be issued by the
Company.
Share grants are treated as contingently issuable shares because their issuance is contingent upon satisfying
specified vesting conditions comprising, amongst others, performance targets and/or conditions, as disclosed in
Note 31(a) to the financial statements, in addition to the passage of time. They are excluded from the computation
of diluted earnings per share where the vesting conditions would not have been satisfied as at the end of the
financial year.
Group
2023 2022
(Restated)
Profit attributable to the equity holders of the Company (RM’million) 993 1,152
Weighted average number of issued ordinary shares (’million) 7,831 7,828
Adjustment for LTIP (’million) 2 4
Adjusted weighted average number of ordinary shares for diluted earnings
per share (’million) 7,833 7,832
Diluted earnings per share (sen) 12.7 14.7
14 DIVIDENDS
Company
2023 2022
Sen RM’million Sen RM’million
Single-tier tax-exempt ordinary dividends

- In respect of previous financial year
- fourth interim
(2022: fourth and special interim) 5.0 392 5.0 391
- In respect of current financial year

- first interim 4.0 313 5.0 391
- second interim 4.0 313 5.0 392
- third interim 4.0 313 5.0 392
17.0 1,331 20.0 1,566
Subsequent to the financial year, on 22 February 2024, the Directors declared a fourth interim single-tier tax-exempt
dividend of 4.0 sen per ordinary share in respect of the financial year ended 31 December 2023 which will be paid on
21 March 2024.
The Directors do not recommend the payment of any final dividend in respect of the financial year ended 31 December
2023.
154
15 PROPERTY, PLANT AND EQUIPMENT
Office
Telecom- furniture, Capital
Freehold munications Motor fittings and work-in- Capital
land Buildings equipment vehicles equipment progress inventories Total
Group Note RM’million RM’million RM’million RM’million RM’million RM’million RM’million RM’million
2023
Net book value
At 1 January 11 50 4,594 3 285 650 46 5,639
Additions - - - 1 4 913 162 1,080
Changes in cost
estimates 27 - - (6) - - - - (6)
Depreciation 9 - (2) (1,047) (1) (137) - - (1,187)
Reversal of impairment 11 - - - - - - 4 4
Transfers - - 1,142 - 84 (1,072) (154) -
Reclassification to
intangible assets 16 - - - - (2) - - (2)
Disposal - - - * - - * *
Write-offs 11 - - (132) - (12) - - (144)
At 31 December 11 48 4,551 3 222 491 58 5,384
At 31 December 2023
Cost 11 75 12,581 20 1,775 491 63 15,016
Accumulated
depreciation - (27) (8,030) (17) (1,553) - - (9,627)
Accumulated
impairment - - - - - - (5) (5)
Net book value 11 48 4,551 3 222 491 58 5,384
155

31 DECEMBER 2023
15 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Office
Telecom- furniture, Capital
Freehold munications Motor fittings and work-in- Capital
land Buildings equipment vehicles equipment progress inventories Total
2022
Net book value
At 1 January 11 52 4,211 3 220 594 102 5,193
Additions (1)
- - 2 1 5 1,394 119 1,521
Changes in cost
estimates 27 - - 7 - - - - 7
Depreciation 9 - (2) (923) (1) (139) - - (1,065)
Reversal of impairment 11 - - - - - - 7 7
Transfers - - 1,317 - 203 (1,338) (182) -
Reclassification to
intangible assets 16 - - (7) - - - - (7)
Write-offs 11 - - (13) - (4) - - (17)
At 31 December 11 50 4,594 3 285 650 46 5,639
At 31 December 2022
Cost 11 75 12,032 23 1,731 650 55 14,577
Accumulated
depreciation - (25) (7,438) (20) (1,446) - - (8,929)
Accumulated
impairment - - - - - - (9) (9)
Net book value 11 50 4,594 3 285 650 46 5,639
(1)
Includes RM2 million assets acquired through acquisition of subsidiaries in the previous financial year as disclosed
in Note 38 to the financial statements.
In the current financial year, the Group revised the useful lives of certain telecommunications equipment from 9 years to
7 years. The revision was accounted for as a change in accounting estimate and as a result, the depreciation charge for
the financial year had increased by RM121 million.
156
16 INTANGIBLE ASSETS
Telecom- Other
munications Spectrum spectrum Customer Software
Goodwill licences rights rights relationships Software development Total
2023
Net book value
At 1 January 9,687 * 1,218 94 8 474 26 11,507
Additions/
(remeasurement) - - - (3) - - 94 91
Transfers - - - - - 91 (91) -
Reclassification from
property, plant and
equipment 15 - - - - - 2 - 2
Impairment (2) - - - - - - (2)
Amortisation charge 9 - - (119) (57) (5) (197) - (378)
Write-offs 11 - - - - - (27) - (27)
At 31 December 9,685 * 1,099 34 3 343 29 11,193
At 31 December
Cost 9,687 * 1,396 120 15 786 29 12,033
Accumulated
amortisation - - (297) (86) (12) (443) - (838)
Accumulated
impairment (2) - - - - - - (2)
Net book value 9,685 * 1,099 34 3 343 29 11,193
157

31 DECEMBER 2023
16 INTANGIBLE ASSETS (CONTINUED)
Telecom- Other
munications Spectrum spectrum Customer Software
Goodwill licences rights rights relationships Software development Total
2022
Net book value
At 1 January 9,581 * 1,337 - - 527 29 11,474
Acquisitions of
subsidiaries 106 - - - 15 - - 121
Additions - - - 137 - - 80 217
Transfers - - - - - 83 (83) -
Reclassification from
property, plant and
equipment 15 - - - - - 7 - 7
Amortisation charge 9 - - (119) (43) (7) (143) - (312)
At 31 December 9,687 * 1,218 94 8 474 26 11,507
At 31 December
Cost 9,687 * 1,396 137 15 803 26 12,064
Accumulated
amortisation - - (178) (43) (7) (329) - (557)
Net book value 9,687 * 1,218 94 8 474 26 11,507
(a) Goodwill
Included in the carrying value of goodwill are:
(i) RM9,530 million (2022: RM9,530 million) that arose from the Company’s acquisition of the entire issued and
paid-up share capital of the subsidiaries previously held by Maxis Communication Berhad (“MCB”) pursuant to
a restructuring exercise completed in financial year 2009 to consolidate the telecommunications operations
in Malaysia under the Company (“Pre-Listing Restructuring”); and
(ii) RM155 million (2022: RM155 million) that arose from the acquisition of other businesses. These businesses
provide synergy to the Group’s existing business.
158
16 INTANGIBLE ASSETS (CONTINUED)
(b) Spectrum rights
Spectrum rights consist of rights to spectrum bands previously acquired during the Pre-Listing Restructuring
exercise in financial year 2009 and it includes the frequency band of 900MHz and 2100MHz. As disclosed in Note
21(c) to the financial statements, these spectrums were reissued to the Group in the form of Spectrum Assignment
(“SA”) with some upfront price component fees for which the Group has paid in full (“SA fee paid”).
In the current financial year, the Group:
(i) revised the useful lives of certain software assets ranging from 5 to 8 years to remaining useful lives ranging from
2.5 to 3 years. The revision was accounted for as a change in accounting estimate and as a result, the amortisation
charge for the financial year has increased by RM47 million.
(ii) recognised impairment on goodwill of RM2 million as the carrying amount of goodwill relating to a subsidiary
exceeds its recoverable amount.
In the previous financial year, the Group revised the useful lives of certain software assets from 36 months to 30 months.
The revision was accounted for as a change in accounting estimate and as a result, the amortisation charge increased
by RM12 million.
Impairment testing for CGU containing goodwill and telecommunications licences
For the purpose of impairment testing, the carrying amounts of goodwill and telecommunications licences are allocated
to the converged telecommunications services and solutions CGU. The recoverable amount of a CGU is determined
based on value-in-use calculations. These calculations use pre-tax cash flow projections based on internally approved
financial budgets covering a five-year (2022: five-year) period.
The key assumptions used in the value-in-use calculations are as follows:
(a) compounded revenue and EBITDA annual growth rates of 3.9% and 4.0% (2022: 5.7% and 1.0%) respectively and
capital expenditure for five years financial budget period which reflect management’s expectations based on past
experience and estimated 5G single wholesale network (“SWN”) costs, current regulatory landscape and future
expectations of business performance;
(b) post-tax discount rate of 8.3% (2022: 8.8%). In accordance with the requirements of MFRS 136 “Impairment of
Assets”, this translates into a pre-tax discount rate of 12.7% (2022: 12.5%). The discount rates used reflect specific
risks relating to the converged telecommunications services and solutions CGU; and
(c) terminal growth rate of 2.5% (2022: 2.7%) represents the growth rate applied to extrapolate pre-tax cash flow
beyond the five (2022: five) year financial budget period. This growth rate is based on management’s assessment
of future trends in the mobile telecommunications industry, the operating and regulatory landscape under SWN,
new growth opportunities in fixed broadband and enterprise business, using both external and internal sources.
Based on the sensitivity analysis performed, the Directors have concluded that any variation of 10% (2022: 10%) in the
base case assumptions would not cause the carrying amount of the CGU to exceed its recoverable amount.
159

31 DECEMBER 2023
17 RIGHT-OF-USE (“ROU”) ASSETS
(i) Amounts recognised in the statement of financial position
Offices and
Land and customer
network service
infrastructure centers Total
Group Note RM’million RM’million RM’million
2023
At 1 January 1,758 129 1,887
Additions 303 27 330
Terminations (71) - (71)
Depreciation 9 (292) (46) (338)
Remeasurement (1)
13 5 18
At 31 December 1,711 115 1,826
2022
At 1 January 1,745 109 1,854
Additions 381 43 424
Terminations (103) (1) (104)
Depreciation 9 (293) (51) (344)
Remeasurement (1)
28 29 57
At 31 December 1,758 129 1,887
Note:
(1)
Remeasurement due to revision in lease term and lease payments.
(ii) Amounts recognised in the statement of profit or loss
Group
2023 2022
Interest expense on lease liabilities 10(b) 84 85

Rental expenses relating to short-term leases 11 92 71
176 156
160
17 RIGHT-OF-USE (“ROU”) ASSETS (CONTINUED)
(iii) Amounts recognised in the statement of cash flows
Group
2023 2022
Payments of finance costs 84 85

Repayment of lease liabilities 322 320
Total cash outflows for leases 406 405
18 INTERESTS IN SUBSIDIARIES
Company
2023 2022
Non-current asset:
- investments in subsidiaries (a) 25,106 25,138
Current asset:
- loans due from a subsidiary (b) 343 309
Current liability:
- amount due to a subsidiary (c) * *
25,449 25,447
(a) Investments in subsidiaries
Company
2023 2022
Unquoted shares, at carrying value

At 1 January 25,097 25,094
Subscriptions of:
- ordinary shares - 7
- non cumulative convertible redeemable preference shares (“NCCRPS”) - 319
Recovery of cost of investment through dividend income - (65)
Capital repayment by a subsidiary - (258)
Impairment of investment in subsidiaries (18) -
25,079 25,097
Fair value of share grants, over the Company’s equity instruments for
employees of subsidiaries, net of shares issued 27 41
At 31 December 25,106 25,138
161

31 DECEMBER 2023
18 INTERESTS IN SUBSIDIARIES (CONTINUED)
(a) Investments in subsidiaries (continued)
During the current financial year, the net asset of certain subsidiaries were lower than the carrying amount of the
investments. Thus, the Company has carried out the following:
i) investment in a subsidiary is tested for impairment whereby the recoverable amount was determined based
on value-in-use calculations as disclosed in Note 16 to the financial statements, adjusted for the financing
cash flows forecast of the subsidiary. No impairment charge was recognised as the recoverable amount
exceeded its carrying amount. Based on the sensitivity analysis performed, the Directors have concluded that
any variation of 7.8% (2022: 4%) in the base case assumptions would not cause the carrying amount of the
investment to exceed its recoverable amount.
ii) investments in other two subsidiaries were tested for impairment and the Company recognised impairment
losses of RM18 million on the investments as the carrying amount of the investment exceeded the recoverable
amount.
In the previous financial year, dividends totaling to RM65 million that were received from the Company’s wholly
owned subsidiary, Maxis Mobile Services Sdn Bhd (“MMSSB”) were recognised as return of capital thereby reducing
the costs of investments. Additionally, the Company received RM258 million from MMSSB arising from its capital
reduction exercise.
Information on the subsidiaries is as follows:
Country of Proportion of ownership

incorporation interests held by the
and place of Group
Name business Principal activities 2023 2022
Advanced Wireless Malaysia Investment holding. 100% 100%

Technologies Sdn. Bhd.
(“AWTSB”) (Registration No.
200001014945 (517551-U))
Maxis Broadband Sdn. Bhd. Malaysia Provider of a full suite of converged 100% 100%
(“MBSB”) (Registration No. telecommunications, digital and
199201002549 (234053-D)) related services and solutions,
and corporate support and
services functions to its related
parties.
Maxis Collections Sdn. Malaysia Dormant. 100% 100%

Bhd. (Registration No.
199601010926 (383275-M))
Maxis International Sdn. Malaysia Provision of telecommunications 100% 100%

Bhd. (Registration No. services.
199201008568 (240071-T))
162
(a) Investments in subsidiaries (continued)
Information on the subsidiaries is as follows: (continued)
Country of Proportion of ownership

incorporation interests held by the
and place of Group
Name business Principal activities 2023 2022
Maxis Mobile Sdn. Bhd. Malaysia Operator of mobile 100% 100%

(“MMSB”) (Registration No. telecommunications services for
199101019555 (229892-M)) special niche projects such as USP.
Maxis Mobile Services Sdn. Bhd. Malaysia Provision of mobile 100% 100%
(“MMSSB”) (Registration No. telecommunications services for
198101007199 (73315-V)) special niche projects such as USP.
Subsidiaries of AWTSB
UMTS (Malaysia) Sdn. Malaysia Dormant. 100% 100%
Bhd. (Registration No.
200001017815 (520422-D))
ComeBy Sdn. Bhd. Malaysia Providing hardware and software 56% 56%
(“CSB”) (Registration No. solutions for retailers.
202201005948 (1451645-D))(1)(2)
Gurulab Sdn. Bhd. (“GSB”) Malaysia Development of technology platforms 59% 59%
(Registration No. 202101027625 to aid online learning and provision
(1427925-U))(1)(2) of educational services.
Subsidiary of MMSB
Maxis Mobile (L) Ltd (LL-01709) Malaysia Fully wound up on 15 June 2023. - 100%
Subsidiary of MBSB
Enterprise Managed Services Malaysia Provision of managed network 100% 100%
Sdn. Bhd. (Registration No. services and other network
200001010593 (513199-T)) services.
Notes:
(1)
These entities are audited by firms other than member firms of PwC Malaysia.
(2)
In the previous financial year, the Group acquired 56% and 59% ownership in CSB and GSB respectively,
giving rise to non-controlling interests of 44% and 41% respectively.
(b) Loans due from a subsidiary – Interest bearing
At the end of the financial year, the loans due from a subsidiary are unsecured, carry interest of 4.48% to 4.50%
(2022: 4.33%) per annum and maturity date of 19 March 2024 (2022: 29 March 2023).
Management has assessed the loans due from a subsidiary on an individual basis for ECL measurement and the
identified impairment loss as at reporting date was immaterial.
163

31 DECEMBER 2023
(c) Amount due to a subsidiary - Non-interest bearing
The amount due to subsidiary was unsecured and with 30 days credit period (2022: 30 days).
19 FINANCIAL INSTRUMENTS BY CATEGORY
Group Company
2023 2022 2023 2022
Financial assets:
Loans due from a subsidiary 18 - - 343 309
Receivables and deposits 2,273 2,152 * *
Amounts due from related parties 25 15 9 - -
Deposits, cash and bank balances 26 569 628 15 32
Financial assets at amortised costs 2,857 2,789 358 341
Financial assets at FVOCI 20 4 4 4 4
Derivative financial instruments 22 - * - -
Financial liabilities:
Payables and accruals 3,425 3,750 1 1
Amount due to a subsidiary 18 - - * *
Amounts due to related parties 25 11 32 - -
Borrowings 30 9,772 9,865 - -
Financial liabilities at amortised costs 13,208 13,647 1 1
Other payables and accruals 25 20 - -

Derivative financial instruments 22 3 6 - -
Financial liabilities at fair value through
profit or loss 28 26 - -
20 FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
Group and Company

2023 2022
Unquoted shares 4 4
The Group and the Company have 10% interests in Bridge Mobile Pte. Ltd. (“Bridge Mobile”). Bridge Mobile manages a
mobile alliance of various operators and coordinates its activities amongst its shareholders, other mobile operators in
the Asia Pacific region and technology vendors.
164
21 RECEIVABLES, DEPOSITS AND PREPAYMENTS
Group Company
2023 2022 2023 2022
Non-current
Trade receivables (a) 449 337 - -
Deposits 187 164 - -
Finance lease receivables * 1 - -
Contract assets (b) 83 47 - -
Prepayments (c) 477 541 - -
Contract cost assets, net of amortisation (d) 154 141 - -
1,350 1,231 - -
Impairment: 33(b)
- trade receivables (13) (3) - -
- finance lease receivables (*) (*) - -
- contract assets (4) (2) - -
(17) (5) - -
1,333 1,226 - -
Current
Trade receivables (a) 1,544 1,225 - -
Other receivables 319 530 5 5
Deposits 88 83 * *
Finance lease receivables * * - -
Contract assets (b) 220 193 - -
Prepayments (c) 402 139 * *
Contract cost assets, net of amortisation (d) 174 157 - -
2,747 2,327 5 5
Impairment: 33(b)
- trade receivables (263) (145) - -
- other receivables (3) (*) - -
- deposits (35) (40) - -
- finance lease receivables (*) (*) - -
- contract assets (11) (6) - -
(312) (191) - -
2,435 2,136 5 5
3,768 3,362 5 5
165

31 DECEMBER 2023
21 RECEIVABLES, DEPOSITS AND PREPAYMENTS (CONTINUED)
(a) Trade receivables
Gross trade receivables include receivables on deferred payment terms amounting to RM1,011 million (2022:
RM788 million), which allow eligible customers to pay for the devices in bundled contracts over a period of up to
36 months. Other than that, the Group’s credit policy provides trade receivables with credit periods of up to 120
days (2022: up to 120 days).
Part of trade receivables are secured by customers’ deposits and bank guarantees of RM34 million (2022: RM25
million) and RM16 million (2022: RM15 million) respectively.
Information about the impairment of trade receivables and the Group’s exposure to credit risk is disclosed in Note
33(b) to the financial statements.
(b) Contract assets
Group
2023 2022
At 1 January 240 274

Transfer to receivables (645) (638)
Additions due to revenue recognised during the year 708 604
Net increase/(decrease) during the year 63 (34)
303 240
Less: Impairment (15) (8)
At 31 December 288 232
(c) Prepayments
The Group’s prepayments include:
(i) SA fee paid for 900 MHz, 1800 MHz and 2100 MHz SA which are amortised over their underlying SA periods
between 15 to 16 years (2022: 15 to 16 years); and
(ii) amount paid for 5G products and services to be delivered by Digital Nasional Berhad (“DNB”) pursuant to the
Access Agreement as disclosed in Note 39 to the financial statements.
(d) Contract cost assets
Group
2023 2022

Capitalisation 230 225
Amortisation charge 11 (200) (207)
166
22 DERIVATIVE FINANCIAL INSTRUMENTS
Group
2023 2022
Current assets
Forward foreign exchange contracts:
Derivatives designated in hedging relationship
- cash flow hedge on forecast transactions - *
Derivatives not designated in hedging relationship - *
- *
Current liabilities
Derivatives designated in hedging relationship
- cash flow hedge on forecast transactions (3) (5)
Derivatives not designated in hedging relationship * (1)
(3) (6)
The Group has entered into forward foreign exchange contracts to hedge against USD/RM, SGD/RM and HKD/RM
exchange rate fluctuations on certain payable balances and forecast transactions. The details of the open forward
foreign exchange contracts are set out below:
Contract value in
foreign currency Notional Value Predetermined
Group ’million (RM’million) exchange rates
2023
USD/RM 35 165 RM4.59 to RM4.74/USD
2022
USD/RM 41 183 RM4.40 to RM4.68/USD
SGD/RM 6 19 RM3.21 to RM3.35/SGD
HKD/RM 47 27 RM0.57 to RM0.60/HKD
23 DEFERRED TAXATION
The following amounts, determined after appropriate offsetting, are shown in the statements of financial position:
Group
31.12.2023 31.12.2022 1.1.2022
RM’million RM’million RM’million
(Restated) (Restated)
Deferred tax assets * 1 *

Deferred tax liabilities (658) (896) (798)
(658) (895) (798)
167

31 DECEMBER 2023
23 DEFERRED TAXATION (CONTINUED)
The movements in deferred tax assets/(liabilities) during the financial year comprise the following:
Payables,
Property, Contract accruals Right-
plant and Intangible cost Contract and Lease of-use
equipment assets Receivables assets liabilities provisions liabilities asset Others Total
Group Note RM’million RM’million RM’million RM’million RM’million RM’million RM’million RM’million RM’million RM’million
At 31 December 2022, as
previously reported (881) (299) (63) (71) 102 212 489 (453) (20) (984)
Restatement of
comparatives 36 - - - - - 89 - - - 89
Restated at 1 January 2023 (881) (299) (63) (71) 102 301 489 (453) (20) (895)
(Charged)/credited to
statement of profit or
loss:
- origination and
reversal of temporary
differences 12 194 (46) (15) (9) 9 92 (16) 15 13 237
At 31 December 2023 (687) (345) (78) (80) 111 393 473 (438) (7) (658)
At 1 January 2022, as
previously reported (732) (393) (98) (80) 145 234 509 (469) (24) (908)
Restatement of
comparatives 36 - - - - - 110 - - - 110
Restated at 1 January 2022 (732) (393) (98) (80) 145 344 509 (469) (24) (798)
Acquisition of subsidiaries - (3) - - - - - - * (3)
(Charged)/credited to
statement of profit or
loss:
- origination and
reversal of temporary
differences 12 (149) 97 35 9 (43) (43) (20) 16 4 (94)
At 31 December 2022 (881) (299) (63) (71) 102 301 489 (453) (20) (895)
168
23 DEFERRED TAXATION (CONTINUED)
Group
31.12.2023 31.12.2022 1.1.2022
RM’million RM’million RM’million
Deferred tax assets (before offsetting):

- lease liabilities 473 489 509
- payables, accruals and provisions 393 301 344
- contract liabilities 111 102 145
977 892 998
Offsetting (977) (891) (998)
Deferred tax assets (after offsetting) * 1 *
Deferred tax liabilities (before offsetting):

- right-of-use asset (438) (453) (469)
- property, plant and equipment (687) (881) (732)
- intangible assets (345) (299) (393)
- receivables (78) (63) (98)
- contract cost assets (80) (71) (80)
- others (7) (20) (24)
(1,635) (1,787) (1,796)
Offsetting 977 891 998
Deferred tax liabilities (after offsetting) (658) (896) (798)
24 INVENTORIES
Group
2023 2022
Telecommunications materials and supplies 4 5

Devices and equipment 18 3
22 8
169

31 DECEMBER 2023
25 RELATED PARTIES BALANCES
Group
2023 2022
Current asset
Amounts due from related parties 27 16
Less: impairment 33(b)(ii) (12) (7)
15 9
Current liability
Amounts due to related parties (11) (32)
The amounts due from/(to) related parties are trade in nature, unsecured, interest free and with credit periods of up to
90 days (2022: up to 90 days).
26 DEPOSITS, CASH AND BANK BALANCES
Group Company
2023 2022 2023 2022
Deposits with licensed banks 311 409 12 30

Cash and bank balances 258 219 3 2
Deposits, cash and bank balances 569 628 15 32
Less: Deposits with maturity more than three
months (29) (27) - -
Cash and cash equivalents 540 601 15 32
Deposits, cash and bank balances comprise mainly deposits with licensed banks with investment grade credit ratings
assigned by domestic credit rating agencies.
Deposits with licensed banks of the Group and of the Company have average maturity periods of 54 days (2022: 33
days) and 22 days (2022: 28 days) respectively as at the financial year end. They are held in short-term money market
and fixed deposits. Bank balances are deposits held at call with banks.
170
26 DEPOSITS, CASH AND BANK BALANCES (CONTINUED)
Reconciliation of liabilities arising from financing activities:
Non-cash changes
Interest Fair value Non-cash Remea-

2022 Cash flows(1) expense changes settlement Additions Terminations surement(2) 2023
Group RM’million RM’million RM’million RM’million RM’million RM’million RM’million RM’million RM’million
Borrowings 7,827 (355) 331 - - - - - 7,803
Lease liabilities 2,038 (406) 84 - (23) 330 (72) 18 1,969
9,865 (761) 415 - (23) 330 (72) 18 9,772
Non-cash changes
Interest Fair value Non-cash Remea-

2021 Cash flows(1) expense changes settlement Additions Terminations surement(2) 2022
Group RM’million RM’million RM’million RM’million RM’million RM’million RM’million RM’million RM’million
Borrowings 8,066 (545) 306 - - - - - 7,827
Lease liabilities 2,024 (405) 85 - (31) 424 (116) 57 2,038
Derivative financial
liabilities held to
hedge borrowings 8 (8) 8 (8) - - - - -
10,098 (958) 399 (8) (31) 424 (116) 57 9,865
Notes:
(1)
Excluding interest paid on trade payables under supplier financing.
(2)
Remeasurement due to revision in lease term and lease payments.
171

31 DECEMBER 2023
27 PROVISIONS FOR LIABILITIES AND CHARGES
Site
rectification
and
decommissioning Staff incentive Contract
works scheme obligations Total
Group Note RM’million RM’million RM’million RM’million
2023
At 1 January 378 126 6 510
Capitalised 30 - - 30
Changes in cost estimates:
- included in profit before tax 11 (4) - - (4)
- included in property, plant and
equipment 15 (6) - - (6)
(Credited)/charged to statement of profit
or loss:
- included in profit before tax 11 (1) 131 (2) 128
- included in finance costs 10(b) 15 - - 15
Paid (1) (116) - (117)
At 31 December 411 141 4 556
Represented by:
Non-current liabilities 393 3 - 396
Current liabilities 18 138 4 160
411 141 4 556
2022
At 1 January 349 123 - 472
Capitalised 16 - - 16
Changes in cost estimates:
- included in profit before tax 11 (4) - - (4)
- included in property, plant and
equipment 15 7 - - 7
Charged to statement of profit or loss:
- included in profit before tax 11 (3) 133 6 136
- included in finance costs 10(b) 14 - - 14
Paid (1) (130) - (131)
At 31 December 378 126 6 510
Represented by:
Non-current liabilities 363 3 - 366
Current liabilities 15 123 6 144
378 126 6 510
Descriptions of the above provisions are as disclosed in Note 3(q) to the financial statements.
172
27 PROVISIONS FOR LIABILITIES AND CHARGES (CONTINUED)
Site decommissioning works
As at 31 December 2023, a non-current provision of RM393 million (2022: RM363 million) has been recognised for
dismantling, removal and site restoration costs. The provision is estimated using the assumption that decommissioning will
only take place upon the expiry of the lease terms (inclusive of secondary terms) of 15 to 30 years (2022: 15 to 30 years).
28 PAYABLES AND ACCRUALS
Group Company
31.12.2023 31.12.2022 1.1.2022 2023 2022
Note RM’million RM’million RM’million RM’million RM’million
Non-current
Trade payables under
supplier financing (a) 499 355 128 - -
Other payables and
accruals (b) - 30 17 - -
499 385 145 - -
Current
Trade payables and
accruals 1,655 2,170 1,673 - -
Trade payables under
supplier financing (a) 898 851 877 - -
Other payables and
accruals (b) 936 517 697 1 1
Deposits and advanced
payments from
customers 222 225 226 - -
Contract liabilities (c) 415 413 414 - -
4,126 4,176 3,887 1 1
4,625 4,561 4,032 1 1
Current trade and other payables of the Group and of the Company carry credit periods of up to 365 days and 90 days
(2022: 365 days and 90 days) respectively.
(a) Trade payables under supplier financing
The trade payables under supplier financing are RM payables for goods and services under extended payment
schemes which the suppliers have assigned the amounts receivable from the Group to their banks. The Group
pays the banks on the due dates of the invoices which ranges from 3 to 36 months from invoice dates. The
payables are unsecured. As at 31 December 2023, RM1,162 million (2022: RM832 million) payables carry interests
at annual rates ranging from 2.64% to 4.69% (2022: 2.57% to 4.69%) as at the reporting date.
173

31 DECEMBER 2023
28 PAYABLES AND ACCRUALS (CONTINUED)
(a) Trade payables under supplier financing (continued)
Movements in the balances are as follows:
Group
2023 2022
At 1 January 1,206 1,005

Additions 1,379 1,623
Interest accretion 38 19
Payments (1,226) (1,441)
At 31 December 1,397 1,206
Repayment profile as below:
Not later than 1 year 935 872

Later than 1 year and not later than 2 years 425 303
Later than 2 years 87 61
1,447 1,236
Future finance charges (50) (30)
1,397 1,206
(b) Other payables and accruals
Included within other payables and accruals are deferred contingent considerations in relation to the business
combinations amounting to RM25 million (2022: RM20 million) payable upon achievement of certain targets in year
2023 to 2024 (2022: year 2022 to 2024).
(c) Contract liabilities
Group
2023 2022

Revenue recognised that was included in the contract liability balance at
1 January (411) (385)
Increases due to cash received, excluding amounts recognised as revenue
during the year 413 384
As disclosed in Note 22 to the financial statements, foreign currencies denominated payables amounting to USD8
million (2022: USD16 million, SGD2 million and HKD20 million) are hedged against exchange rate fluctuations using
forward foreign exchange contracts for which no hedge accounting is applied.
174
29 DEFERRED INCOME
Group
2023 2022

Additions 391 535
Amortisation 11 (157) (150)
At 31 December 1,147 913
Deferred income of the Group relates to the government grants for the purchase of assets.
30 BORROWINGS
Group
2023 2022
Non-current
Lease liabilities 1,681 1,755
Unsecured
Term loan (a) 596 594
Islamic Medium Term Notes (b) 6,140 4,789
Commodity Murabahah Term Financing (c) - 1,944
Business Financing-i (d) 498 500
8,915 9,582
Current
Lease liabilities 288 283
Unsecured
Term loan (a) * -
Islamic Medium Term Notes (b) 66 -
Commodity Murabahah Term Financing (c) 501 -
Business Financing-i (d) 2 -
857 283
9,772 9,865
175

31 DECEMBER 2023
30 BORROWINGS (CONTINUED)
(a) Term loan
This 7-year RM600 million term loan facility expires on 29 December 2027, with 50% of the outstanding facility
repayable in 3 equal semi-annual instalments commencing on 29 June 2026 and 50% repayable upon maturity.
(b) Islamic Medium Term Notes – Sukuk Murabahah
The Group has established an Unrated Islamic Medium Term Notes (“Sukuk Murabahah”) Programme with an
aggregate nominal value of up to RM10.0 billion, based on the Islamic principle of Murabahah (via a Tawarruq
arrangement) (“Unrated Sukuk Murabahah Programme”). The Unrated Sukuk Murabahah Programme has a tenure
of 30 years from its first issuance and the Sukuk Murabahah to be issued shall have a tenure of more than 1 year
and maturing no later than 27 July 2046. All series of the Sukuk Murabahah are redeemable on their respective
maturity dates. The profits are payable semi-annually.
During the current financial year, the Group issued the below Sukuk Murabahah series for a total nominal value of
RM1,400 million to finance its capital expenditure and general working capital requirements:
Tenure Nominal value

Series (years) Maturity (RM’million)
Sixteenth 7 January 2030 200

Seventeenth 10 January 2033 300
Eighteenth 5 April 2028 700
Nineteenth 7 April 2030 200
As at the reporting date, the total outstanding nominal value of the Sukuk Murabahah amounted to RM6.14 billion
(2022: RM4.74 billion) with remaining tenure of 1.5 to 10 years (2022: 2.5 to 10 years).
(c) Commodity Murabahah Term Financing (“CMTF”)
The Group has a CMTF facility of up to RM2.5 billion based on the Islamic principle of Murabahah and had fully
drawn down the facility. This facility expires on 7 April 2024 and is repayable in one lump sum on its expiry date.
In current financial year, the Group had partially prepaid RM1,440 million of the Commodity Murabahah Term
Financing facility, reducing the outstanding facility to RM500 million.
(d) Business Financing-i (“BF-i”)
The Group has a BF-i facility based on the Islamic principle of Murabahah (via a Tawarruq arrangement) of up to
RM500 million. This 7-year facility expires on 4 June 2027, with RM125 million repayable on 4 June 2026 and the
balance repayable upon maturity.
All borrowings are denominated in Ringgit Malaysia which is the functional currency of the Group.
176
30 BORROWINGS (CONTINUED)
Contractual terms of borrowings
Contractual
interest/
profit rate/
effective Total
interest rate carrying Maturity profile
at reporting date amount < 1 year 1-2 years 2-5 years > 5 years
Group (per annum) RM’million RM’million RM’million RM’million RM’million
At 31 December 2023
Lease liabilities 4.91% 1,969 288 255 561 865
Unsecured
Term loans 0.85% + KLIBOR(2) 596 * - 596 -
Islamic Medium Term Notes 3.35% - 5.40% 6,206 66 840 3,100 2,200
CMTF 0.70% + COF (1)
501 501 - - -
Business Financing-i 0.70% + COF (1)
500 2 - 498 -
9,772 857 1,095 4,755 3,065
At 31 December 2022
Lease liabilities 4.39% 2,038 283 260 599 896
Unsecured
Term loans 0.85% + KLIBOR(2) 594 - - 594 -
Islamic Medium Term Notes 3.35% - 5.40% 4,789 - - 2,704 2,085
CMTF 0.70% + COF (1)
1,944 - 1,944 - -
Business Financing-i 0.70% + COF (1)
500 - - 500 -
9,865 283 2,204 4,397 2,981
Notes:
(1)
COF denotes Cost of Funds.
(2)
KLIBOR denotes Kuala Lumpur Interbank Offered Rate.
177

31 DECEMBER 2023
31 SHARE CAPITAL
(a) LTIP
The Company established two Long Term Incentive Plans in 2015 (“2015 Scheme”) and 2023 (“2023 Scheme”)
(collectively known as “LTIP”). The 2015 Scheme and 2023 Scheme are governed by the By-Laws which were
approved by the shareholders on 28 April 2015 and 18 May 2023 respectively and is administered by the Nomination
and Remuneration Committee which is appointed by the Board of Directors of the Company, in accordance with
the By-Laws. The Nomination and Remuneration Committee may from time to time, offer LTIP to eligible employees
(including executive director) of the Group and includes any person who is proposed to be employed as an
employee of the Group (including executive director).
The LTIP comprises a Performance Share Grant (“PS Grant”) and a Restricted Share Grant (“RS Grant”). The salient
features of the LTIP are as follows:
(i) The maximum number of new shares which may be made available under the LTIP and/or allotted and issued
upon vesting of the new shares under the LTIP shall not, when aggregated with the total number of new
shares allotted and issued under the existing Employee Share Option Scheme (“ESOS”), exceed 250,000,000
shares at any point of time during the duration of the LTIP. The ESOS had expired in 2019;
(ii) The Nomination and Remuneration Committee shall decide from time to time at its discretion to determine
or vary the terms and conditions of the offer, such as eligibility criteria and allocation for each grant (i.e. the
entitlement to receive new shares under the LTIP), the timing and frequency of the award of the grant, the
performance target and/or performance conditions to be met prior to offer and vesting of the grant and the
vesting period;
(iii) The total number of new shares that may be offered under the LTIP shall be at the discretion of the Nomination
and Remuneration Committee;
(iv) In the event of any alteration in the capital structure of the Company except under certain circumstances, the
Nomination and Remuneration Committee may make or provide for alterations or adjustments to be made
in the number of unvested new shares and/or the method and/or manner in the vesting of the new shares
comprised in a grant;
(v) The 2015 Scheme commenced from 31 July 2015, while the 2023 Scheme commenced from 3 July 2023, the
effective dates of the implementation of the LTIP. The LTIP shall be in force for a period of 10 years from the
implementation date.
(vi) The new shares to be allotted and issued pursuant to the LTIP shall, upon allotment and issuance, rank
equally in all respects with the then existing issued shares and the grant holders shall not be entitled to any
dividends, rights, allotments, entitlements and/or any other distributions, for which the entitlement date is
prior to the date of issue of the shares; and
(vii) The share grants will only be vested to the eligible employees of the Group (including an executive director)
who have duly accepted the offer of grants under the LTIP, on their respective vesting dates, provided the
following vesting conditions are fully and duly satisfied:
• eligible employees of the Group (including an executive director) must remain in employment with the
Group and shall not have given notice of resignation or received a notice of termination of service as at
the vesting dates or have left the Group before time of vesting except on a “Good Leaver” basis.
178
31 SHARE CAPITAL (CONTINUED)
(a) LTIP (continued)
(vii) The share grants will only be vested to the eligible employees of the Group (including an executive director)
who have duly accepted the offer of grants under the LTIP, on their respective vesting dates, provided the
following vesting conditions are fully and duly satisfied: (continued)
• eligible employees of the Group (including an executive director) having achieved his/her performance
target and/or performance condition as stipulated by the Remuneration Committee and as set out in
their offer of grants.
During the financial year, 11,146,700 (2022: 12,758,500) PS Grant under the LTIP were granted to the eligible
employees of the Group. Subject to the terms and conditions of the By-Laws governing the LTIP, the employees
shall be entitled to receive new ordinary share in the Company, to be allotted and issued pursuant to the LTIP
(“new shares”), upon meeting the vesting conditions as set out in the letter of offer for the new shares. The vesting
conditions comprising, amongst others, the performance targets and/or conditions for the period commencing from
1 January 2023 and ending on 31 December 2025, as stipulated by the Nomination and Remuneration Committee.
The vesting date is on 30 June 2026, subject to meeting such performance targets.
Movement in the number of PS Grant under the LTIP is as follows:
Number of share grants over

ordinary shares in the Company (‘million)
Outstanding Outstanding
as at as at 31
Grant date Vesting date 1 January Granted Vested Forfeited December
2023
7 September 2020 30 June 2023 8 - (2) (6) -

9 September 2021 30 June 2024 9 - - (*) 9
6 September 2022 30 June 2025 13 - - (1) 12
26 September 2023 30 June 2026 - 11 - - 11
30 11 (2) (7) 32
2022
16 December 2019 30 June 2022 6 - (4) (2) -

7 September 2020 30 June 2023 8 - - (*) 8
9 September 2021 30 June 2024 10 - - (1) 9
6 September 2022 30 June 2025 - 13 - (*) 13
24 13 (4) (3) 30
* Less than 1 million.
The weighted average fair value of share grants under the PS Grant based on observable market price was RM3.42
(2022: RM3.75).
179

31 DECEMBER 2023
31 SHARE CAPITAL (CONTINUED)
(a) LTIP (continued)
Value of employee services received under the LTIP:
Group Company
2023 2022 2023 2022
Share-based payment (reversal)/expense (6) 22 (6) 22

Reversal of/(capitalised as) investments in
subsidiaries for share-based payments
allocated to the employees of the
subsidiaries - - 6 (22)
Total expense recognised as share-based
payments (6) 22 - -
(b) Incentive arrangement
Pursuant to the terms and conditions of the incentive arrangement which forms part of the employment contract
which an eligible key management personnel had entered into with the Group, the cash incentives payable to the
eligible key management personnel were used to acquire shares of the Company from the open market. During the
financial year, 963,300 shares (2022: 1,752,500 shares) of the Company were acquired from the open market and
are currently held by CIMB Commerce Trustee Berhad or its nominee. Subject to fulfilment of the vesting conditions
and the terms of the incentive arrangement, these shares will vest on the eligible key management personnel on
a deferred basis.
Movement in the number of shares under the incentive arrangement was as follows:
Group
2023 2022
’million ’million
At 1 January 4 3
Acquired 1 2
Vested * (1)
Forfeited and disposed (1) (*)
At 31 December 4 4
* Less than 1 million.
The weighted average fair value of shares acquired under the incentive arrangement based on observable market
price was RM4.17 (2022: RM3.80).
The value of employee services received under the incentive arrangement includes a reversal of share-based
payment of RM3 million and an additional share-based payment expense of RM0.2 million (2022: RM10 million).
180
32 RESERVES
(a) Merger relief
The merger relief was created prior to the listing and quotation exercise of the Company’s shares on the Main
Market of Bursa Malaysia Securities Berhad in financial year 2009 (“Listing”) during the Pre-Listing Restructuring
exercise. Pursuant to Section 60(4)(a) of the Companies Act, 1965, the premium on the shares issued by the
Company as consideration for the acquisition of the subsidiaries is not recorded as share premium. The difference
between the issue price and the nominal value of shares issued is classified as merger relief.
(b) Reserve arising from reverse acquisition
The reserve arising from reverse acquisition was created during the Pre-Listing Restructuring exercise where
MMSSB was identified as the accounting acquirer in accordance to MFRS 3 “Business Combination”. The difference
between the issued equity of the Company and issued equity of MMSSB together with the deemed purchase
consideration of subsidiaries other than MMSSB and the cash distribution to MCB, is recorded as reserve arising
from reverse acquisition.
(c) Other reserves
Share-based Cash flow

payments hedging Total
Group RM’million RM’million RM’million
2023
At 1 January 77 (5) 72
Net change in hedging:
- fair value loss - (2) (2)
- reclassified to profit or loss - 4 4
LTIP:
- reversal of share-based payment expense (6) - (6)
- shares issued (8) - (8)
Incentive arrangement:
- reversal of share-based payment expense (3) - (3)
- shares disposed 4 - 4
- shares acquired (4) - (4)
At 31 December 60 (3) 57
2022
At 1 January 72 (8) 64
Net change in hedging:
- fair value loss - (5) (5)
- reclassified to finance costs - 8 8
LTIP:
- share-based payment expense 22 - 22
- shares issued (21) - (21)
Incentive arrangement:
- share-based payment expense 10 - 10
- shares acquired (7) - (7)
- shares disposed 1 - 1
At 31 December 77 (5) 72
181

31 DECEMBER 2023
32 RESERVES (CONTINUED)
(c) Other reserves (continued)
Company
2023 2022
Share-based payments
At 1 January 87 86
LTIP:
- share-based payment (reversal)/expense (6) 22
- shares issued (8) (21)
The share-based payments reserve as at financial year end comprised of:

(a) discount on shares issued to retail investors in relation to the Listing;
(b) fair value of share grants less any shares issued under the LTIP; and
(c) fair value of shares less any shares acquired under the incentive arrangement.
The cash flow hedging reserve represents the deferred fair value gain/(loss) relating to derivative financial
instruments used to hedge certain foreign currency transactions of the Group.
33 FINANCIAL RISK MANAGEMENT
The Group’s and the Company’s activities expose them to a variety of financial risks, including market risk (interest rate
risk and foreign exchange risk), credit risk, liquidity risk and capital risk. The Group’s and the Company’s overall risk
management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse
effects on the Group’s and the Company’s financial performances. The Group uses derivative financial instruments to
hedge designated risk exposures of the underlying hedge items and does not enter into derivative financial instruments
for speculative purposes.
The Group and the Company have established financial risk management policies and procedures/mandates which
provide written principles for overall risk management, as well as written policies covering specific areas, such as foreign
exchange risk, interest rate risk, credit risk and use of derivative financial instruments.
(a) Market risk
Market risk is the risk that the fair value or future cash flow of the financial instruments that will fluctuate because
of changes in market prices. The various components of market risk that the Group and the Company are exposed
to are discussed below.
(i) Foreign exchange risk
The objectives of the Group’s and of the Company’s currency risk management policies are to allow the Group
and the Company to effectively manage the foreign exchange fluctuation against its functional currency
that may arise from future commercial transactions and recognised assets and liabilities. Forward foreign
exchange contracts are used to manage foreign exchange exposures arising from all known material foreign
currency denominated commitments as and when they arise and to hedge the movements in exchange rates
by establishing the rate at which a foreign currency monetary item will be settled. Gains and losses on foreign
currency forward contracts entered into as hedges of foreign currency monetary items are recognised in the
financial statements when the exchange differences of the hedged monetary items are recognised in the
financial statements.
182
33 FINANCIAL RISK MANAGEMENT (CONTINUED)
(a) Market risk (continued)
(i) Foreign exchange risk (continued)
The currency exposure of financial assets and financial liabilities of the Group and of the Company that
are not denominated in the functional currency of the respective companies are set out below. There is
no currency risk in respect of intragroup receivables and payables since they are all denominated in the
functional currency.
Currency exposure at 31 December

SGD USD SDR(1) HKD Others
Group RM’million RM’million RM’million RM’million RM’million
In functional currency Ringgit

Malaysia
2023
Receivables and deposits * 3 15 - -
Deposits, cash and bank balances * 11 - - *
Payables (5) (53) (12) (12) (1)
Amounts due to related parties, net - (2) (1) - -
Gross exposure (5) (41) 2 (12) (1)
- payables - 36 - - -
Net exposure (5) (5) 2 (12) (1)
2022
Receivables and deposits * 3 13 - *
Deposits, cash and bank balances * 15 - * -
Payables (8) (99) (9) (11) (4)
Amounts due to related parties, net - (6) (*) - -
Gross exposure (8) (87) 4 (11) (4)
- payables 8 69 - 11 -
Net exposure (*) (18) 4 (*) 4
Notes:
(1)
SDR, i.e. Special Drawing Rights represents international accounting settlement rate with international
carriers.
183

31 DECEMBER 2023
(i) Foreign exchange risk (continued)
The sensitivity of the Group’s profit before tax for the financial year and equity to a reasonably possible change
in the USD exchange rate against the functional currency, RM, with all other factors remaining constant and
based on the composition of assets and liabilities at the reporting date are set out as below.
Impact on profit before tax

for the financial year Impact on equity(1)
2023 2022 2023 2022
Group RM’million RM’million RM’million RM’million
USD/RM
- strengthened 5% (2022: 5%) (*) (1) 6 5
- weakened 5% (2022: 5%) * 1 (6) (5)
Notes:
(1)
Represents cash flow hedging reserve
The impacts on profit before tax for the financial year are mainly as a result of foreign currency gains/losses
on translating of USD denominated receivables, deposits, bank balances and unhedged payables. For
USD payables in a designated hedging relationship, as these are effectively hedged, the foreign currency
movements will not have any impact on the statement of profit or loss.
(ii) Interest rate risk
The Group’s interest rate risk arises from deposits with licensed banks, trade payables under supplier
financing and borrowings carrying fixed and variable interest rates and for the Company, from its deposits
with licensed banks and intercompany loans. The objectives of the Group’s interest rate risk management
policies are to allow the Group to effectively manage the interest rate fluctuation through the use of fixed
and floating interest rates debt and derivative financial instruments. The Group adopts a non-speculative
stance which favours predictability over interest rate fluctuations. The interest rate profiles of the Group’s
borrowings are also regularly reviewed against prevailing and anticipated market interest rates to determine
whether refinancing or early repayment is warranted.
184
(ii) Interest rate risk (continued)
The net exposure of financial assets and financial liabilities of the Group and of the Company to interest rate
risk and their respective settlement periods are as follows:
Weighted
average
effective
interest/
profit rate at
reporting Total Floating
date carrying interest/ Fixed interest/profit rate
(per annum) amount profit rate < 1 year 1-2 years 2-5 years > 5 years
Group % RM’million RM’million RM’million RM’million RM’million RM’million
At 31 December
2023
Deposits with
licensed banks 3.59 311 - 311 - - -
Trade payables
under supplier
financing 4.33 (1,193) - (694) (413) (86) -
Other payables 4.65 (28) - (28) - - -
Lease liabilities 4.91 (1,969) - (288) (255) (561) (865)
Term loans 4.22 (595) (595) - - - -
Islamic Medium Term
Notes 4.14 (6,206) - (66) (840) (3,100) (2,200)
CMTF 4.21 (501) (501) - - - -
Business Financing-i 4.35 (500) (500) - - - -
Exposure (10,681) (1,596)
185

31 DECEMBER 2023
risk and their respective settlement periods are as follows: (continued)
Weighted
average
effective
interest/
profit rate at
reporting Total Floating
date carrying interest/ Fixed interest/profit rate
(per annum) amount profit rate < 1 year 1-2 years 2-5 years > 5 years
Group % RM’million RM’million RM’million RM’million RM’million RM’million
At 31 December
2022
Deposits with
licensed banks 3.45 409 - 409 - - -
Trade payables
under supplier
financing 3.68 (832) - (477) (295) (60) -
Other payables 4.35 (102) - (72) (30) - -
Lease liabilities 4.39 (2,038) - (283) (260) (599) (896)
Term loans 3.83 (594) (594) - - - -
Islamic Medium Term
Notes 4.07 (4,789) - - - (2,704) (2,085)
CMTF 3.96 (1,944) (1,944) - - - -
Business Financing-i 3.94 (500) (500) - - - -
Exposure (10,390) (3,038)
186
risk and their respective settlement periods are as follows: (continued)
Weighted
average
effective
interest rate Fixed
at reporting Total interest
date carrying rate
(per annum) amount < 1 year
Company % RM’million RM’million
At 31 December 2023
Loans due from a subsidiary 4.50 343 343

Deposits with licensed banks 3.35 12 12
355
At 31 December 2022
Loans due from a subsidiary 4.33 309 309

Deposits with licensed banks 3.60 30 30
339
The sensitivity of the Group’s profit before tax for the financial year and equity to a reasonably possible
change in RM (2022: RM) interest rates with all other factors held constant and based on composition of
liabilities with floating interest rates as at the reporting date are as follows:
Impact on profit before

tax for the financial year
2023 2022
Group RM’million RM’million
RM
- increased by 0.5% (2022: 0.5%) (8) (15)
- decreased by 0.5% (2022: 0.5%) 8 15
187

31 DECEMBER 2023
The impact on profit before tax for the financial year is mainly as a result of interest expenses on floating rate
borrowings not in a designated hedging relationship. For borrowings in a designated hedging relationship in
the previous financial year, as these were effectively hedged, the interest rate movements will not have any
impact on the statement of profit or loss.
(b) Credit risk
The objectives of the Group’s and of the Company’s credit risk management policies are to manage their exposure to
credit risk from deposits, cash and bank balances, receivables, contract assets and derivative financial instruments.
They do not expect any third parties to fail to meet their obligations given the Group’s and the Company’s policies
of selecting creditworthy counterparties.
Trade receivables, finance lease receivables and contract assets
Credit risk of receivables and contract assets is controlled by the application of credit approvals, limits and
monitoring procedures. Credit risks are minimised and monitored via limiting the Group’s dealings with creditworthy
business partners and customers. Receivables and contract assets are monitored on an ongoing basis via the
Group’s management reporting and dunning procedures.
Concentration of credit risk
The Group has no significant exposure to any individual customer, geographical location or industry category.
Significant credit and recovery risks associated with receivables and contract assets have been provided for in the
financial statements.
Impairment of trade receivables, finance lease receivables and contract assets
The Group applies a simplified approach in calculating ECLs. To measure the ECL, receivables and contract assets
have been grouped based on shared credit risk characteristics and the days past due.
The expected loss rates are determined based on 5-year historical ageing profile and the corresponding historical
credit losses experienced within this period. The historical loss rates are adjusted to reflect forward-looking
information on macroeconomic factors affecting the ability of the customers to settle the receivables and contract
assets. Some of the factors which the Group has identified include unemployment rate, Consumer Price Index
(“CPI”) and annual Gross Domestic Product (“GDP”) growth and has adjusted the historical loss rates based on
expected changes in such factors.
188
(b) Credit risk (continued)
Trade receivables, finance lease receivables and contract assets (continued)
Impairment of trade receivables, finance lease receivables and contract assets (continued)
On that basis, the loss allowance was determined as follows for trade receivables, finance lease receivables and
contract assets:
1 to 30 31 to 60 61 to 90 91 to 120
days days days days > 120 days
Current past due past due past due past due past due Total
Group RM’million RM’million RM’million RM’million RM’million RM’million RM’million
31 December 2023
Expected loss rate(1) 0.8% - 11.1% 7.0% - 57.4% 20.1% - 85.0% 38.5% - 100% 53.4% - 100% 76.5% - 100%
Gross carrying amount:
Trade receivables 1,644 69 42 34 30 174 1,993
Finance lease receivables * - - - - - *
Contract assets 303 - - - - - 303
1,947 69 42 34 30 174 2,296
Loss allowance:
Trade receivables (23) (22) (18) (24) (21) (168) (276)
Finance lease receivables (*) - - - - - (*)
Contract assets (15) - - - - - (15)
(38) (22) (18) (24) (21) (168) (291)
Notes:
(1)
The expected loss rate comprises of customers with different risk profiles and excludes individual specific loss rate.
189

31 DECEMBER 2023
1 to 30 31 to 60 61 to 90 91 to 120
days days days days > 120 days
Current past due past due past due past due past due Total
Group RM’million RM’million RM’million RM’million RM’million RM’million RM’million
31 December 2022
Expected loss rate(1) 0.5% - 12.0% 3.0% - 52.6% 11.0% - 81.1% 22.0% - 100% 38.8% - 100% 62.1% - 100%
Gross carrying amount:
Trade receivables 1,348 64 37 22 19 72 1,562
Finance lease receivables 1 - - - - - 1
Contract assets 240 - - - - - 240
1,589 64 37 22 19 72 1,803
Loss allowance:
Trade receivables (33) (14) (13) (12) (13) (63) (148)
Finance lease receivables (*) - - - - - (*)
Contract assets (8) - - - - - (8)
(41) (14) (13) (12) (13) (63) (156)
Notes:
(1)
The expected loss rate comprises of customers with different risk profiles and excludes individual specific loss rate.
190
Movement on the Group’s loss allowances for receivables and contract assets is as follows:
Trade receivables Finance lease receivables Contract assets Total

2023 2022 2023 2022 2023 2022 2023 2022
Group Notes RM’million RM’million RM’million RM’million RM’million RM’million RM’million RM’million
1 January 148 106 * * 8 8 156 114
Charged to statement
of profit or loss 11 215 158 * * 8 3 223 161
Reversed from
statement of profit
or loss 11 (47) (8) (*) (*) (1) (3) (48) (11)
Amount written off (40) (108) - - - - (40) (108)
31 December 276 148 * * 15 8 291 156
Deposits, cash and bank balances
For deposits, cash and bank balances, the Group and the Company seek to ensure that cash assets are invested
safely and profitably by assessing counterparty risks and allocating placement limits for various creditworthy
financial institutions.
While deposits, cash and bank balances are also subject to the impairment requirements, the identified impairment
loss was immaterial.
Other financial assets at amortised cost
Other financial assets at amortised cost include other receivables, deposits and amounts due from related parties.
The movement on Group’s loss allowances for other financial assets at amortised cost is as follows:
Group
2023 2022
(i) Other receivables and deposits
1 January 40 36
Charged to statement of profit or loss 11 18 20
Reversed from statement of profit or loss 11 (20) (16)
Amount written off (*) -
31 December 38 40
191

31 DECEMBER 2023
Other financial assets at amortised cost (continued)
Group
2023 2022
(ii) Amounts due from related parties

1 January 7 5
Charged to statement of profit or loss 11 5 2
31 December 12 7
Derivative financial instruments
The Group enters into the contracts with various reputable counterparties to minimise the credit risks. The Group
considers the risk of material loss in the event of non-performance by the above parties to be unlikely. The Group’s
maximum exposure to credit risk is equal to the carrying value of those financial instruments.
(c) Liquidity risk
The objectives of the Group’s and of the Company’s liquidity risk management policies are to monitor rolling
forecasts of the Group’s and of the Company’s liquidity requirements to ensure they have sufficient cash to meet
operational and financing needs as and when they fall due, availability of funding via credit lines, whilst meeting
external debt covenant compliance. Surplus cash held is invested in interest bearing money market deposits and
time deposits. The Group and the Company are exposed to liquidity risk where there may be difficulty in raising
funds to meet such financial commitments.
192
(c) Liquidity risk (continued)
As at 31 December 2023, the Group has RM3.9 billion that is available for issuance under the Unrated Sukuk
Murabahah Programme, as disclosed in Note 30 to the financial statements, and available credit facilities of RM0.5
billion. The Group is able to issue new Sukuk and/or drawdown the available credit facilities to finance its capital
expenditure, working capital and/or other funding requirements. There is no restriction under the terms of the
Unrated Sukuk Murabahah Programme and the available credit facilities for such intended purposes.
The undiscounted contractual cash flow payables under the financial instruments as at the reporting date are as
follows:
Total(1) < 1 year 1-2 years 2-5 years > 5 years

Group RM’million RM’million RM’million RM’million RM’million
At 31 December 2023
Payables and accruals(1) (2) 3,500 2,988 425 87 -

Amounts due to related parties 11 11 - - -
Lease liabilities (2)
2,512 375 330 723 1,084
Borrowings (2)
9,051 807 1,118 4,747 2,379
15,074 4,181 1,873 5,557 3,463
At 31 December 2022
Payables and accruals(1) (2) 3,800 3,404 335 61 -

Amounts due to related parties 32 32 - - -
Lease liabilities (2)
2,586 372 337 764 1,113
Borrowings (2)
9,020 309 2,201 4,295 2,215
15,438 4,117 2,873 5,120 3,328
Notes:
(1)
Foreign currency denominated financial instruments are translated to RM using closing rate as at the reporting
date.
(2)
As the amounts included in the table are the contractual undiscounted cash flows, these amounts will not
reconcile with the amounts disclosed in the statements of financial position.
193

31 DECEMBER 2023
(c) Liquidity risk (continued)
The undiscounted contractual cash flow payables under the financial instruments as at the reporting date are as
follows: (continued)
Total < 1 year

Company RM’million RM’million
At 31 December 2023
Payables and accruals 1 1
Amount due to a subsidiary * *
1 1
At 31 December 2022
Payables and accruals 1 1
Amount due to a subsidiary * *
1 1
(d) Capital risk management
The Group’s and the Company’s objective when managing capital is to safeguard the Group’s and the Company’s
abilities to continue as a going concern while at the same time provide returns for shareholders and benefits for
other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
In order to optimise its capital structure, the Group and the Company may adjust the amount of dividends paid to
shareholders, increase or reduce its long-term borrowings, issue new shares or return capital to shareholders.
Under the requirement of Bursa Malaysia Securities Berhad Practice Note No. 17/2005, the Company is required
to maintain a consolidated shareholders’ equity of more than 25% of the issued and paid-up capital (excluding
treasury shares) and maintain such shareholders’ equity of not less than RM40 million. The Company has complied
with this requirement.
External lenders require the borrower, MBSB, to maintain financial covenant ratios on its net debt to EBITDA
and EBITDA to interest expense. These financial covenant ratios have been fully complied with by MBSB for the
financial year ended 31 December 2023.
The Group also monitors its capital structure which comprises borrowings and equity on the basis of the gearing
ratio. This ratio is calculated as net debt divided by total equity attributable to equity holders of the Company. Net
debt is calculated as total interest bearing financial liabilities comprising the sum of borrowings and derivative
financial instruments designated in hedging relationship on borrowings on a net basis (if any) but excluding trade
payables under supplier financing as disclosed in Note 28 to the financial statements less deposits, cash and bank
balances. Total equity is calculated as ‘equity’ as shown in the statements of financial position. The gearing ratios
at reporting dates were as follows:
194
(d) Capital risk management (continued)
Group
2023 2022
(Restated)
Total interest bearing financial liabilities 9,772 9,865

Less: Deposits, cash and bank balances 26 (569) (628)
Net debt 9,203 9,237
Total equity attributable to equity holders of the Company 5,743 6,089
Gearing ratio 1.6 1.5
(e) Fair value estimation
Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation
techniques as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
(i) Financial instruments carried at amortised cost
The carrying amounts of financial assets and financial liabilities of the Group at the reporting date approximated
their fair values except as set out below measured using Level 3 valuation technique:
Group
2023 2022
Carrying Carrying
amount Fair value amount Fair value
Financial liability:
Borrowings
- Islamic Medium Term
Notes 30 6,206 6,215 4,789 4,834
The valuation technique used to derive the Level 3 disclosure for financial liability is based on the estimated
cash flow and discount rate of the Group.
195

31 DECEMBER 2023
(e) Fair value estimation (continued)
(ii) Financial instruments carried at fair value through profit or loss
The following table represents the financial assets and financial liabilities measured at fair value, using Level
2 valuation technique, at reporting date:
Group
2023 2022
Derivative financial instruments:

- Assets 22 - *
- Liabilities 22 (3) (6)
(3) (6)
The fair values of forward foreign exchange contracts are determined using forward exchange rates as at
each reporting date.
The following table represents the financial liabilities measured at fair value, using Level 3 valuation technique,
at reporting date:
Group
2023 2022
At 1 January 20 22
Additions 18 3
Payments (13) (5)
Accretion of finance cost * *
The fair value of financial liabilities is calculated based on the estimated cash flow discounted at the
incremental borrowing rate.
196
(e) Fair value estimation (continued)
(iii) Financial instruments carried at FVOCI
Financial assets at FVOCI comprise equity securities which are not held for trading, and which the Group
and Company have elected at initial recognition to recognise in this category. The Group and Company hold
investments that are unlisted securities, and measured at fair value, using Level 3 valuation technique, at
reporting date:
Group Company
2023 2022 2023 2022
Financial assets at FVOCI 20 4 4 4 4
The valuation technique used to derive the Level 3 disclosure for financial asset is based on the estimated
cash flow and discount rate of the underlying counterparty.
(f) Offsetting financial assets and financial liabilities
(i) Financial assets
The following financial assets are subject to offsetting, enforceable master netting arrangements and similar
arrangements.
Gross Net
amounts of amounts
recognised of financial
financial assets Related amounts not
Gross liabilities presented off-set in the statement of
amounts of set-off in the in the financial position
recognised statement statement Cash
financial of financial of financial Financial collateral
assets position position instruments received Net amount
Group RM’million RM’million RM’million RM’millio RM’million RM’million
At 31 December 2023
Receivables and deposits 726 (77) 649 - (34) 615

Amounts due from related
parties 20 (5) 15 - - 15
746 (82) 664 - (34) 630
At 31 December 2022
Receivables and deposits 446 (77) 369 - (25) 344

Amounts due from related
parties 25 (9) 16 - - 16
471 (86) 385 - (25) 360
197

31 DECEMBER 2023
(f) Offsetting financial assets and financial liabilities (continued)
(ii) Financial liabilities
The following financial liabilities are subject to offsetting, enforceable master netting arrangements and
similar arrangements.
Gross Net
amounts of amounts
recognised of financial
financial liabilities Related amounts not off-
Gross assets set- presented set in the statement of
amounts of off in the in the financial position
recognised statement statement Cash
financial of financial of financial Financial collateral
liabilities position position instruments received Net amount
Group RM’million RM’million RM’million RM’millio RM’million RM’million
At 31 December 2023
Payables and accruals 274 (77) 197 (34) - 163

Amounts due to related
parties 16 (5) 11 - - 11
290 (82) 208 (34) - 174
At 31 December 2022
Payables and accruals 223 (77) 146 (25) - 121

Amounts due to related
parties 41 (9) 32 - - 32
264 (86) 178 (25) - 153
34 CAPITAL COMMITMENTS
Capital expenditure contracted for at the end of reporting date but not recognised as liabilities is as follows:
Group
2023 2022
Property, plant and equipment 478 488
198
35 RELATED PARTIES
In addition to related party disclosures mentioned elsewhere in the financial statements, set out below are other
significant transactions, balances and commitments. The related party transactions described below were carried out on
agreed terms with the related parties. None of these balances are secured.
Total balance
outstanding, including
Transaction value Balance outstanding Commitments commitments
2023 2022 2023 2022 2023 2022 2023 2022
Group RM’million RM’million RM’million RM’million RM’million RM’million RM’million RM’million
Sales of goods and

services:
- MEASAT Broadcast
Network Systems Sdn.
Bhd.(1)
(mobile and internet,
business solutions,
connectivity services
to co-market and
distribute content
products) 125 150 14 9 - - 14 9
- Saudi Telecom
Company(2)
(roaming and
international calls) 7 7 4 1 - - 4 1
- Astro Digital 5 Sdn. Bhd.(1)

business solutions
and other connectivity
services) 1 1 * - - - * -
- MEASAT Global Berhad

Group(3)
business solutions
services) 2 - - - - - - -
- Maxis Communications
Berhad(4)
(corporate support
services) 1 1 * * - - * *
- TGV Cinemas Sdn. Bhd.(5)

(telephony and
broadband services) 5 4 4 4 - - 4 4
- UTSB Management
Sdn. Bhd.(5)
business solutions
services) 3 1 * - - - * -
199

31 DECEMBER 2023
35 RELATED PARTIES (CONTINUED)
Total balance
outstanding, including
Transaction value Balance outstanding Commitments commitments
2023 2022 2023 2022 2023 2022 2023 2022
Group RM’million RM’million RM’million RM’million RM’million RM’million RM’million RM’million
Purchases of goods and

services:
- MEASAT Broadcast
Network Systems Sdn.
Bhd.(1)
(customer acquisition
and installation
charges) 11 18 - - - - - -
- Saudi Telecom
Company(2)
(roaming and
international calls) 8 7 - - - - - -
- MEASAT Global Berhad

Group(3)
(transponder and
teleport lease rental) 30 29 (3) (13) (57) (21) (60) (34)
- Tanjong City Centre

Property Management
Sdn. Bhd.(5)
(rental, service charge,
property service and
other utility charges) 42 41 - - (87) (101) (87) (101)
- UTSB Management
Sdn. Bhd.(5)
(corporate
management services) 18 29 - (6) (9) (79) (9) (85)
- SRG Asia Pacific Sdn.

Bhd.(6)
(call handling and
telemarketing services) 20 20 (4) (6) - - (4) (6)
200
35 RELATED PARTIES (CONTINUED)
Notes:
The Group has entered into the above related party transactions with parties whose relationships are set out below.
Usaha Tegas Sdn. Bhd. (“UTSB”), Saudi Telecom Company and Harapan Nusantara Sdn. Bhd. are parties related to
the Company, by virtue of having joint control over Binariang GSM Sdn. Bhd. (“BGSM”), pursuant to a shareholders’
agreement in relation to BGSM. BGSM is the ultimate holding company of the Company.
The ultimate holding company of UTSB is PanOcean Management Limited (“PanOcean”). PanOcean is the trustee of
a discretionary trust, the beneficiaries of which are members of the family of Ananda Krishnan Tatparanandam (“TAK”)
and foundations including those for charitable purposes. Although PanOcean is deemed to have an interest in all of the
shares of the Company in which UTSB has an interest, PanOcean does not have any economic or beneficial interest in
the shares of the Company, as such interest is held subject to the terms of the discretionary trust.
(1)
Subsidiary of a company which is an associate of UTSB
(2)
A major shareholder of BGSM, as described above
(3)
Indirect subsidiary of a company in which TAK has a 100% direct equity interest
(4)
Subsidiary of BGSM
(5)
Subsidiary of UTSB
(6)
Subsidiary whereby TAK and/or a person connected to TAK has a deemed equity interest
Company
2023 2022
Subscription of preference shares in:

- MBSB - 310
- AWTSB - 9
Management fees charged by a subsidiary 3 3
Payment on behalf of operating expenses for subsidiaries * *
201

31 DECEMBER 2023
36 RESTATEMENT OF COMPARATIVES
The Group is required to make annual contributions to the Universal Service Provision Fund (“USP Fund”) in accordance
with the Communications and Multimedia (USP) Regulations 2002 (“the Regulations”), as the Group is a holder of Network
Facilities Provider (“NFP”) and Network Service Provider (“NSP”) individual licences whose total net revenue derived
from the designated services exceeds the minimum revenue threshold stated in the Regulations. The contribution to the
USP Fund (“the USP levy”) is calculated based on 6% of its weighted net revenue derived from designated services. The
contribution is payable to the USP Fund in the following calendar year.
In the current financial year, the timing of recognition for the USP levy liability was changed when the Group reassessed
the interpretation of the Regulations. Accordingly, the USP levy liability is recognised when net revenue is derived
from designated services during the current financial year. The USP levy liability was previously recognised when the
contribution was payable to the USP Fund. Consequently, during the financial year, the Group restated the comparatives
to recognise the additional accrual of the USP levy liability.
The impacts of the above restatement of comparatives to the Group’s statements of financial position, statements of
profit or loss, statements of comprehensive income and statements of cash flows for the prior financial years are follows:
Statements of Financial Position
As previously
reported Adjustments Restated
At 31 December 2022
Non-current liabilities
Deferred tax liabilities 23 985 (89) 896
Total Non-current liabilities 12,231 (89) 12,142
Current liabilities
Payables and accruals 28 3,807 369 4,176
Total current liabilities 4,443 369 4,812
Net current (liabilities)/assets (1,662) (369) (2,031)
Net assets 6,371 (280) 6,091
Equity
Reserves(1) 3,784 (280) 3,504
Total equity attributable to owners of the Company 6,369 (280) 6,089
Total equity 6,371 (280) 6,091
Note:
(1)
The restatement impacts retained earnings within “Reserves”.
202
36 RESTATEMENT OF COMPARATIVES (CONTINUED)
(continued)
Statements of Financial Position (continued)
As previously
At 1 January 2022
Non-current liabilities
Deferred tax liabilities 23 908 (110) 798
Total non-current liabilities 9,972 (110) 9,862
Current liabilities
Payables and accruals 28 3,527 360 3,887
Total current liabilities 5,746 360 6,106
Net current (liabilities)/assets (2,896) (360) (3,256)
Net assets 6,725 (250) 6,475
Equity
Reserves(1) 4,161 (250) 3,911
Total equity attributable to owners of the Company 6,725 (250) 6,475
Total equity 6,725 (250) 6,475
Note:
(1)
The restatement impacts retained earnings within “Reserves”.
203

31 DECEMBER 2023
36 RESTATEMENT OF COMPARATIVES (CONTINUED)
(continued)
As previously
For the financial year ended 31 December 2022
Statements of Profit or Loss and Statements of

Comprehensive Income
Traffic, device, commissions and other direct costs (3,822) (9) (3,831)
Profit before tax 1,811 (9) 1,802
Tax expenses 12 (630) (21) (651)
Profit for the financial year 1,181 (30) 1,151
Total comprehensive income for the financial year 1,184 (30) 1,154
Attributable to the equity holders of the Company
- Profit for the financial year 1,182 (30) 1,152
- Total comprehensive income for the financial year 1,185 (30) 1,155
Earnings per share attributable to the equity holders of
the Company
- basic (sen) 15.1 (0.4) 14.7
- diluted (sen) 15.1 (0.4) 14.7
Statements of Cash Flows

Cash flows from operating activities
Profit for the financial year 1,181 (30) 1,151
Tax expenses 12 630 21 651
Operating cash flows before working capital changes 4,281 (9) 4,272
Changes in working capital
Payables 488 9 497
Cash flows from operations 3,678 - 3,678
37 CONTINGENT LIABILITIES
In the normal course of business, there are contingent liabilities arising from legal recourse sought by the Group’s
customers or vendors and indemnities given to financial institutions on bank guarantees. There were no material losses
anticipated as a result of these transactions.
204
38 ACQUISITION OF SUBSIDIARIES
In the previous financial year, the Group has acquired the below subsidiaries:
(i) Enterprise Managed Services Sdn. Bhd. (formerly known as Mykris Asia Sdn. Bhd.) (“EMS”)
On 14 January 2022, the Group acquired the entire share capital of EMS, a company that provides managed
network services and security solutions, to reinforce the Group’s capacity and capabilities to support its Enterprise
customers. The maximum purchase consideration is RM158 million which comprises a base consideration of up
to RM115 million and subsequent payments of up to RM43 million payable over 3 years upon achieving certain
financial performance targets.
The details of net assets acquired and net cash outflow on acquisition of EMS is analysed as follows:
As at date of
acquisition
RM’million
Purchase consideration comprises:

Cash paid 107
Contingent consideration 10
117
Net assets:
Intangible assets 15
Receivables 8
Property, plant and equipment 2
Deferred tax assets 1
Deferred tax liabilities (4)
Other net identifiable assets (5)
Less: impairment of receivables (2)
Goodwill on acquisition 102
The fair value of the assets and liabilities ensuing from the acquisition had been determined based on fair values
assigned to identifiable assets and liabilities on acquisition date. The residual goodwill on acquisition represents
the value of assets and earnings that do not form separable assets under MFRS 3 but nevertheless are expected
to contribute to the future results of the Group.
Contribution of revenue and expenses to the Group is recognised from the beginning of the financial year in which
EMS was acquired. Consequently, EMS’ revenue of RM45 million and net profit of RM5 million for the period from
15 January 2022 to 31 December 2022 have been included in the statement of profit or loss of the Group. These
results are not significantly different if the acquisition had occurred on 1 January 2022.
(ii) Gurulab Sdn. Bhd. (“GSB”)
On 6 May 2022, the Group acquired 59% share capital of GSB, a new Edutech startup for a cash consideration of
RM4 million with a RM2 million goodwill recognised.
205

31 DECEMBER 2023
38 ACQUISITION OF SUBSIDIARIES (CONTINUED)
In the previous financial year, the Group has acquired the below subsidiaries: (continued)
(iii) ComeBy Sdn. Bhd. (“CSB”)
On 30 June 2022, the Group acquired 56% share capital of CSB, a retail solution company for a cash consideration
of RM5 million with a RM2 million goodwill recognised.
Contribution of revenue and expenses from the beginning of the financial year in which GSB and CSB were acquired is
not significant to the Group.
39 SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR
During the year, Maxis Broadband Sdn Bhd, a wholly owned subsidiary of the Company:
(a) executed the Access Agreement with DNB on 14 August 2023 to subscribe to 5G Products and Services provided
by DNB on a wholesale basis including the National 5G Wholesale Network Product; and
(b) entered into conditional share subscription agreement (“SSA”) on 1 December 2023 with DNB and Minister of
Finance, Incorporated (“MOF”) to subscribe for equity stake in DNB (“Proposed Investment”). The Proposed
Investment involves the subscription of 100,000 new ordinary shares in DNB, at an issue price of RM1 each payable
upon satisfaction of (i) conditions precedent stated in SSA; and (ii) prepayment towards products and services to
be delivered by DNB pursuant to the Access Agreement signed above amounting to RM233,233,333.
40 APPROVAL OF FINANCIAL STATEMENTS
The financial statements have been approved for issue in accordance with a resolution of the Board of Directors on
11 March 2024.
206
STATEMENT BY DIRECTORS
PURSUANT TO SECTION 251(2) OF THE COMPANIES ACT 2016
We, Tan Sri Mokhzani bin Mahathir and Uthaya Kumar A/L K Vivekananda, being two of the Directors of Maxis Berhad, do
hereby state that, in the opinion of the Directors, the accompanying financial statements set out on pages 106 to 206 are
drawn up in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards and the
Companies Act 2016 in Malaysia so as to give a true and fair view of the financial position of the Group and of the Company
as at 31 December 2023 and of their financial performance and cash flows for the year then ended.
Signed on behalf of the Board of Directors in accordance with their resolution dated 11 March 2024.
TAN SRI MOKHZANI BIN MAHATHIR UTHAYA KUMAR A/L K VIVEKANANDA

DIRECTOR DIRECTOR
STATUTORY DECLARATION
PURSUANT TO SECTION 251(1) OF THE COMPANIES ACT 2016
I, Wong Chui Fen, the officer primarily responsible for the financial management of Maxis Berhad, do solemnly and sincerely
declare that the financial statements set out on pages 106 to 206 are, to the best of my knowledge and belief, correct, and I
make this solemn declaration conscientiously believing the same to be true, and by virtue of the provisions of the Statutory
Declarations Act, 1960.
WONG CHUI FEN

(MIA No. 14844)
Subscribed and solemnly declared by the abovenamed Wong Chui Fen at Kuala Lumpur in Malaysia on 11 March 2024, before
me.
COMMISSIONER FOR OATH
207
INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF MAXIS (INCORPORATED IN MALAYSIA)
REGISTRATION NO. 200901024473 (867573-A)
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Our opinion
In our opinion, the financial statements of Maxis Berhad (“the Company”) and its subsidiaries (“the Group”) give a true and fair
view of the financial position of the Group and of the Company as at 31 December 2023, and of their financial performance and
their cash flows for the financial year then ended in accordance with Malaysian Financial Reporting Standards, International
Financial Reporting Standards and the requirements of the Companies Act 2016 in Malaysia.
What we have audited

We have audited the financial statements of the Group and of the Company, which comprise the statements of financial position
as at 31 December 2023 of the Group and of the Company, and the statements of profit or loss, statements of comprehensive
income, statements of changes in equity and statements of cash flows of the Group and of the Company for the financial year
then ended, and notes to the financial statements, comprising material accounting policies and other explanatory information,
as set out on pages 106 to 206.
Basis for opinion

We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards on
Auditing. Our responsibilities under those standards are further described in the “Auditors’ responsibilities for the audit of the
financial statements” section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence and other ethical responsibilities
We are independent of the Group and of the Company in accordance with the By-Laws (on Professional Ethics, Conduct and
Practice) of the Malaysian Institute of Accountants (“By-Laws”) and the International Ethics Standards Board for Accountants’
International Code of Ethics for Professional Accountants (including International Independence Standards) (“IESBA Code”),
and we have fulfilled our other ethical responsibilities in accordance with the By-Laws and the IESBA Code.
Our audit approach
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial
statements of the Group and of the Company. In particular, we considered where the Directors made subjective judgements;
for example, in respect of significant accounting estimates that involved making assumptions and considering future events
that are inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls,
including among other matters, consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the financial
statements as a whole, taking into account the structure of the Group and of the Company, the accounting processes and
controls, and the industry in which the Group and the Company operate.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
statements of the Group and of the Company for the current financial year. These matters were addressed in the context of
our audit of the financial statements of the Group and of the Company as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.
208
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS (CONTINUED)
Key audit matters (continued)
Group
Key audit matters How our audit addressed the key audit matters
Assessment of carrying value of goodwill and We performed the following audit procedures on the value
telecommunications licences allocated to the converged in-use (“VIU”) calculations which were based on pre-tax
telecommunications services and solutions cash cash flow projections based on internally approved financial
generating unit budgets covering a five-year period:
Refer to Note 3(c) - Summary of material accounting policies: • Evaluated the reasonableness of the Director’s assessment
Intangible assets, Note 4(a) - Critical accounting estimates that the converged telecommunications services and
and judgements: Impairment assessment of intangible solutions is the CGU which represents the smallest
assets - goodwill and Note 16 - Intangible assets identifiable group of assets that generate independent
cash inflows, by understanding the business model of the
We focused on this area due to the size of the carrying Group;
value of goodwill and telecommunications licences, which
represented 42.5% of total assets as at 31 December • Discussed with management on the key assumptions
2023, and the estimation of the recoverable amount which used in the five-year VIU cash flows which include the
requires significant assumptions and judgements on the compounded revenue and earnings before interest, tax,
future cash flows, terminal growth rate and discount rate depreciation and amortisation (“EBITDA”) annual growth
applied. rates and performed the following:
Based on the annual impairment test performed, the - Agreed the five-year VIU cash flows to the financial
Directors concluded no impairment is required for goodwill budgets covering a five-year period from 2024, approved
and telecommunications licences allocated to the converged by the Directors for impairment assessment;
telecommunications services and solutions cash generating
unit (“CGU”). The key assumptions and sensitivities are - Compared the historical forecast for 2023 to actual results
disclosed in Note 16 to the financial statements. to assess the reliability of management’s estimates;
- Compared the compounded revenue growth rates

in the projection periods to historical results and
telecommunications industry forecasts; and
- Checked the mathematical accuracy of the five-year VIU

cash flows.
• Agreed the assumption on capital expenditures and

operating expenditures to the financial budgets covering
a five-year period from 2024 approved by the Directors,
discussed with management on the capital expenditures
and operating expenditures required to maintain the
network performance, and assessed the impact on the VIU
cash flows;
209

Group (continued)
Assessment of carrying value of goodwill and We performed the following audit procedures on the value
telecommunications licences allocated to the converged in-use (“VIU”) calculations which were based on pre-tax
telecommunications services and solutions cash cash flow projections based on internally approved financial
generating unit (continued) budgets covering a five-year period: (continued)
• Checked the reasonableness of the discount rate and

terminal growth rate with the assistance of our valuation
experts by benchmarking to industry reports; and
• Checked the sensitivity analysis performed by management

on the discount rate and terminal growth rate.
Based on the procedures performed above, we did not find

any material exceptions to the Directors’ conclusion that the
goodwill and telecommunications licences allocated to the
converged telecommunications services and solutions CGU
is not impaired as at 31 December 2023.
Revenue recognition from contracts with customers We performed the following audit procedures:
Refer to Note 3(t) - Summary of material accounting policies: • Evaluated and tested the IT general controls and key
Income recognition, Note 4(d) - Critical accounting estimates controls on material revenue streams over:
and judgements: Revenue recognition for contracts with
customers and Note 6 - Revenue - capturing and recording of revenue transactions;
The Group’s revenue from contracts with customers of - authorisation of rate changes and the input of this
RM10.0 billion during the financial year ended 31 December information to the billing systems; and
2023 comprised primarily of telecommunications services
and solutions revenue, and sales of devices of RM8.4 billion - accuracy of calculation of amounts billed to customers;
and RM1.6 billion respectively.
• For material revenue streams, we obtained supporting
We focused on this area because there is an inherent evidence such as customer contracts, invoices and relevant
risk around the accuracy of revenue recorded given supporting documents to test the accuracy of revenue
the complexity of systems and the impact of various recognition on a sampling basis;
pricing models for different revenue products to revenue
recognition. Revenue processed by billing systems is • Reviewed management’s assessment of the identification of
complex and involves large volumes of data with different separate performance obligations over material customer
products and services sold, and price changes. contracts with bundling arrangements and sighted to the
customer contracts on a sampling basis; and
• Reviewed management’s analysis in determining whether

the Group is acting as a principal or an agent in relation
to the sale of devices based on the contractual terms and
conditions in the contracts with customers and suppliers.
210
Group (continued)
Revenue recognition from contracts with customers Based on the procedures performed above, we did not find
(continued) any material exceptions in the revenue recognised during the
financial year.
In addition, management exercises judgement in the areas
below:
• Certain contracts with customers are bundled packages

that may include sale of products and telecommunications
services and solutions that comprise voice, data and
other converged telecommunications services;
• Individual products and services are accounted for as

separate performance obligations if they are distinct
promised goods and services. Judgement is involved
in identifying if products and services with the bundled
package are distinct as a separate promised products
and services; and
• Determining whether the Group is acting as a principal or

an agent in relation to the sale of devices.
Assessment of funding requirements and ability to meet We performed the following audit procedures:
the short term obligations
• Checked the extent of debt that the Group can raise from
Refer to Note 33(c) - Financial Risk Management: Liquidity its existing facilities;
Risk
• Reviewed management’s assessment of compliance with
As at 31 December 2023, the Group had short term debt covenants;
payables and accruals of RM4.13 billion and short term
borrowings of RM0.86 billion. We focused on the Group’s • Checked the borrowing repayment profile of the Group
against the debt agreements;
funding and ability to meet its short term obligations due
to the significant amount of the short term liabilities, which
• Checked management’s cash flow forecasts for the Group
resulted in the current liabilities of the Group exceeding
over the period of 12 months from the date of the financial
current assets by RM2.38 billion at that date.
statements to the annual budget approved by the Directors
and cash flow projections prepared by management which
The Group’s ability to obtain funding from existing facilities
includes operating, investing and financing cash flows; and
is disclosed in Note 33 (c) to the financial statements.
• Discussed with management on key assumptions used in
the cash flow forecasts including cash collection trends,
payment profiles and significant transactions that may
occur in developing the cash flow forecasts for the Group.

any material exceptions to the Directors’ assessment that the
Group will be able to meet its short term obligations.
211

Company
Recoverability of the carrying value of cost of investment We performed the following audit procedures on the
in a subsidiary VIU calculations which were based on pre-tax cash flow
projections based on internally approved financial budgets
Refer to Note 3(f) - Summary of material accounting covering a five-year period:
policies: Impairment of non-financial assets, Note 4(a) -
Critical accounting estimates and judgements - Company: • Discussed with management on the key assumptions
Investments in subsidiaries and Note 18 (a) - Investments in used in the five-year VIU cash flows which include the
subsidiaries compounded revenue and EBITDA annual growth rates
and performed the following:
As at 31 December 2023, the carrying value of the cost of
investment in a subsidiary is RM25.1 billion. - Agreed the five-year VIU cash flows to the financial
budgets covering a five-year period from 2024 approved
The Group performed an impairment assessment of the by the Directors for impairment assessment;
cost of investment in a subsidiary during the financial year
as there is indicator of impairment of this subsidiary. The - Compared the historical forecast for 2023 to actual results
recoverable amount of the subsidiary was determined by to assess the reliability of management’s estimates;
the Directors based on VIU method. Based on the Directors’
- Compared the compounded revenue growth rates
assessment, the recoverable amount of the subsidiary
in the projection periods to historical results and
exceeds the carrying value of the investment in the
telecommunications industry forecasts; and
subsidiary and therefore no impairment is required.
- Checked the mathematical accuracy of the five-year VIU

We focused on this area due to the estimation of the
cash flows.
recoverable amounts which is inherently uncertain and
requires significant judgement on the future cash flows,
• Checked that the VIU cash flows used to determine the
terminal growth rates and discount rate applied.
recoverable amount have been appropriately adjusted for
the financing cash flows forecast of the subsidiary;
• Agreed the assumption on capital expenditures and

operating expenditures to the financial budgets covering
a five-year period from 2024 approved by the Directors,
discussed with management on the capital expenditures
and operating expenditures required to maintain the
network performance, and assessed the impact on the VIU
cash flows;
• Checked the reasonableness of the discount rate and

terminal growth rate with the assistance of our valuation
experts by benchmarking to industry reports; and
• Checked the sensitivity analysis performed by management

on the discount rate and terminal growth rate.

any material exception to the Directors’ assessment that the
cost of investment in a subsidiary is not impaired as at 31
December 2023.
212
Information other than the financial statements and auditors’ report thereon
The Directors of the Company are responsible for the other information. The other information comprises the Directors’ Report
and Statement of Risk Management and Internal Control, which we obtained prior to the date of this auditors’ report, and other
sections of the 2023 Annual Report, which is expected to be made available to us after that date. Other information does not
include the financial statements of the Group and of the Company and our auditors’ report thereon.
Our opinion on the financial statements of the Group and of the Company does not cover the other information and we do not
and will not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements of the Group and of the Company, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the financial statements
of the Group and of the Company or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed on the other information that we obtained prior to the date of this auditors’ report, we
conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing
to report in this regard.
Responsibilities of the Directors for the financial statements
The Directors of the Company are responsible for the preparation of the financial statements of the Group and of the Company
that give a true and fair view in accordance with Malaysian Financial Reporting Standards, International Financial Reporting
Standards and the requirements of the Companies Act 2016 in Malaysia. The Directors are also responsible for such internal
control as the Directors determine is necessary to enable the preparation of financial statements of the Group and of the
Company that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements of the Group and of the Company, the Directors are responsible for assessing the
Group’s and the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Company or
to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements of the Group and of the Company
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
approved standards on auditing in Malaysia and International Standards on Auditing will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
213

Auditors’ responsibilities for the audit of the financial statements (continued)
As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing,
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
(a) Identify and assess the risks of material misstatement of the financial statements of the Group and of the Company,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
(b) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and of the
Company’s internal control.
(c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Directors.
(d) Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt
on the Group’s or on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial statements of
the Group and of the Company or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause
the Group or the Company to cease to continue as a going concern.
(e) Evaluate the overall presentation, structure and content of the financial statements of the Group and of the Company,
including the disclosures, and whether the financial statements of the Group and of the Company represent the underlying
transactions and events in a manner that achieves fair presentation.
(f) Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
within the Group to express an opinion on the financial statements of the Group. We are responsible for the direction,
supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on
our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with the Directors, we determine those matters that were of most significance in the audit
of the financial statements of the Group and of the Company for the current financial year and are therefore the key audit
matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of
such communication.
214
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
In accordance with the requirements of the Companies Act 2016 in Malaysia, we report that the subsidiaries of which we have
not acted as auditors, are disclosed in Note 18 to the financial statements.
OTHER MATTERS
This report is made solely to the members of the Company, as a body, in accordance with Section 266 of the Companies Act
2016 in Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report.
PRICEWATERHOUSECOOPERS PLT TAN CHIN YEE

LLP0014401-LCA & AF 1146 03380/06/2024 J
Chartered Accountants Chartered Accountant
Kuala Lumpur
11 March 2024
215
OTHER INFORMATION
SIZE OF SHAREHOLDINGS
AS AT 11 MARCH 2024
SHARE CAPITAL
Issued : 7,832,077,110 Ordinary Shares

Voting Right : One vote per Ordinary Share
No. of % of No. of % of
Size of Holdings Shareholders Shareholders Shares Held Issued Shares
Less than 100 931 2.35 7,845 #
100 - 1,000 19,546 49.30 17,039,309 0.22

1,001 - 10,000 15,765 39.76 62,012,080 0.79
10,001 - 100,000 2,739 6.91 78,001,413 1.00
100,001 - 391,603,855(*) 661 1.67 1,578,496,402 20.15
391,603,856 and above(**) 3 0.01 6,096,520,061 77.84
Total 39,645 100.00 7,832,077,110 100.00
* Less than 5% of issued shares

** 5% and above of issued shares
Note:
Information in the above table is based on the Record of Depositors dated 11 March 2024.
CATEGORY OF SHAREHOLDERS
AS AT 11 MARCH 2024
No. of % of No. of % of
Category of Shareholders Shareholders Shareholders Shares Held Issued Shares
Individuals 33,610 84.78 147,419,615 1.88

Bank/Finance Companies 37 0.10 982,846,760 12.55
Investment Trusts/Foundation/Charities 9 0.02 169,000 #
Industrial and Commercial Companies 310 0.78 4,886,780,310 62.40

Government Agencies/Institutions 4 0.01 6,550,300 0.08
Nominees 5,674 14.31 1,808,311,123 23.09
Others 1 #
2 #
Total 39,645 100.00 7,832,077,110 100.00
#
Negligible
Note:
216
OTHER INFORMATION INTEGRATED ANNUAL REPORT 2023
DIRECTORS’ INTEREST IN SHARES

AS AT 11 MARCH 2024
Based on the Register of Directors’ Shareholdings, the interests of the Directors in the shares of the Company (both direct and
indirect) as at 11 March 2024 are as follows:
Number of Shares % of Issued Shares

Name Direct Indirect Direct Indirect
Tan Sri Mokhzani bin Mahathir 750,000 1,000(1) 0.01 #
Dato’ Hamidah Naziadin - - - -

Alvin Michael Hew Thai Kheam - - - -
Uthaya Kumar A/L K Vivekananda - - - -
Ooi Huey Tyng - - - -
Ong Chu Jin Adrian - - - -
Mazen Ahmed M. AlJubeir - - - -
Mohammed Abdullah K. Alharbi - - - -
Abdulaziz Abdullah M. Alghamdi - - - -
Lim Ghee Keong - - - -
Notes:
#
Negligible
(1)
Deemed interest in shares of the Company held by spouse pursuant to Section 59(11)(c) of the CA 2016.
CHIEF EXECUTIVE OFFICER’S INTERESTS IN SHARES

AS AT 11 MARCH 2024
The interests of the Chief Executive Officer in the shares of the Company (both direct and indirect) as at 11 March 2024 are as
follows:
Number of Shares % of Issued Shares

Name Direct Indirect Direct Indirect
Goh Seow Eng - 6,200(1) - #
- 963,300(2) - 0.01
Notes:
#
Negligible
(1)
Deemed interest in shares of the Company held by spouse pursuant to Section 59(11)(c) of the CA 2016.
(2)
Pursuant to the terms and conditions of an incentive arrangement arising under the employment agreement entered
by him and Maxis Broadband Sdn. Bhd., a wholly-owned subsidiary of Maxis (Agreement), a cash incentive was used to
acquire shares of the Company from the open market and such shares are currently held by CIMB Commerce Trustee
Berhad (CIMB) or its nominee. Hence, these shares were acquired and are currently held by CIMB. These shares shall,
subject to the satisfaction of the vesting conditions and the terms and conditions of the Agreement, vest in him on 30
June 2026. The vesting conditions comprise, amongst others, the performance targets for the financial years 2023,
2024 and 2025 as stipulated by Maxis’ Nomination and Remuneration Committee.
217
OTHER INFORMATION
30 LARGEST SHAREHOLDERS
AS AT 11 MARCH 2024
No Name No. of Shares Held %
1 BGSM Equity Holdings Sdn Bhd 4,875,000,000 62.24
2 Amanahraya Trustees Berhad 629,448,400 8.04

Amanah Saham Bumiputera
3 Citigroup Nominees (Tempatan) Sdn Bhd 592,071,661 7.56

Employees Provident Fund Board

Employees Provident Fund Board (Islamic)
5 Kumpulan Wang Persaraan (Diperbadankan) 108,338,085 1.38

Urusharta Jamaah Sdn. Bhd. (1)

Amanah Saham Malaysia 2 - Wawasan
8 Cartaban Nominees (Asing) Sdn Bhd 44,145,980 0.56

Exempt AN For State Street Bank & Trust Company (West CLT OD67)

Amanah Saham Malaysia 3
10 HSBC Nominees (Asing) Sdn Bhd 39,757,561 0.51

JPMCB NA For Vanguard Total International Stock Index Fund

JPMCB NA For Vanguard Emerging Markets Stock Index Fund

Amanah Saham Bumiputera 2
13 Maybank Nominees (Tempatan) Sdn Bhd 28,413,400 0.36

Maybank Trustees Berhad For Public Regular Savings Fund (N14011940100)
14 Cartaban Nominees (Tempatan) Sdn Bhd 25,420,000 0.33

PAMB For Prulink Equity Fund

Amanah Saham Bumiputera 3 - Didik

Amanah Saham Malaysia
17 Citigroup Nominees (Asing) Sdn Bhd 19,918,866 0.25

CB Spore GW For Government Of Singapore (GIC C)
218
No Name No. of Shares Held %

Great Eastern Life Assurance (Malaysia) Berhad (Par 1)

Employees Provident Fund Board (CGS CIMB)

JPMCB NA For Vanguard Fiduciary Trust Company Institutional Total International
Stock Market Index Trust II
21 Permodalan Nasional Berhad 17,260,500 0.22

BNYM SA/NV For People’s Bank Of China (SICL Asia EM)

State Street London Fund OQ78 For Ishares IV Public Limited Company
24 Maybank Nominees (Tempatan) Sdn Bhd 15,584,600 0.20

Maybank Trustees Berhad For Public Ittikal Fund (N14011970240)

Public Islamic Dividend Fund

PBTB For Takafulink Dana Ekuiti

Prudential Assurance Malaysia Berhad For Prulink Strategic Fund

Great Eastern Life Assurance (Malaysia) Berhad (Par 3)

JPMCB NA For Blackrock Institutional Trust Company, N.A. Investment Funds For
Employee Benefit Trusts

Exempt AN For The Hongkong And Shanghai Banking Corporation Limited
(Global Markets)
Note:
219
OTHER INFORMATION
INFORMATION ON SUBSTANTIAL SHAREHOLDERS
The shareholders holding more than 5% interest, direct and indirect, in the ordinary shares in Maxis (Shares) based on the
Register of Substantial Shareholders of the Company as at 11 March 2024 are as follows:
Direct Indirect
No. of No. of
Name of Substantial Shareholder Shares Held % Shares Held %
BGSM Equity Holdings Sdn. Bhd. (BGSM Equity) 4,875,000,000 62.24 - -

BGSM Management Sdn. Bhd. (BGSM Management) (1)
- - 4,875,000,000 62.24
Binariang GSM Sdn. Bhd. (BGSM) (2)
- - 4,875,000,000 62.24
Usaha Tegas Equity Sdn. Bhd. (UTE) (3)
- - 4,875,000,000 62.24
Usaha Tegas Sdn. Bhd. (Usaha Tegas) (4)
- - 4,875,000,000 62.24
Pacific States Investment Limited (PSIL)(5) - - 4,875,000,000 62.24
Excorp Holdings N.V. (Excorp)(6) - - 4,875,000,000 62.24
PanOcean Management Limited (PanOcean) (6)
- - 4,875,000,000 62.24
Ananda Krishnan Tatparanandam (TAK) (7)
- - 4,875,000,000 62.24
Harapan Nusantara Sdn. Bhd. (Harapan Nusantara) (8)
- - 4,875,000,000 62.24
Tun Haji Mohammed Hanif bin Omar (9)
- - 4,875,000,000 62.24
Dato’ Haji Badri bin Haji Masri (9)
- - 4,875,000,000 62.24
Mohamad Shahrin bin Merican (9)
11,000 #
4,875,000,000 62.24
STC Malaysia Holding Ltd (STCM) (10)
- - 4,875,000,000 62.24
STC Asia Telecom Holding Ltd (STCAT) (11)
- - 4,875,000,000 62.24
Saudi Telecom Company (Saudi Telecom)(12) - - 4,875,000,000 62.24
Public Investment Fund (PIF)(13) - - 4,875,000,000 62.24
AmanahRaya Trustees Berhad (ARB)
- Skim Amanah Saham Bumiputera 629,448,400 8.04 - -
Employees Provident Fund Board (EPF) (14)
859,422,167 10.97 29,177,600 0.37
Notes:
#
Negligible
(1)
BGSM Management’s deemed interest in the Shares arises by virtue of BGSM Management holding 100% equity interest
in BGSM Equity.
(2)
BGSM’s deemed interest in the Shares arises by virtue of BGSM holding 100% equity interest in BGSM Management. See
Note (1) above for BGSM Management’s deemed interest in the Shares.
(3)
UTE’s deemed interest in the Shares arises through its wholly-owned subsidiaries, namely, Wilayah Resources Sdn. Bhd.,
Tegas Puri Sdn. Bhd., Besitang Barat Sdn. Bhd. and Besitang Selatan Sdn. Bhd. which hold in aggregate 37% equity
interest in BGSM. See Note (2) above for BGSM’s deemed interest in the Shares.
(4)
Usaha Tegas’ deemed interest in the Shares arises by virtue of Usaha Tegas holding 100% equity interest in UTE. See
Note (3) above for UTE’s deemed interest in the Shares.
(5)
PSIL’s deemed interest in the Shares arises by virtue of PSIL holding 99.999% equity interest in Usaha Tegas. See Note
(4) above for Usaha Tegas’ deemed interest in the Shares.
220
(6)
PanOcean holds 100% equity interest in Excorp which in turn holds 100% equity interest in PSIL. See Note (5) above for
PSIL’s deemed interest in the Shares. PanOcean is the trustee of a discretionary trust, the beneficiaries of which are
members of the family of TAK and foundations including those for charitable purposes. Although PanOcean is deemed to
have an interest in such Shares, it does not have any economic or beneficial interest in such Shares, as such interest is
held subject to the terms of such discretionary trust.
(7)
TAK’s deemed interest in the Shares arises by virtue of PanOcean’s deemed interest in the Shares. See Note (6) above
for PanOcean’s deemed interest in the Shares. Although TAK is deemed to have an interest in such Shares, he does not
have any economic or beneficial interest in such Shares, as such interest is held subject to the terms of a discretionary
trust referred to in Note (6) above.
(8)
Harapan Nusantara’s deemed interest in the Shares arises through its wholly-owned subsidiaries, namely, Mujur Anggun
Sdn. Bhd., Cabaran Mujur Sdn. Bhd., Anak Samudra Sdn. Bhd., Dumai Maju Sdn. Bhd., Nusantara Makmur Sdn. Bhd.,
Usaha Kenanga Sdn. Bhd. and Tegas Sari Sdn. Bhd. (collectively, “Harapan Nusantara Subsidiaries”), which hold in
aggregate 30% equity interest in BGSM. See Note (2) above for BGSM’s deemed interest in the Shares. The Harapan
Nusantara Subsidiaries hold their deemed interest in such Shares under discretionary trusts for Bumiputera objects. As
such, Harapan Nusantara does not have any economic interest in such Shares as such interest is held subject to the
terms of such discretionary trusts.
(9)
His deemed interest in the Shares arises by virtue of his 25% direct equity interest in Harapan Nusantara. However, he
does not have any economic interest in such Shares as such interest is held subject to the terms of the discretionary
trusts referred to in Note (8) above.
(10)
STCM’s deemed interest in the Shares arises by virtue of STCM holding 25% equity interest in BGSM. See Note (2) above
for BGSM’s deemed interest in the Shares.
(11)
STCAT’s deemed interest in the Shares arises by virtue of STCAT holding 100% equity interest in STCM. See Note (10)
above for STCM’s deemed interest in the Shares.
(12)
Saudi Telecom’s deemed interest in the Shares arises by virtue of Saudi Telecom holding 100% equity interest in STCAT.
See Note (11) above for STCAT’s deemed interest in the Shares.
(13)
PIF’s deemed interest in the Shares arises by virtue of PIF holding 70% equity interest in Saudi Telecom. See Note (12)
above for Saudi Telecom’s deemed interest in the Shares.
(14)
EPF is deemed to have an interest in 29,177,600 Shares held through nominees.
221
OTHER INFORMATION
LIST OF PROPERTIES HELD
Remaining Net Book

Lease Value as
Approx. Tenure/ Period Land Build-up at 31 Dec
Age of the Date of (Expiry of Area Area 2023
Item Postal Address Building Acquisition Lease) Current Use (Sq. metre) (Sq. metre) (RM’million)
1 Plot 12155 (Lot 13) 28 years Freehold - Telecommunication 11,235 10,061 15

Jalan Delima 1/1 9 May, operations centre
Subang Hi-Tech 1994 and office
Industrial Park
40000 Shah Alam
Selangor
2 Lot 4046 & 4059 31 years Freehold - Telecommunication 4,242 4,077 4

Jalan Riang 20 21 July, operations centre
Taman Gembira 1994 and office
Industrial Estate
81100 Johor Bahru
3 Lot 2537 & 2538 27 years Leasehold 50 years Telecommunication 3,661 2,259 5
Lorong Jelawat 6 5 January, (18 August operations centre
Kawasan Perusahaan Se- 1995 2073) and office
berang Jaya
13700 Seberang Jaya
Pulau Pinang
4 PT 31093, Taman 26 years Freehold - Technical Opera- 2,830 3,290 2

Perindustrian Tago 2 July, tions Centre
Jalan KL – Sg Buluh 1996
Mukim Batu
Gombak
5 Lot 943 & 1289 26 years Freehold - Technical Opera- 10,611 1,535 3
(No. Lot Pemaju – 46) 12 April, tions Centre
Rawang Integrated 1997
Industrial Park
Selangor
222
Remaining Net Book

Lease Value as
Approx. Tenure/ Period Land Build-up at 31 Dec
Age of the Date of (Expiry of Area Area 2023
Item Postal Address Building Acquisition Lease) Current Use (Sq. metre) (Sq. metre) (RM’million)
6 8101, Taman Desa 26 years Freehold - Technical Opera- 2,378 1,736 1

Jasmin 28 Decem- tions Centre
Block 12B, ber, 1996
Bandar Baru Nilai
Labu
Negeri Sembilan
7 Lot 25 23 years Leasehold 73 years Telecommunication 16,149 3,372 7

Lorong Burung Keleto 11 May, (31 Decem- operations centre
Inanam Industrial Estate 2000 ber, 2096) and office
Inanam
88450 Kota Kinabalu
Sabah
8 Lot 2323, 23 years Leasehold 43 years Telecommunication 10,122 3,382 14

Off Jalan Daya 28 Septem- (19 Novem- operations centre
Pending Industrial ber, 2000 ber, 2066) and office
Estate Bintawa
93450 Kuching
Sarawak
9 Lot 11301 24 years Sub-Lease 2 years Telecommunication 11,592 5,634 11

Jalan Lebuhraya Kuala 9 August (28 July, operations centre
Lumpur – Seremban 1999 2025) and office
Batu 8, Mukim Petaling
57000 Kuala Lumpur
10 No. 26, Jalan 29 years Freehold - Base Transceiver 2,294 872 1

Perdagangan 10 2 March, Station
Taman Universiti 1995
81300 Skudai
Johor
223
OTHER INFORMATION
ADDITIONAL DISCLOSURES
LONG TERM INCENTIVE PLAN (LTIP 2023)
Please refer to the Directors’ Report, page 101 and Note 31(a) on pages 178 to 180 of the Audited Financial Statements of this Integrated Annual Report.
The Company established and implemented LTIP 2023 for the employees of the Company and its subsidiaries (Maxis Group) (excluding subsidiaries
which are dormant) which took effect on 3 July 2023. The number of shares of the Company (Maxis Shares) which have been granted under LTIP 2023
to eligible employees of the Maxis Group (excluding dormant subsidiaries) since the commencement of the scheme are summarised below:
From 3 July 2023 up to 31 December 2023
Category of Employees Proportion granted (%) Total number of Maxis Shares granted
Directors - -
Senior management* 24 2,730,200
Other employees 76 8,416,500
Total 100 11,146,700
* Senior management refers to the Maxis Management Team.

Up to a maximum of 100% of the Maxis Shares made available under LTIP 2023 could be allocated to eligible employees who are executive directors and senior
management of the Maxis Group.
Note: The Long Term Incentive Plan 2015 (LTIP 2015), a long-term incentive plan involving the issuance of new Maxis Shares to the eligible
employees of Maxis Group was established on 31 July 2015. LTIP 2015 is valid for a period of ten (10) years and shall continue to be in force
until 31 July 2025. Since the implementation of the LTIP 2015, none of our Directors have been granted and/or vested with any Maxis Shares.
As previously disclosed:
(i) our Board does not intend to make any further grants under the LTIP 2015.
(ii) as at 31 December 2023, there are two (2) grants which were already awarded under LTIP 2015 as follows:
Total number of
Date of offer Maxis Shares granted Vesting period Vesting date
9 September 2021 10,500,500 34 months 30 June 2024
6 September 2022 12,758,500 34 months 30 June 2025
CONFLICT OF INTEREST DISCLOSURES - This section should be read together with the Notes 1 and 2 below
Uthaya Kumar A/L K Vivekananda (VUK)

VUK is an Independent Director of Sri Lanka Telecom PLC (SLT) and Mobitel (Private) Limited (Mobitel), a wholly owned subsidiary of SLT. They
are the national telecommunications service provider in Sri Lanka with their main activity being domestic and international fixed and mobile ICT
operations offering, inter alia, internet services, IPTV, wireless broadband, data services, domestic and international leased circuits, frame relay,
satellite uplink and maritime transmission. The Maxis Group’s principal operations are in Malaysia. While SLT and Mobitel may be carrying out a
business which is similar to Maxis’ business as an integrated telco, they are operating in different countries. Notwithstanding that, in the event of any
conflict of interest or potential conflict of interest, VUK will disclose such interest and recuse himself from Board deliberations and decisions where
such conflict may be present.
Mohammed Abdullah K. Alharbi (MAH)

MAH is an employee of Saudi Telecom Company (STC) and a Director of the STC group, based in Riyadh, Kingdom of Saudi Arabia. STC group is
engaged in the provision of telecommunication, information, media and digital payments services. It establishes, manages, operates, and maintains
fixed and mobile telecommunication networks, systems and infrastructure. STC operates in Saudi Arabia, Kuwait and Bahrain, and has minority
investments in Telefonica Spain while STC’s interest in Malaysia is held via BGSM Equity Holdings Sdn. Bhd. (the holding company of Maxis), which
interest has been disclosed on pages 220 and 221 of the Company’s Integrated Annual Report. The Maxis Group’s principal operations are in Malaysia.
While the STC group may be carrying out a business which is similar to Maxis’ business as an integrated telco, they are operating in different countries.
Notwithstanding that, in the event of any conflict of interest or potential conflict of interest, MAH will disclose such interest and recuse himself from
Board deliberations and decisions where such conflict may be present.
Abdulaziz Abdullah M. Alghamdi (AAG)

AAG is an employee of Saudi Telecom Company (STC) and a Director of the STC group, based in Riyadh, Kingdom of Saudi Arabia. STC group is
engaged in the provision of telecommunication, information, media and digital payments services. It establishes, manages, operates, and maintains
fixed and mobile telecommunication networks, systems and infrastructure. STC operates in Saudi Arabia, Kuwait and Bahrain, and has minority
investments in Telefonica Spain while STC’s interest in Malaysia is held via BGSM Equity Holdings Sdn. Bhd. (the holding company of Maxis), which
interest has been disclosed on pages 220 and 221 of the Company’s Integrated Annual Report. The Maxis Group’s principal operations are in Malaysia.
While the STC group may be carrying out a business which is similar to Maxis’ business as an integrated telco, they are operating in different countries.
Notwithstanding that, in the event of any conflict of interest or potential conflict of interest, AAG will disclose such interest and recuse himself from Board
deliberations and decisions where such conflict may be present.
Lim Ghee Keong (LGK)

LGK is a Director of Astro Malaysia Holdings Berhad (Astro) as well as a Director and Chief Operating Officer of Usaha Tegas Sdn. Bhd. Astro is
Malaysia’s leading content and entertainment company providing services via satellite, fixed broadband, digital and FM radio network. Maxis is a
leading integrated telco in Malaysia providing a variety of digital services encompassing voice, data and solutions via mobile, fixed and satellite
broadband network. LGK has declared his conflict of interest arising from his positions in these companies and has recused and will continue to
recuse himself from Board deliberations and decisions relating to these companies where such conflict may be present.
Notes:
1. Conflicts of interest (COI) involving the Company’s directors will be reviewed by the Audit and Risk Committee. Maxis’ Policy on Directors’ and Key Senior
Management’s Conflicts of Interest sets out the processes and procedures and the associated mitigating measures for dealing with COI.
2. To the extent that the relationships above also give rise to related party transactions, additional disclosures, among other things, relating to such related party
transactions will be separately made in accordance with Paragraphs 10.08 and 10.09 of the MMLR.
224
COMPLIANCE WITH THE PERSONAL DATA PROTECTION ACT
The Company recognises the importance of protecting and securing the personal data of shareholders, customers, employees and other relevant
individuals, and has taken steps to be fully compliant with the Personal Data Protection Act 2010 (PDPA 2010).
PROFILES OF DIRECT REPORTS TO THE BOARD AND/OR AUDIT AND RISK COMMITTEE PURSUANT TO APPLICABLE LAWS
DIPAK KAUR (DIPA) SHAFIK AZLEE BIN MASHAR NURIRDZUANA BINTI ISMAIL
Company Secretary Head of Internal Assurance Head of Integrity and Governance Unit
LS5204, PC 201908002620
FCIS (CS) (CGP), GAICD
Date of Appointment : 7 August 2009 Date of Appointment : 15 April 2014 Date of Appointment : 24 August 2020
Age : 54 Age : 48 Age : 45
Gender : Female Gender : Male Gender : Female
Nationality : Malaysian Nationality : Malaysian Nationality : Malaysian
Dipa has over 30 years of experience in Shafik joined Maxis in April 2014 as the Nuri has more than 20 years of professional
corporate secretarial and governance Head of Internal Audit, now known as experience in designing and implementing
matters in various public listed and private Internal Assurance, responsible for leading anti-corruption programmes including
companies and is qualified to act as a the independent Internal Audit function that corruption risk management, international
Company Secretary under Section 235(2) of reports functionally to the Audit and Risk strategy, communications and advising on
the CA 2016. As Company Secretary of the Committee and administratively to the CEO. compliance and governance training. She
Maxis Berhad Group, she provides active has led the design and implementation of
governance, technical and advisory support He brings over more than 25 years of work ISO 37001:2016 Anti-Bribery Management
to the Chairman, Directors, the Board, experience in various industries spanning System in various government agencies
Board Committees and Management. telecommunication, IT outsourcing and fast and organisations.
moving consumer goods, in various roles
She holds the following qualifications viz covering telecommunications operations, She currently supports the Board of
Bachelor of Laws from the University of project management and internal auditing. Directors, Audit and Risk Committee and
Leicester, United Kingdom, Certificate Prior to joining Maxis, he was the Head Management by providing oversight on
of Legal Practice, Certified Diploma of Internal Audit at Robi Axiata Limited, a the design, implementation, compliance,
in Accounting and Finance from the subsidiary of Axiata Group in Bangladesh. and enforcement of the Maxis Integrity
Association of Chartered Certified Prior to that, he was with various multi- & Compliance Framework (MICF),
Accountants, United Kingdom, Masters national and local companies at varying ISO37001:2016 Anti-Bribery Management
in Law from University Malaya, Graduate regional and global leadership roles, System certification, Maxis Anti-Bribery
of the Institute of Chartered Secretaries responsible for operations and audit Corruption System (MABC) and AML/
and Administrators (now known as the throughout his career. CFT initiatives. She collaborates closely
Chartered Governance Institute), Graduate with all stakeholders to ensure that Maxis
of the Australian Institute of Corporate He holds a Bachelor of Engineering degree maintains the highest standards of integrity
Directors, and a Certificate in Sustainable in Information Systems Engineering from and transparency in its business operations.
Development, University of Sussex, Imperial College of Science, Technology Prior to joining Maxis, Nuri served as an
United Kingdom. She is a non-practising & Medicine, London and is a Certified Assistant Commissioner at the Malaysian
Advocate and Solicitor of the High Court Information Systems Auditor (CISA), Anti-Corruption Commission and has been
of Malaya and a Fellow and Chartered certified PRINCE2 Project Management the Head of Integrity Risk Management for
Governance Professional of the Malaysian Professional, Certified ScrumMaster (CSM) Group Integrity, PETRONAS.
Institute of Chartered Secretaries and for Agile and Certified Lead Auditor for ISO
Administrators (MAICSA). She holds the 37001:2016 Anti Bribery. She holds a Bachelor of Science (BSc.)
office as an elected Council Member and degree in Biomedical Technology from
Vice President of MAICSA, and sits on University Malaya and is a Certified Integrity
various MAICSA committees. Officer (CeIO) from Malaysia Anti-Corruption
Academy (MACA), Certified Trainer from
HRDF, Certified Learning Facilitator for
Anti-Corruption and Compliance from
Basel Institute of Governance, Switzerland,
Certified Lead Auditor and Technical
Expert for ISO 37001:2016 Anti-Bribery
Management System (ABMS).
225
OTHER INFORMATION
MATERIAL CONTRACTS
Material contracts of Maxis and its subsidiaries, involving Directors’ and Major Shareholders’ interests, either still subsisting at
the end of financial year 2023 or, if not then subsisting, entered into since the end of financial year 2022.
Consideration Relationship between

passing to director or major
or from the shareholder and
Company or Mode of contracting party
any other satisfaction (if director or major
General corporation in of shareholder is not
No Contract Date Parties Nature the Group consideration contracting party)
1. Transponder Lease 19 June 2020 Maxis Leasing of Rental fee Cash MBSB is a wholly-
Agreement (for Broadband transponders payable by owned subsidiary of
MEASAT-3) Sdn. Bhd. on MEASAT-3 MBSB to MSS the Company.
(MBSB) by MBSB for
use of satellite Please see Note
bandwidth 1 on page 227 for
capacity further details on the
relationship between
a) Letter for 16 February 2022 MEASAT MBSB and MSS.
Alternative Satellite
Transponder Systems Sdn.
Capacity, Bhd. (MSS)
Extension of the
Expiry Date &
Compensation
2. Teleport Services 7 December 2017 MBSB Lease rentals Service fee Cash Please see Note
Agreement (Lease of MSS teleport payable by 1 on page 227 for
rentals of MEASAT MSS and earth MBSB to MSS further details on the
earth station facility) station facility relationship between
by MBSB MBSB and MSS.
3. Managed Bandwidth 1 July 2011 MBSB Lease of Rental fee Cash Please see Note
Services Agreement bandwidth payable by 1 on page 227 for
MEASAT capacity on MBSB to MBIL further details on the
(a) Letter of 11 November 2014 Broadband IPSTAR-1 relationship between
Agreement (International) satellite MBSB and MBIL.
for Additional Ltd. (MBIL) (under the
Managed brand name
Bandwidth MEASAT-5 or
Services M5) by MBIL
(b) Letter of 5 December 2017

Amendment to
limit provision
of services
to bandwidth
capacity on
MEASAT-5
(c) Letter for further 16 February 2022

extension of the
Extended Term
(d) Letter for further 30 September

extension of the 2022
Further Extended
Term
(e) Letter for Eighth 30 June 2023

Additional
Extended Term
226
Consideration Relationship between

passing to director or major
or from the shareholder and
Company or Mode of contracting party
any other satisfaction (if director or major
General corporation in of shareholder is not
No Contract Date Parties Nature the Group consideration contracting party)
4. Managed Bandwidth 30 June 2023 MBSB Lease of Rental fee Cash Please see Note
Master Services bandwidth payable by 1 on page 227 for
Agreement MEASAT capacity on MBSB to MCS further details on the
Communication MEASAT-3d relationship between
Systems satellite by MBSB and MCS.
Sdn Bhd MCS
(MCS)
5. M5 Teleport Services 1 January 2018 MBSB Lease rentals Service fee Cash Please see Note
Agreement of MSS teleport payable by 1 on page 227 for
MSS and earth MBSB to MSS further details on the
station facility relationship between
by MBSB MBSB and MSS.
(a) Letter for 16 February 2022 for IPSTAR-1
Extension of the satellite
Service Period (under the
brand name
(b) Letter for Eighth 11 July 2023 MEASAT-5 or
Further Extension M5)
of the Extended
Term
Notes:
1. MSS, MBIL and MCS are the wholly owned subsidiaries of MEASAT Global Berhad (MGB). Ananda Krishnan Tatparanandam
(TAK) who is a Major Shareholder of the Company, is also a major shareholder of MGB. Mohamad Shahrin bin Merican, who
is a Major Shareholder of the Company, is also a major shareholder of MGB. Lim Ghee Keong (LGK), who is a Director of the
Company and MBSB is also a director of MEASAT Global Network Systems Sdn. Bhd. (MGNS), MGNS is a major shareholder
of MGB.
227
OTHER INFORMATION
DISCLOSURE OF RECURRENT RELATED PARTY TRANSACTIONS
At the Fourteenth Annual General Meeting held on 18 May 2023, the Company obtained a mandate from its shareholders
(Shareholders’ Mandate) for recurrent related party transactions (RRPTs) of a revenue or trading nature.
In compliance with Paragraph 10.09(2)(b) and Paragraph 3.1.5 of Practice Note 12 of the MMLR, such Shareholders’ Mandate
is subject to annual renewal and the disclosure in the Annual Report of RRPTs conducted pursuant to the mandate during the
financial year ended 31 December 2023 where the aggregate value of such RRPTs is equal to or more than RM1 million or 1%
of the relevant percentage ratio for such transactions, whichever is the higher.
Set out below are the relevant RRPTs for which Shareholders’ Mandate had been obtained together with a breakdown of the
aggregate value of the RRPTs which had been conducted pursuant to the Shareholders Mandate and had met the prescribed
threshold based on the financial results of the preceding financial year.
Value Aggregate
Value incurred from value of
Company incurred from 18 May transactions
in the 1 January 2023 to during the
Maxis 2023 to 31 December financial
Group Transacting Nature 17 May 2023 2023 year 2023
involved Parties Nature of transaction of relationship (RM’million) (RM’million) (RM’million)
Transactions with Astro Malaysia Holdings Berhad (AMH) Group
MBSB and/or MBNS Provision of subscription type Please refer - - -

its affiliates and/or its contents by MBNS and/or its to Note 1
affiliates affiliates to MBSB and/or its
affiliates to be provided to
Maxis subscribers
MBSB MBNS Strategic partnership

and/or its on co-marketing and/or
affiliates distribution of Astro content
product(s) together with Maxis
connectivity and/or carrier
billing capabilities, either
as bundled or standalone
propositions
(i) Receivable by MBSB and/ 47 70 117

or its affiliates
(ii) Payable to MBNS and/or its 4 7 11
affiliates
MBSB and/or MBNS Receivables of short code and - - -

its affiliates and/or its keyword rentals by MBSB and/
affiliates or its affiliates for facilitating
the end to end transmission of
the MBNS Services between
MBNS and Maxis subscribers
MBSB AD5SB Supply of specialised 1 * 1

resources services by MBSB
MBSB ARSB Provision of Business Solutions - * *

and Managed Services by MBSB
Aggregate Value of Transactions with AMH Group 52 77 129
228
Value Aggregate
Transactions with Usaha Tegas Sdn Bhd (UT) Group
MBSB and/or UTSBM Engagement of UTSBM Please refer 11 7 18

its affiliates and/or its and/or its affiliates to provide to Note 2
affiliates corporate management services
MBSB and/or UTSB Rental receivable by MBSB - - -

its affiliates and/or its and/or its affiliates for utilising
affiliates of space/facilities at Maxis
Living Room and/or other
space at Maxis’ premises
MBSB UTSB Provision of Information and * - *

Communications Technology
(ICT) Services by MBSB
MBSB and/or Mobite • Roaming partner revenue * * *

its affiliates (Private) to MBSB and/or its affiliates
Limited • Roaming partner expenses * * *
(Mobitel) paid by MBSB and/or its
affiliates
MBSB and/or Sri Lanka • Interconnect revenue to * * *

its affiliates Telecom MBSB and/or its affiliates
PLC (SLT) • Interconnect expenses * * *
paid by MBSB and/or its
affiliates
MBSB and/or TCCPM Rental, service charge and/or 16 24 40

its affiliates and/or its property service fee/building
affiliates expenses and other related
expenses for Menara Maxis
payable by MBSB and/or its
affiliates
MBSB and/or TCCPM Rental payable by MBSB and/ - - -

its affiliates and/or its or its affiliates for promotional/
affiliates event/project space in Menara
Maxis
MBSB and/or TCCPM Rental receivable by MBSB - - -

its affiliates and/or its and/or its affiliates for utilising
affiliates of space/facilities at Maxis
Living Room and/or other
spaces at Maxis’ premises
MBSB and/or TGV Purchase of movie tickets, hall * * *

its affiliates bookings and concessions
by MBSB and/or its affiliates
for Maxis reward and loyalty
programmes
229
OTHER INFORMATION
DISCLOSURE OF RECURRENT RELATED PARTY TRANSACTIONS
Value Aggregate
Transactions with Usaha Tegas Sdn Bhd (UT) Group
MBSB TGV Provision of Business Solution * - *

Services by MBSB
MBSB UTSB Provision of website build - * *

services by MBSB
Aggregate Value of Transactions with UT Group 27 31 58
Notes:
1. AMH Group
MBNS, AD5SB and ARSB are wholly-owned subsidiaries of Astro Malaysia Holdings Berhad (AMH).
Each of UTSB, PSIL, Excorp, PanOcean and TAK is a Major Shareholder with a deemed interest over 4,875,000,000
Shares representing 62.24% equity interest in Maxis (Shares) by virtue of its deemed interest in Binariang GSM Sdn. Bhd.
(BGSM) which holds 100% equity interest in BGSM Management Sdn. Bhd. (BGSM Management). BGSM Management
holds 100% equity interest in BGSM Equity Holdings Sdn. Bhd. (BGSM Equity) which in turn holds 62.24% equity interest in
Maxis. UTSB’s deemed interest in such Shares arises through its wholly-owned subsidiaries, namely, Wilayah Resources
Sdn. Bhd. (WRSB), Tegas Puri Sdn. Bhd. (TPSB), Besitang Barat Sdn. Bhd. (BBSB) and Besitang Selatan Sdn. Bhd. (BSSB),
which hold in aggregate 37% equity interest in BGSM.
Each of UTSB, PSIL, Excorp and PanOcean has a deemed interest over 1,249,075,472 ordinary shares (AMH Shares)
representing 23.94% equity interest in AMH through the wholly-owned subsidiaries of UTSB, namely, Usaha Tegas
Entertainment Systems Sdn. Bhd. and All Asia Media Equities Limited with each holding 235,778,182 AMH Shares and
1,013,297,290 AMH Shares directly representing 4.52% and 19.42% equity interest in AMH respectively.
PanOcean holds 100% equity interest in Excorp which in turn holds 100% equity interest in PSIL. PSIL holds 99.999%
equity interest in UTSB. PanOcean is the trustee of a discretionary trust, the beneficiaries of which are members of the
family of TAK and foundations, including those for charitable purposes.
TAK is also a major shareholder of AMH with a deemed interest over 2,152,868,226 AMH Shares representing 41.25%
equity interest in AMH. In addition, TAK is a director of PanOcean, Excorp, PSIL and UTSB. Although TAK and PanOcean
are deemed to have an interest in the Shares and AMH Shares as described in the foregoing, they do not have any
economic or beneficial interest over such shares as such interest is held subject to the terms of such discretionary trust
referred to the paragraph above.
LGK who is a Director, is also a director in AMH and MBNS. He is also a director of MBSB, PSIL, Excorp, PanOcean and
UTSB. LGK has a direct equity interest over 1,000,000 AMH Shares representing 0.02% equity interest in AMH. LGK does
not have any equity interest in Maxis, MBSB or AMH subsidiaries.
230
Each of THO, Dato’ Badri and MSM is a Major Shareholder with a deemed interest over 4,875,000,000 Shares representing
62.24% equity interest in Maxis in which Harapan Nusantara Sdn. Bhd. (HNSB) has an interest, by virtue of his 25% direct
equity interest in HNSB. HNSB’s deemed interest in such Shares arises through its wholly-owned subsidiaries, namely,
Mujur Anggun Sdn. Bhd. (MASB), Cabaran Mujur Sdn. Bhd. (CMSB), Anak Samudra Sdn. Bhd. (ASSB), Dumai Maju Sdn.
Bhd. (DMSB), Nusantara Makmur Sdn. Bhd. (NMSB), Usaha Kenanga Sdn. Bhd. (UKSB) and Tegas Sari Sdn. Bhd. (TSSB)
(collectively, HNSB Subsidiaries), which hold in aggregate 30% equity interest in BGSM. The HNSB Subsidiaries hold
their deemed interest in such Shares under discretionary trusts for Bumiputera objects. As such, HNSB, THO, Dato’
Badri and MSM do not have any economic interest over such Shares as such interest is held subject to the terms of such
discretionary trusts.
Each of THO, Dato’ Badri and MSM has a deemed interest over 462,124,447 AMH Shares representing 8.85% equity
interest in AMH in which Harapan Terus Sdn. Bhd. (HTSB) has an interest, by virtue of his 25% direct equity interest
in HTSB. HTSB’s deemed interest in such AMH Shares arises through its wholly-owned subsidiaries, namely, Berkat
Nusantara Sdn. Bhd. (BNSB), Nusantara Cempaka Sdn. Bhd. (NCSB), Nusantara Delima Sdn. Bhd. (NDSB), Mujur
Nusantara Sdn. Bhd. (MNSB), Gerak Nusantara Sdn. Bhd. (GNSB) and Sanjung Nusantara Sdn. Bhd. (SNSB) (collectively,
HTSB Subsidiaries). The HTSB Subsidiaries hold such AMH Shares under discretionary trusts for Bumiputera objects. As
such, HTSB, THO, Dato’ Badri and MSM do not have any economic interest over such AMH Shares as such interest is
held subject to the terms of such discretionary trusts.
MSM has a direct equity interest over 11,000 Shares representing 0.0001% equity interest in Maxis. He also has a direct
equity interest over 200,000 AMH Shares representing 0.004% equity interest in AMH.
2. UT Group
UTSBM is a wholly-owned subsidiary of UTSB while TCCPM and TGV are wholly-owned subsidiaries of Tanjong which
in turn is wholly-owned by Tanjong Capital Sdn. Bhd. (TCSB). Mobitel is a wholly-owned subsidiary of SLT which in
turn is 44.98% owned by UTSB. UTSBM, Mobitel, SLT, TCCPM and TGV are Persons Connected to UTSB, PSIL, Excorp,
PanOcean and TAK. Please refer to Note 1 above for interests of UTSB, PSIL, Excorp, PanOcean and TAK in Maxis.
Each of PSIL, Excorp, PanOcean and TAK has a deemed interest over 124,688,000 ordinary shares in TCSB (TCSB
Shares) representing 65.84% equity interest in TCSB through UTSB. UTSB holds an aggregate of 124,688,000 TCSB
Shares representing 65.84% equity interest in TCSB, of which 71,000,000 TCSB Shares representing 37.49% equity
interest in TCSB is held directly by UTSB, while 53,688,000 TCSB Shares representing 28.35% equity interest in TCSB
is held indirectly, via its wholly-owned subsidiary, Usaha Tegas Resources Sdn. Bhd. (UTRSB).
TAK has a deemed interest in the TCSB Shares in which UTSB has an interest by virtue of the deemed interest of
PanOcean in the TCSB Shares. PanOcean is the trustee of a discretionary trust, the beneficiaries of which are members
of the family of TAK and foundations, including those for charitable purposes. PanOcean holds 100% equity interest in
Excorp which in turn holds 100% equity interest in PSIL. PSIL holds 99.999% equity interest in UTSB.
Although TAK and PanOcean are deemed to have an interest in the TCSB Shares as described in the foregoing, they do
not have any economic or beneficial interest over such TCSB Shares, as such interest is held subject to the terms of such
discretionary trust referred to the above.
TAK is also deemed to have an interest over 47,792,803 TCSB Shares representing 25.23% equity interest in TCSB
through the wholly-owned subsidiaries of MAI Sdn. Berhad (MAI), by virtue of his 100% direct equity interest in MAI.
LGK who is a Director, is also a director of UTSB, UTSBM and TCSB. LGK does not have any equity interest in UTSB,
UTSBM, TCSB, TCCPM and TGV. Please refer to Note 1 above for LGK’s interest in Maxis.
MSM who is a Major Shareholder, is also a director of TCCPM. MSM does not have any equity interest in TCCPM. Please
refer to Note 1 above for MSM’s interest in Maxis.
231
OTHER INFORMATION
GRI CONTENT INDEX
Maxis Berhad has reported the information cited in this GRI content index for the period from 1 January 2023 to 31 December
2023 with reference to the GRI Standards 2021.
Page
GRI Standards Disclosures Location Numbers
GRI 2: GENERAL DISCLOSURES 2021
2-1 Organisational details Corporate Information; Group Corporate Structure; 3; 222-223
List of Properties Held
2-2 Entities included in the Basis of this Report: Scope and Boundaries 1
organisation’s sustainability
reporting
2-3 Reporting period, frequency Basis of this Report: Scope and Boundaries; Feedback 1
and contact point
2-4 Restatements of information Restatement of information is conducted following an 11
internal data review, in relation to interest revenue
reclassification
2-5 External assurance Basis of this Report: Assurance; Approval by the Board 1
2-6 Activities, value chain and Mobile; Fibre; Enterprise 29-32;
other business relationships 33-34;
35-36
2-7 Employees Social 42-49
2-8 Workers who are not Social 42-49
employees
2-9 Governance structure and Corporate Governance Overview Statement 72-81

composition
2-10 Nomination and selection of Statement of the Nomination and Remuneration Committee 82-86
the highest governance body
2-11 Chair of the highest Directors’ Profile; Corporate Governance Overview 64-68;
governance body Statement 72-81
2-12 Role of the highest Corporate Governance Overview Statement: 81
governance body in Sustainability Management
overseeing the management
of impacts
2-13 Delegation of responsibility Corporate Governance Overview Statement: 81
for managing impacts Sustainability Management
2-14 Role of the highest Basis of this Report: Approval by the Board 1
governance body in
sustainability reporting
2-15 Conflicts of interest Additional Disclosures 224
2-17 Collective knowledge of the Corporate Governance Overview Statement: 78
highest governance body Training and Development of Directors
2-19 Remuneration policies Corporate Governance Overview Statement: 79
Remuneration of Directors
2-20 Process to determine Corporate Governance Overview Statement: 79
remuneration Remuneration of Directors
2-22 Statement on sustainable Corporate Governance Overview Statement: 81
development strategy Sustainability Management
232
Page
GRI 2: GENERAL DISCLOSURES 2021
2-23 Policy commitments Governance: Ethical Business Practice; Corporate 54-56;
Governance Overview Statement 72-81
2-24 Embedding policy Governance: Ethical Business Practice 54-56
commitments
2-25 Processes to remediate Statement on Risk Management and Internal Control 92-98
negative impacts
2-26 Mechanisms for seeking Statement on Risk Management and Internal Control 92-98
advice and raising concerns
2-27 Compliance with laws and Governance: Ethical Business Practice 54-56
regulations
2-28 Membership associations Enterprise: Your Right Business Partner 35-36
2-29 Approach to stakeholder Engaging with Our Stakeholders 20-21
engagement
GRI 3: MATERIAL TOPICS 2021
3-1 Process to determine Our Top Material Matters 22-24
material topics
3-2 List of material topics Our Top Material Matters 22-24
3-3 Management of material topics Our Value Creation Model 14-16
GRI 201: ECONOMIC PERFORMANCE 2016
201-1 Direct economic value Five-Year Financial Highlights 11
generated and distributed
201-2 Financial implications and Risks and Opportunities: Network Failure Risk; 26; 31-32
other risks and opportunities Mobile: Our Network
due to climate change
GRI 203: INDIRECT ECONOMIC IMPACTS 2016
203-1 Infrastructure investments Enterprise: Your Right Business Partner; Empowering Our 35-36;
and services supported People and Community: Community Development 49-53
203-2 Significant indirect economic Social: Community Development 49-53

impacts
GRI 204: PROCUREMENT PRACTICES 2016
204-1 Proportion of spending on Governance: Supply Chain Management 56-57
local suppliers
GRI 205: ANTI-CORRUPTION 2016
205-1 Operations assessed for risks Governance: Ethical Business Practice 54-56
related to corruption
205-2 Communication and training Governance: Ethical Business Practice 54-56
about anti-corruption policies
and procedures
205-3 Confirmed incidents of Governance: Ethical Business Practice 54-56
corruption and actions taken
233
OTHER INFORMATION
GRI CONTENT INDEX
Page
GRI 302: ENERGY 2016
302-1 Energy consumption within Environmental: Climate Change 38-39
the organisation
302-4 Reduction of energy Environmental: Climate Change 38-39
consumption
GRI 303: WATER AND EFFLUENTS 2018
303-5 Water consumption Environmental: Environmental Management 39-41
GRI 305: EMISSIONS 2016
305-1 Direct (Scope 1) GHG Environmental: Climate Change 38-39
emissions
305-2 Indirect (Scope 2) GHG Environmental: Climate Change 38-39
emissions
305-4 GHG emissions intensity Environmental: Climate Change 38-39
305-5 Reduction of GHG emissions Environmental: Climate Change 38-39
GRI 306: WASTE 2020
306-1 Waste generation and Environmental: Environmental Management 39-41
significant waste-related
impacts
306-2 Management of significant Environmental: Environmental Management 39-41
waste-related impacts
306-3 Waste generated Environmental: Environmental Management 39-41
306-4 Waste diverted from disposal Environmental: Environmental Management 39-41
GRI 401: EMPLOYMENT 2016

401-2 Benefits provided to full- Social: Employee Development 42-45
time employees that are not
provided to temporary or
part-time employees
GRI 403: OCCUPATIONAL HEALTH AND SAFETY 2018
403-1 Occupational health and Social: Occupational Health & Safety 48-49
safety management system
403-2 Hazard identification, risk Social: Occupational Health & Safety 48-49
assessment, and incident
investigation
403-3 Occupational health services Social: Occupational Health & Safety 48-49
403-5 Worker training on Social: Occupational Health & Safety 48-49
occupational health and
safety
403-6 Promotion of worker health Social: Occupational Health & Safety 48-49
234
Page
GRI 403: OCCUPATIONAL HEALTH AND SAFETY 2018
403-7 Prevention and mitigation Social: Occupational Health & Safety 48-49
of occupational health and
safety impacts directly linked
by business relationships
403-9 Work-related injuries Social: Occupational Health & Safety 48-49
GRI 404: Training and Education 2016
404-1 Average hours of training per Social: Employee Development 42-45
year per employee
404-3 Percentage of employees Social: Employee Development 42-45
receiving regular
performance and career
development reviews
GRI 405: DIVERSITY AND EQUAL OPPORTUNITY 2016
405-1 Diversity of governance Social: Equal Opportunity Workforce & Employment 45-47
bodies and employees
GRI 413: LOCAL COMMUNITIES 2016
413-1 Operations with local Social: Community Development 49-53
community engagement,
impact assessments, and
development programmes
GRI 418: CUSTOMER PRIVACY 2016
418-1 Substantiated complaints Governance: Data Privacy and Protection 57-58
concerning breaches of
customer privacy and losses
of customer data
235
OTHER INFORMATION
GLOSSARY
4G LTE: Fourth Generation Long- CORPORATE MAXIS OR THE COMPANY:

Term Evolution; a standard for wireless GOVERNANCE REPORT: Maxis Berhad [Registration No.
communication of high-speed data for Detailed application of the Principles 200901024473 (867573-A)]
mobile phones and data terminals and Recommendations of MCCG
during the financial year MBPS: Megabits per second
5G: 5th generation mobile networks
or 5th generation wireless systems; EBIT: Earnings before Interest and MCCG: Malaysian Code on
denotes the next major phase of Taxes Corporate Governance
mobile telecommunications standards
beyond the current 4G/IMT-Advanced EBITDA: Earnings before Interest, MCMC: Malaysian Communications
standards Taxes, Depreciation and Amortisation and Multimedia Commission
AML/CFT: Anti Money Laundering / ESG: Environment, Social & MMLR: Main Market Listing
Countering Financing of Terrorism Governance Requirements of Bursa Securities
API: Application Programming GHG: Greenhouse Gas; a group MSME: Micro, Small and Medium
Interface of gases that traps heat in the Enterprises
atmosphere
APPS: Applications; which are NIMP 2030: New Industrial Master
software programmes that can ICT: Information and Communications Plan 2030; An industrial policy for the
be downloaded and used on Technology; an umbrella term that manufacturing and manufacturing-
smartphones, tablets and computers. includes technology utilised for the related service sector
Popular Apps include Facebook, collection, storage, transmission,
Twitter, Waze, WhatsApp, etc retrieval or processing of data such SD-WAN: Software-defined Wide
as radio television, cellular phones, Area Network
ARPU: Average Revenue Per User computers, and various services and
applications associated with them SME: Small and Medium Enterprises
ASEAN: Association of Southeast
Asian Nations IOT: Internet of Things; is the SOP: Standard Operating Procedure
internetworking of physical devices,
B40: Income group of the Malaysian vehicles, buildings, and other items UN SDGS: United Nations
population earning the bottom 40% of which are embedded with electronics, Sustainable Development Goals
household incomes software, sensors, actuators and
network connectivity that enable these TCFD: Task Force on Climate-related
BTS: Base Transceiver Station; objects to collect and exchange data Financial Disclosures
which sends and receives radio
signals, that are converted to digital IP: Internet Protocol WBB: Wireless Broadband
signals, between mobile devices and a
network JENDELA: Jalinan Digital Negara ZEROLUTION: A programme that
allows customers to purchase a device
BURSA SECURITIES: MAXPERTS: A group of highly with RM0 upfront payment and pay
Bursa Malaysia Securities Berhad skilled tech support team that offers over 12 to 36 monthly payments at 0%
solution expertise such as end-to- interest
CA 2016: Companies Act 2016 end resolution of issues, basic setup
and configuration, password resets,
CLOUD: Refers to cloud computing product navigational assistance and
services or computing resources that remote troubleshooting for a range of
are delivered over the internet for selected Maxis solutions
usage as and when they are needed
COE: Centre of Excellence
236
MAXIS BERHAD
Registration No. 200901024473 (867573-A)
Incorporated in Malaysia
NOTICE OF ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN THAT the Fifteenth Annual General Meeting (“AGM”) of MAXIS BERHAD (“Maxis” or “the
Company”) will be held on a virtual basis for the purpose of considering and, if thought fit, passing with or without modifications
the resolutions set out in this notice.
Online Meeting Platform : https://meeting.boardroomlimited.my (Domain Registration No. with MYNIC - D6A357657)
Day and Date : Thursday, 16 May 2024
Time : 2.30 p.m.
Broadcast Venue : Auditorium, 3A Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13,
46200 Petaling Jaya, Selangor Darul Ehsan, Malaysia
Mode of Communication : 1) Typed text in the Online Meeting Platform. The messaging window facility will be opened
for Online Participation concurrently with the Virtual Meeting Portal one (1) hour before the Fifteenth AGM, that is
from 1.30 p.m. on Thursday, 16 May 2024.
2) E-mail questions to ir@maxis.com.my prior to the Fifteenth AGM.
ORDINARY
NO. AGENDA RESOLUTIONS
1 To receive the Audited Financial Statements of the Company and of the Group for the financial year
ended 31 December 2023 together with the Reports of the Directors and Auditors thereon.
Please refer to Note A.
2 To re-elect the following Directors who retire pursuant to Rule 131.1 of the Constitution of the
Company and, being eligible, have offered themselves for re-election:
a) Mohammed Abdullah K. Alharbi Resolution 1
b) Mazen Ahmed M. AlJubeir Resolution 2
c) Abdulaziz Abdullah M. Alghamdi Resolution 3
Please refer to Note B.
3 To re-elect Ong Chu Jin Adrian who retires pursuant to Rule 116 of the Constitution of the Company Resolution 4
and, being eligible, has offered himself for re-election.
Please refer to Note B.
4 To approve the payment of Directors’ fees and benefits to the Non-Executive Directors of the Resolution 5
Company from the conclusion of this Annual General Meeting until the conclusion of the next
Annual General Meeting of the Company to be held in 2025.
Please refer to Note C.
5 To re-appoint PricewaterhouseCoopers PLT (LLP0014401-LCA & AF 1146) as Auditors of the Resolution 6

Company to hold office from the conclusion of this Annual General Meeting until the conclusion of
the next Annual General Meeting, and to authorise the Directors to fix their remuneration.
Please refer to Note D.
As Special Business
To consider and, if thought fit, to pass the following Resolutions:
6 Continuation in Office as Independent Director
That approval be given for Dato’ Hamidah binti Naziadin to continue to act as an Independent Resolution 7
Director of the Company from 18 May 2024 to 17 May 2025.
Please refer to Note E.
237
OTHER INFORMATION

7 Renewal of the authority to allot and issue shares pursuant to Sections 75 and 76 of the Companies Resolution 8
Act 2016 (“CA 2016”).
“THAT the Directors be and are hereby empowered, pursuant to Sections 75 and 76 of the CA
2016, to allot and issue shares in the Company, at any time, to such persons and upon such terms
and conditions and for such purposes as the Directors may, in their absolute discretion, deem
fit including in pursuance of offers, agreements, rights or options to be made or granted by the
Directors while this approval is in force and that the Directors be and are hereby further authorised
to make or grant offers, agreements, rights or options in respect of shares in the Company including
those which would or might require shares in the Company to be issued after the expiration of
the approval hereof provided that the aggregate number of shares to be issued pursuant to this
approval does not exceed ten (10) percent of the total number of issued shares of the Company for
the time being and that the Directors be and are also empowered to obtain the approval for the
listing of and quotation for the additional shares so issued on Bursa Malaysia Securities Berhad,
and that such authority shall continue in force until the conclusion of the next Annual General
Meeting of the Company, subject always to the CA 2016, the Constitution of the Company, the
Bursa Malaysia Securities Berhad Main Market Listing Requirements and the approvals of all
relevant regulatory bodies being obtained (if required).”
Please refer to Note F.
8 To obtain shareholders’ mandate for the Company and/or its subsidiaries to enter into recurrent
related party transactions (“RRPTs”) of a revenue or trading nature with:
a) Astro Malaysia Holdings Berhad and/or its affiliates; Resolution 9
b) Usaha Tegas Sdn. Bhd. and/or its affiliates; Resolution 10
c) MEASAT Global Berhad and/or its affiliates; Resolution 11
d) Maxis Communications Berhad and/or its affiliates; Resolution 12
e) Saudi Telecom Company and/or its affiliates; Resolution 13
f) SRG Asia Pacific Sdn. Bhd.; Resolution 14
g) Malaysian Landed Property Sdn. Bhd. and/or its affiliates; Resolution 15
h) ZenREIT Sdn. Bhd.; and Resolution 16
i) Bumi Armada Automation International Sdn. Bhd. Resolution 17
The details of such RRPTs and the full text of Ordinary Resolution 9 to Ordinary Resolution 17 are
set out in Appendix I and Appendix VI respectively of the Circular to Shareholders dated 17 April
2024 issued together with this Notice of Annual General Meeting.
9 To transact any other business that may be transacted at the Fifteenth AGM of which due notice shall
have been given in accordance with the Companies Act 2016 and the Constitution of the Company.
BY ORDER OF THE BOARD
DIPAK KAUR (LS 5204)

SSM PC No. 201908002620
Company Secretary
Kuala Lumpur
17 April 2024
238
EXPLANATORY NOTES
A. This Agenda item is meant for discussion only as under the provisions of Section 340(1)(a) of the Companies Act 2016
(“CA 2016”) and the Constitution of the Company, the audited financial statements do not require the formal approval of
shareholders and hence, the matter will not be put forward for voting.
B. (i) Ordinary Resolutions 1, 2 and 3: Mohammed Abdullah K. Alharbi, Mazen Ahmed M. AlJubeir and Abdulaziz Abdullah
M. Alghamdi are due for retirement by rotation pursuant to Rule 131.1 of the Constitution of the Company and being
eligible, are standing for re-election.
(ii) Ordinary Resolution 4: Ong Chu Jin Adrian was appointed as a Director of the Company on 8 August 2023 thus,
he is due for retirement pursuant to Rule 116 of the Constitution of the Company and being eligible, is standing for
re-election.
For the purpose of determining the eligibility of each of the retiring Directors (referred to in Ordinary Resolutions 1, 2, 3
and 4) standing for re-election at the Fifteenth AGM, the Board, through its Nomination and Remuneration Committee
(“NRC”), had assessed each of the retiring Directors, and considered the following:
(i) performance and contribution based on the Self-Assessment (“SA”) results of the Board Effectiveness Evaluation
(“BEE”) 2023;
(ii) level of contribution to the Board and deliberations through their skills, experience and strength in qualities;
(iii) level of objectivity, impartiality and their abilities to act in the best interests of the Company; and
(iv) the Directors’ fitness and properness in accordance with the Fit and Proper Policy.
In addition, the NRC and the Board, in line with Practice 6.1 of the Malaysian Code on Corporate Governance (“MCCG”),
had conducted an assessment of the Directors of the Company based on the relevant performance criteria which include
the following:
(a) Will and ability to critically challenge and ask the right questions;
(b) Character and integrity in dealing with potential conflict of interest situations;
(c) Commitment to serve the company, due diligence and integrity;
(d) Confidence to stand up for a point of view;
(e) Fit and properness;
(f) Calibre and personality;
(g) Board dynamics and participation;
(h) Competency and capability;
(i) Independence and objectivity; and
(j) Contribution and performance.
The individual Directors (including the retiring Directors) met the performance criteria required of an effective and high-
performance Board based on the Directors’ SA results of the BEE 2023.
The NRC and the Board have considered the results of the assessment conducted on the Directors and collectively agreed
that they each meet the criteria of character, experience, integrity, competence and time required to effectively discharge
their respective roles as Directors as prescribed by Paragraph 2.20A of the Bursa Malaysia Securities Berhad Main Market
Listing Requirements (“MMLR”), and additionally have satisfied the Directors’ fit and proper assessment criteria.
The Board approved the NRC’s recommendation that the retiring Directors, namely Mohammed Abdullah K. Alharbi,
Mazen Ahmed M. AlJubeir, Abdulaziz Abdullah M. Alghamdi and Ong Chu Jin Adrian are eligible to stand for re-election.
The retiring Directors have abstained from deliberation and decision on their respective eligibility and suitability to stand
for re-election at the relevant NRC and Board meetings. The profiles of the retiring Directors are set out on pages 66
to 68 of the Company’s Integrated Annual Report for the financial year ended 31 December 2023. Save as disclosed
in the relevant profiles and conflict of interest disclosures of the retiring Directors on pages 66 to 68 and page 224
respectively, of the Company’s Integrated Annual Report for the financial year ended 31 December 2023, the retiring
Directors do not hold any shares in Maxis, have no family relationship with any Director and/or major shareholder of
Maxis, have no conflict of interest or potential conflict of interest including any interest in any competing business
with Maxis or its subsidiaries, have not been convicted of any offence within the past five (5) years and have not been
imposed with any penalty by the relevant regulatory bodies during the financial year ended 2023.
Any Director referred to in Ordinary Resolutions 1 to 4, who is a shareholder of the Company will abstain from voting on
the resolution in respect of his re-election at the Fifteenth AGM.
239
OTHER INFORMATION

C. Payment of Directors’ Remuneration to the Non-Executive Directors of the Company from the conclusion of this Annual
General Meeting until the conclusion of the next Annual General Meeting of the Company in 2025.
Pursuant to Section 230(1) of the CA 2016, fees and benefits (“Remuneration”) payable to the Directors of the Company
shall be approved by the shareholders at a general meeting. The Company is requesting shareholders’ approval for the
payment of Remuneration to Non-Executive Directors of the Company in respect of the period commencing from the
conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting of the Company in 2025
(“Mandate Period”) in accordance with the remuneration structure set out below. The Remuneration comprises fees and/or
benefits payable to the Chairman, members of the Board, and/or the Chairmen and members of Board Committees.
Remuneration Structure Fees/Benefits (RM)

Chairman Fees 33,334 per month
Director Fees 20,834 per month
Chairman of Audit and Risk Committee Fees 10,000 per month
Chairman of Transformation Committee Fees 10,000 per month
Chairman of Nomination and Remuneration Committee Fees 4,167 per month
Chairman of Government and Regulatory Affairs Committee Fees 4,167 per month
Member of Audit and Risk Committee Fees 4,167 per month
Member of Transformation Committee Fees 4,167 per month
Member of Nomination and Remuneration Committee Fees 1,667 per month
Member of Government and Regulatory Affairs Committee Fees 1,667 per month
Chairman’s Benefits 5,600 per month
Directors’ Benefits Up to 100,000
Note: There are no changes to the monthly fees since the last Annual General Meeting. The Chairman’s monthly benefits above comprise a company car and
driver benefits. The Directors’ benefits above (which will also be made available to the Chairman) comprise the aggregate amount of telecommunication-
related facilities.
If passed, this shareholders’ approval will allow the Company to make payment of fees to Non-Executive Directors
of the Company on a monthly basis and to make available the benefits as and when incurred in accordance with the
remuneration structure set out above within the Mandate Period.
Any Non-Executive Director who is a shareholder of the Company will abstain from voting on Ordinary Resolution 5 in
respect of Remuneration to the Non-Executive Directors of the Company at the Fifteenth AGM.
D. The Audit and Risk Committee (“ARC”) and the Board have considered the re-appointment of PricewaterhouseCoopers
PLT (“PwC”) as Auditors of the Company and collectively agreed that PwC meets the criteria prescribed by Paragraph
15.21 of the MMLR.
The ARC, at its meeting held on 20 February 2024, made an assessment of the suitability and independence of the
external auditors, PwC in accordance with the External Auditor Independence Policy of the Group and the criteria under
Paragraph 15.21 of the MMLR. It had also considered the information presented by PwC in its 2023 Audit Transparency
Report as per Guidance 9.3 of the MCCG.
The ARC was satisfied with the suitability of PwC based on the quality of audit, performance, competency, experience
and sufficiency of resources the external audit team provided to the Maxis Group. The ARC was also satisfied in its
review that the provisions of non-audit services by PwC to the Company and the Group for the financial year ended 2023
did not in any way impair their objectivity and independence as external auditors of the Maxis Group.
The Board, at its meeting held on 21 February 2024, approved the ARC’s recommendation for shareholders’ approval to
be sought at the Fifteenth AGM for the appointment of PwC as external auditors of the Company for the financial year
ending 2024, in accordance with Rule 90 of the Constitution of the Company, Section 340(1)(c) and Section 274(1)(a) of
the CA 2016.
E. Dato’ Hamidah binti Naziadin (“DHN”) was appointed as Independent Director on 1 February 2014 and has exceeded
a cumulative tenure of nine (9) years. Pursuant to the shareholders’ approval obtained at the Company’s Fourteenth
Annual General Meeting held on 18 May 2023, DHN was authorised to continue serving on the Board as Independent
Director until 17 May 2024.
240
In accordance with the MCCG, the Board, through the NRC, undertook relevant assessments and recommended for DHN
to continue to serve as Independent Non-Executive Director for a further one (1) year period from 18 May 2024 to 17 May
2025.
DHN has abstained from deliberation and voting at the relevant NRC and Board meetings in respect of the recommendation
on DHN’s continuation to act as an Independent Director of the Company.
The NRC and Board’s recommendations are based on the following justifications:
(a) DHN has fulfilled the criteria of an Independent Director as stated in the MMLR. She has demonstrated her objectivity
and independence both in substance and form. DHN is not hesitant to challenge the rest of the Board members
and Management team in the course of discharging her responsibilities as a Director and when considering Board/
Committee matters.
(b) DHN is free from any conflicts of interest. She provides constructive independent counsel to the NRC (as Chair), ARC
(as member) and Board, and guidance to Management. DHN has the ability to independently steer the NRC in the
best interests of Maxis.
(c) DHN has vast hands-on experience, knowledge and skills in a diverse range of businesses and therefore continually
provides pragmatic opinions, counsel, oversight, and guidance as a Director. Her insights provide impartiality to
matters considered by the Board and Board Committees.
(d) DHN has specialised knowledge of human resources, people management and Corporate Social Responsibility
practices which she brings to the Board and Maxis. DHN also has experience mentoring and coaching young talent
and women.
(e) The length of time that DHN has remained in her role has not interfered with her ability to exercise independent
judgment as an Independent Director and she has continued to contribute to the performance and positive dynamics
of the Board Committees and Board.
(f) DHN together with the other Independent Directors, each function as a check and balance to the Board and in the
exercise of objectivity as Directors.
(g) DHN has devoted sufficient time and attention to her professional obligations to Maxis required for informed and
balanced decision-making.
The Board continues to dedicate its efforts to searching the market for suitably qualified Independent Directors,
including women directors who fulfil the required attributes and who can contribute to Maxis in its growth strategy. Board
appointments are based on merits, skills, experience, gaps in Board composition and requirements of Maxis.
The NRC and Board are satisfied that DHN consistently demonstrates independent judgment and acts in the best interests
of the Company.
DHN’s profile is set out on page 64 of the Company’s Integrated Annual Report for the financial year ended 31 December
2023. DHN does not hold any shares in Maxis, has no family relationship with any Director and/or major shareholder of
Maxis, has no conflict of interest or potential conflict of interest including any interest in any competing business with Maxis
or its subsidiaries, has not been convicted of any offence within the past five (5) years and has not been imposed with any
penalty by the relevant regulatory bodies during the financial year ended 2023.
F. Authority to allot and issue shares pursuant to Sections 75 and 76 of the CA 2016.
Ordinary Resolution 8 is for the purpose of renewing the general mandate for issuance of shares by the Company
pursuant to Sections 75 and 76 of the CA 2016.
The Company did not issue any shares pursuant to Sections 75 and 76 of the CA 2016 under the general mandate sought
at the Fourteenth Annual General Meeting held on 18 May 2023, which will lapse upon the conclusion of the forthcoming
Fifteenth AGM to be held on 16 May 2024.
The proposed resolution, if passed, will give authority to the Directors of the Company, from the date of this Annual General
Meeting, to allot and issue shares or to make or grant offers, agreements, rights or options in respect of shares to such
persons in their absolute discretion, including to make or grant offers, agreements, rights or options which would or might
require shares in the Company to be issued after the expiration of the approval, without having to convene a general
meeting, provided that the aggregate number of shares issued does not exceed 10% of the total number of issued shares of
the Company for the time being. This authority, unless revoked or varied at a general meeting, will expire at the conclusion
of the next Annual General Meeting of the Company.
241
OTHER INFORMATION

The general mandate sought will enable the Directors of the Company to allot and issue shares, including but not
limited to making placement of shares for the purposes of raising funding for investment(s), working capital and general
corporate purposes as deemed necessary.
Notes:
1. Virtual Annual General Meeting

(i) The Fifteenth AGM will be conducted virtually where members shall only participate remotely via live streaming
and online voting using Remote Participation and Electronic Voting (“RPEV”) facilities which are available at
https://meeting.boardroomlimited.my (Domain Registration No. with MYNIC - D6A357657). Please follow the
procedures provided in the RPEV Administrative Details for the Fifteenth AGM in order to register, participate and
vote remotely via RPEV facilities.
(ii) With RPEV facilities, members or their proxies may exercise their right to participate (including to pose questions to
the Company) and vote at the Fifteenth AGM. Members may use the query box facility to submit questions in real time
during the live streaming of the Fifteenth AGM or e-mail questions to ir@maxis.com.my prior to the meeting.
(iii) The venue of the Fifteenth AGM is strictly for purposes of complying with Section 327(2) of the CA 2016, which
requires the Chairman of the Meeting to be at the main venue (“Broadcast Venue”) and to facilitate the conduct of the
virtual meeting. As such, no shareholder(s), proxy(ies), authorised representative(s) or attorney(s) will be physically
present at the Broadcast Venue.
2. Proxy
(i) Since the Fifteenth AGM will be conducted virtually, members who wish to participate in the meeting would be
required to register yourselves through https://investor.boardroomlimited.com.
(ii) A member of the Company entitled to participate and vote at the meeting is entitled to appoint a proxy or proxies to
participate and vote in his stead, subject to the following provisions:
(a) save as provided for in Note 2(iii), the CA 2016 and any applicable law, each member shall not be permitted to
appoint more than two (2) proxies; and
(b) where a member appoints more than one (1) proxy, the appointment shall be invalid unless he/she specifies the
proportion of the member’s shareholdings to be represented by each proxy.
(iii) For the avoidance of doubt, and subject always to Note 2(ii)(b), the CA 2016 and any applicable laws:
(a) Where a member is an exempt authorised nominee which holds ordinary shares in the Company for multiple
beneficial owners in one (1) securities account (omnibus account), there is no limit to the number of proxies
which the exempt authorised nominee may appoint in respect of each omnibus account it holds.
(b) Where a member of the Company is an authorised nominee, it may appoint at least one (1) proxy in respect of
each securities account it holds to which ordinary shares in the Company are credited. Each appointment of
proxy by an authorised nominee may be made separately or in one (1) instrument of proxy and shall specify the
securities account number and the name of the beneficial owner for whom the authorised nominee is acting.
(c) A member who is a substantial shareholder (within the meaning of the CA 2016) may appoint up to (but not more
than) five (5) proxies.
(iv) A proxy may but need not be a member of the Company. There shall be no restriction as to the qualification of the proxy.
(v) The appointment of proxy may be made via hardcopy Proxy Form pursuant to Rule 111 of the Constitution of the
Company or electronically pursuant to Rule 89 of the Constitution of the Company. The instrument appointing a proxy
shall be as follows:
(a) In Hardcopy Form

The Hardcopy Proxy Form shall be in writing under the hands of the appointor or of his/her attorney duly
authorised in writing, or if the appointor is a corporation either under its common seal or the hand of its officer or
its duly authorised attorney. An instrument appointing a Proxy to vote at a meeting shall be deemed to include
the power to demand or join in demanding a poll on behalf of the appointor.
The Proxy Form shall be deposited at the office of the Share Registrar of the Company, Boardroom Share
Registrars Sdn. Bhd., at 11th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, 46200
Petaling Jaya, Selangor Darul Ehsan, Malaysia no later than Wednesday, 15 May 2024 at 2.30 p.m.
(b) By Electronic Means

The Proxy Form may be submitted:
(i) to the Share Registrar of the Company, Boardroom Share Registrars Sdn. Bhd. via e-mail to
bsr.helpdesk@boardroomlimited.com no later than Wednesday, 15 May 2024 at 2.30 p.m.; or
(ii) via electronic means (“e-Proxy”) through the “Boardroom Smart Investor Portal” at
https://investor.boardroomlimited.com by logging in and selecting “Submit e-Proxy Form” no later than
Wednesday, 15 May 2024 at 2.30 p.m. (please refer to the RPEV Administrative Details available at
https://maxis.listedcompany.com/general_meetings.html for further information on electronic submission).
242
(vi) If no name is inserted in the space provided for the name of your proxy, the Chairman of the meeting will act as your
proxy.
(vii) The lodging of a Proxy Form does not preclude a member from participating and voting at the meeting should the
member subsequently decide to do so.
3. Voting
(i) Pursuant to Paragraph 8.29A(1) of the MMLR, all the resolutions at the Fifteenth AGM of the Company shall be put to
vote by way of poll.
(ii) Please refer to the voting procedures as specified in the RPEV Administrative Details for the Fifteenth AGM.
(iii) Upon completion of the voting session for the Fifteenth AGM, the Independent Scrutineers will verify and announce
the poll results followed by the Chairman of the meeting’s declaration whether the resolutions are duly passed.
Members Entitled to Attend

For purposes of determining the entitlement of a member to attend the Fifteenth AGM, the Company shall be requesting Bursa
Malaysia Depository Sdn. Bhd., in accordance with Rule 92 of the Constitution of the Company and Section 34(1) of the Securities
Industry (Central Depositories) Act 1991, to issue a General Meeting Record of Depositors as at 10 May 2024. Only a depositor
whose name appears on the General Meeting Record of Depositors as at 10 May 2024 shall be entitled to attend the said
meeting or appoint a proxy(ies) to attend and/or vote on such depositor’s behalf.
Personal Data Protection Measures

Please refer to the Company’s Compliance with the Personal Data Protection Act 2010 statement as found on page 225 of Maxis
Integrated Annual Report 2023.
By attending the AGM and/or registering for the remote participation and electronic voting meeting and/or submitting the
instrument appointing a proxy(ies) and/or representative(s), a member of the Company: (i) consents to the processing of the
member’s personal data by the Company (or its agents) for the AGM and matters related thereto, including but not limited to: (a)
for processing and administration of proxies and representatives appointed for the AGM; (b) for preparation and compilation of
the attendance lists, minutes and other documents relating to the AGM (which includes any adjournments thereto); and (c) for the
Company’s (or its agents’) compliance with any applicable laws, listing rules, regulations, codes and/or guidelines (collectively,
the “Purposes”), (ii) undertakes and warrants that he/she has obtained such proxy(ies)’ and/or representative(s)’ prior consent
for the Company’s (or its agents’) processing of such proxy(ies)’ and/or representative(s)’ personal data for the Purposes, and (iii)
agrees that the member will fully indemnify the Company for any penalties, liabilities, legal suits, claims, demands, losses and
damages as a result of the member’s failure to provide accurate and correct information of the personal data or breach of the
member’s undertaking and/or warranty as set out herein.
NOTE 1: The term “processing” and “personal data” shall have the same meaning as defined in the Personal Data Protection
Act 2010.
NOTE 2: This statement should be read in conjunction with Maxis’ Privacy Notice for Shareholders which is also accessible at
https://maxis.listedcompany.com/general_meetings.html.
NOTE 3: For the avoidance of doubt, a member of the Company refers to a registered shareholder of Maxis and includes a
personal representative or trustee of an estate (in the case of a deceased individual shareholder).
Maxis Integrated Annual Report 2023, Corporate Governance Report 2023, Circular to Shareholders, Proxy Form, RPEV
Administrative Details, Privacy Notice for Maxis’ Fifteenth AGM Attendees and queries related to Fifteenth AGM
1. Maxis Integrated Annual Report 2023, Corporate Governance Report 2023, Circular to Shareholders, Proxy Form,
RPEV Administrative Details and Privacy Notice for Maxis’ Fifteenth AGM Attendees may be downloaded at this link
https://maxis.listedcompany.com/general_meetings.html.
2. Members are advised to refer to the Company’s announcements on Bursa Malaysia Securities Berhad’s website and the
Company’s website at www.maxis.com.my from time to time for any updates on the Fifteenth AGM subsequent to the
issuance of this Notice.
3. Any queries relating to the Fifteenth AGM including the lodgment of Proxy Form and the RPEV procedures may be directed
to bsr.helpdesk@boardroomlimited.com. For the avoidance of doubt, save for making the foregoing queries, you may not
use the said email address to communicate with the Company for any other purposes.
4. Please refer to the RPEV Administrative Details at this link https://maxis.listedcompany.com/general_meetings.html for
further details of the Fifteenth AGM.
243
This page has been intentionally left blank.
Dear Shareholders,
We are pleased to inform you that as a Shareholder, you have the option to submit your Proxy Form via electronic means (e-Proxy) in paperless form. Once
you have successfully submitted your e-Proxy Form, you are no longer required to complete and submit the physical Proxy Form to the office of the Share
Registrar of the Company.
To assist you on how to engage with e-Proxy, kindly refer to the guidance as set out in the RPEV Administrative Details.
Maxis Berhad [Registration No. 200901024473 (867573-A)]
Proxy Form
*I/*We *NRIC (new and old)/*Passport/*Company No
(FULL NAME OF A MEMBER IN BLOCK LETTERS AS PER *IDENTITY CARD/*PASSPORT/*CERTIFICATE OF INCORPORATION) (COMPULSORY: NEW AND OLD)
of
(ADDRESS)
Telephone No. and Email Address being a member of Maxis Berhad (“the Company”), hereby appoint
*NRIC/*Passport No
(FULL NAME OF A PROXY IN BLOCK LETTERS AS PER *IDENTITY CARD/*PASSPORT) (COMPULSORY)
of
(ADDRESS)
Telephone No: Email Address:
and/or *NRIC/*Passport No
(FULL NAME OF A PROXY IN BLOCK LETTERS AS PER *IDENTITY CARD/*PASSPORT) (COMPULSORY)
of
(ADDRESS)
Telephone No: Email Address:
or failing *him/her, THE CHAIRMAN OF THE MEETING as *my/our *proxy/proxies to vote for *me/us and on *my/our behalf at the Fifteenth Annual General Meeting (“AGM”)
of the Company to be conducted virtually on our Meeting Platform on Thursday, 16 May 2024 at 2.30 p.m. and at any adjournment thereof.
Online Meeting Platform : https://meeting.boardroomlimited.my (Domain Registration No. with MYNIC – D6A357657)
Day and Date : Thursday, 16 May 2024
Time : 2.30 p.m.
Broadcast Venue : Auditorium, 3A Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, 46200 Petaling Jaya,
Selangor Darul Ehsan, Malaysia
Mode of Communication for Online Participation : 1) Typed text in the Online Meeting Platform. The messaging window facility will be opened
concurrently with the Virtual Meeting Portal one (1) hour before the Fifteenth AGM, that is from
1.30 p.m. on Thursday, 16 May 2024.
2) E-mail questions to ir@maxis.com.my prior to the Fifteenth AGM.
*I/We indicate with an “√“ or “X“ in the spaces below how *I/we wish *my/our vote to be cast:
AGENDA
1 To receive the Audited Financial Statements and the Reports of the Directors and Auditors thereon.
ORDINARY RESOLUTIONS FOR AGAINST
2 Re-election of the following Directors who retire pursuant to Rule 131.1 of the Constitution of the Company:
a) Mohammed Abdullah K. Alharbi Resolution 1
b) Mazen Ahmed M. AlJubeir Resolution 2
c) Abdulaziz Abdullah M. Alghamdi Resolution 3
3 Re-election of Ong Chu Jin Adrian, who retires pursuant to Rule 116 of the Constitution of the Company Resolution 4
4 Approval for Directors’ Remuneration for Non-Executive Directors of the Company from the Resolution 5
conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting of
the Company
5 Re-appointment of PricewaterhouseCoopers PLT (LLP0014401-LCA & AF 1146) as Auditors of the Resolution 6
Company
6 Approval for Dato’ Hamidah binti Naziadin to continue to act as an Independent Director of the Resolution 7
Company from 18 May 2024 to 17 May 2025
7 Renewal of authority to allot and issue shares pursuant to Sections 75 and 76 of the Companies Act 2016 Resolution 8
(“CA 2016”)
8 To obtain shareholders’ mandate for the Company and/or its subsidiaries to enter into recurrent
related party transactions of a revenue or trading nature with:
a) Astro Malaysia Holdings Berhad and/or its affiliates Resolution 9
b) Usaha Tegas Sdn. Bhd. and/or its affiliates Resolution 10
c) MEASAT Global Berhad and/or its affiliates Resolution 11
d) Maxis Communications Berhad and/or its affiliates Resolution 12
e) Saudi Telecom Company and/or its affiliates Resolution 13
f) SRG Asia Pacific Sdn. Bhd. Resolution 14
g) Malaysian Landed Property Sdn. Bhd. and/or its affiliates Resolution 15
h) ZenREIT Sdn. Bhd. Resolution 16
i) Bumi Armada Automation International Sdn. Bhd. Resolution 17
Subject to the above stated voting instructions, *my/our proxy may vote or abstain from voting on any resolution as *he/she/they may think fit.
If appointment of proxy is under hand
No. of shares held: The proportions of *my/our holding to be represented

Signed by *individual member/officer or attorney of by *my/our proxies are as follows:
member/authorised nominee of Securities Account No.:
(CDS Account No.) (Compulsory)
First Proxy
Date: No. of Shares:
(beneficial owner)
If appointment of proxy is under seal Percentage:%

The Common Seal of
was hereto affixed in accordance with its Constitution No. of shares held: Second Proxy
in the presence of: No. of Shares:
Director *Director/Secretary Securities Account No.: Percentage:%

(CDS Account No.) (Compulsory)
in its capacity as *member/attorney
of member/authorised nominee of Date:
Seal
(beneficial owner)
Notes:
1. Virtual Annual General Meeting
(i) The Fifteenth AGM will be conducted virtually where members shall only participate remotely via live streaming and online voting using Remote Participation and Electronic Voting (“RPEV”)
facilities which are available at https://meeting.boardroomlimited.my (Domain Registration No. with MYNIC - D6A357657). Please follow the procedures provided in the RPEV Administrative
Details for the Fifteenth AGM in order to register, participate and vote remotely via RPEV facilities.
(ii) With RPEV facilities, members or their proxies may exercise their right to participate (including to pose questions to the Company) and vote at the Fifteenth AGM. Members may use the query
box facility to submit questions in real time during the live streaming of the Fifteenth AGM or e-mail questions to ir@maxis.com.my prior to the meeting.
(iii) The venue of the Fifteenth AGM is strictly for purposes of complying with Section 327(2) of the CA 2016, which requires the Chairman of the Meeting to be at the main venue (“Broadcast
Venue”) and to facilitate the conduct of the virtual meeting. As such, no shareholder(s), proxy(ies), authorised representative(s) or attorney(s) will be physically present at the Broadcast Venue.
2. Proxy
(i) Since the Fifteenth AGM will be conducted virtually, members who wish to participate in the meeting would be required to register yourselves through https://investor.boardroomlimited.com.
(ii) A member of the Company entitled to participate and vote at the meeting is entitled to appoint a proxy or proxies to participate and vote in his stead, subject to the following provisions:
(a) save as provided for in Note 2(iii), the CA 2016 and any applicable law, each member shall not be permitted to appoint more than two (2) proxies; and
(b) where a member appoints more than one (1) proxy, the appointment shall be invalid unless he/she specifies the proportion of the member’s shareholdings to be represented by each
proxy.
(iii) For the avoidance of doubt, and subject always to Note 2(ii)(b), the CA 2016 and any applicable laws:
(a) Where a member is an exempt authorised nominee which holds ordinary shares in the Company for multiple beneficial owners in one (1) securities account (omnibus account), there is no
limit to the number of proxies which the exempt authorised nominee may appoint in respect of each omnibus account it holds.
(b) Where a member of the Company is an authorised nominee, it may appoint at least one (1) proxy in respect of each securities account it holds to which ordinary shares in the Company
are credited. Each appointment of proxy by an authorised nominee may be made separately or in one (1) instrument of proxy and shall specify the securities account number and the
name of the beneficial owner for whom the authorised nominee is acting.
(c) A member who is a substantial shareholder (within the meaning of the CA 2016) may appoint up to (but not more than) five (5) proxies.
(iv) A proxy may but need not be a member of the Company. There shall be no restriction as to the qualification of the proxy.
(v) The appointment of proxy may be made via hardcopy Proxy Form pursuant to Rule 111 of the Constitution of the Company or electronically pursuant to Rule 89 of the Constitution of the
Company. The instrument appointing a proxy shall be as follows:
(a) In Hardcopy Form
The Hardcopy Proxy Form shall be in writing under the hands of the appointor or of his/her attorney duly authorised in writing, or if the appointor is a corporation either under its
common seal or the hand of its officer or its duly authorised attorney. An instrument appointing a Proxy to vote at a meeting shall be deemed to include the power to demand or join in
demanding a poll on behalf of the appointor.
The Proxy Form shall be deposited at the office of the Share Registrar of the Company, Boardroom Share Registrars Sdn. Bhd., at 11th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo
Kay Kim, Seksyen 13, 46200 Petaling Jaya, Selangor Darul Ehsan, Malaysia no later than Wednesday, 15 May 2024 at 2.30 p.m.
(b) By Electronic Means

The Proxy Form may be submitted:
(i) to the Share Registrar of the Company, Boardroom Share Registrars Sdn. Bhd. via e-mail to bsr.helpdesk@boardroomlimited.com, no later than Wednesday, 15 May 2024 at 2.30
p.m.; or
(ii) via electronic means (“e-Proxy”) through the “Boardroom Smart Investor Portal” at https://investor.boardroomlimited.com by logging in and selecting “Submit e-Proxy Form” no
later than Wednesday, 15 May 2024 at 2.30 p.m. (please refer to the RPEV Administrative Details available at https://maxis.listedcompany.com/general_meetings.html for further
information on electronic submission).
(vi) If no name is inserted in the space provided for the name of your proxy, the Chairman of the meeting will act as your proxy.
(vii) The lodging of a Proxy Form does not preclude a member from participating and voting at the meeting should the member subsequently decide to do so.
3. Voting
(i) Pursuant to Paragraph 8.29A(1) of the MMLR, all the resolutions at the Fifteenth AGM of the Company shall be put to vote by way of poll.
(ii) Please refer to the voting procedures as specified in the RPEV Administrative Details for the Fifteenth AGM.
(iii) Upon completion of the voting session for the Fifteenth AGM, the Independent Scrutineers will verify and announce the poll results followed by the Chairman of the meeting’s declaration
whether the resolutions are duly passed.
Members Entitled to Attend

For purposes of determining the entitlement of a member to attend the Fifteenth AGM, the Company shall be requesting Bursa Malaysia Depository Sdn. Bhd., in accordance with Rule 92 of the
Constitution of the Company and Section 34(1) of the Securities Industry (Central Depositories) Act 1991, to issue a General Meeting Record of Depositors as at 10 May 2024. Only a depositor whose
name appears on the General Meeting Record of Depositors as at 10 May 2024 shall be entitled to attend the said meeting or appoint a proxy(ies) to attend and/or vote on such depositor’s behalf.
Personal Data Protection Measures

Please refer to the Company’s Compliance with the Personal Data Protection Act 2010 statement as found on page 225 of Maxis Integrated Annual Report 2023.
By attending the AGM and/or registering for the remote participation and electronic voting meeting and/or submitting the instrument appointing a proxy(ies) and/or representative(s), a member of
the Company: (i) consents to the processing of the member’s personal data by the Company (or its agents) for the AGM and matters related thereto, including but not limited to: (a) for processing and
administration of proxies and representatives appointed for the AGM; (b) for preparation and compilation of the attendance lists, minutes and other documents relating to the AGM (which includes any
adjournments thereto); and (c) for the Company’s (or its agents’) compliance with any applicable laws, listing rules, regulations, codes and/or guidelines (collectively, the “Purposes”), (ii) undertakes and
warrants that he/she has obtained such proxy(ies)’ and/or representative(s)’ prior consent for the Company’s (or its agents’) processing of such proxy(ies)’ and/or representative(s)’ personal data for the
Purposes, and (iii) agrees that the member will fully indemnify the Company for any penalties, liabilities, legal suits, claims, demands, losses and damages as a result of the member’s failure to provide
accurate and correct information of the personal data or breach of the member’s undertaking and/or warranty as set out herein.
NOTE 1: The term “processing” and “personal data” shall have the same meaning as defined in the Personal Data Protection Act 2010.
NOTE 2: This statement should be read in conjunction with Maxis’ Privacy Notice for Shareholders which is also accessible at https://maxis.listedcompany.com/general_meetings.html.
NOTE 3: For the avoidance of doubt, a member of the Company refers to a registered shareholder of Maxis and includes a personal representative or trustee of an estate (in the case of a
deceased individual shareholder).
Maxis Integrated Annual Report 2023, Corporate Governance Report 2023, Circular to Shareholders, Proxy Form, RPEV Administrative Details, Privacy Notice for Maxis’ Fifteenth AGM Attendees
and queries related to Fifteenth AGM
1. Maxis Integrated Annual Report 2023, Corporate Governance Report 2023, Circular to Shareholders, Proxy Form, RPEV Administrative Details and Privacy Notice for Maxis’ Fifteenth AGM
Attendees may be downloaded at this link https://maxis.listedcompany.com/general_meetings.html.
2. Members are advised to refer to the Company’s announcements on Bursa Malaysia Securities Berhad’s website and Company’s website at www.maxis.com.my from time to time for any updates
on the Fifteenth AGM subsequent to the issuance of this Notice.
3. Any queries relating to the Fifteenth AGM including the lodgment of Proxy Form and the RPEV procedures may be directed to bsr.helpdesk@boardroomlimited.com. For the avoidance of doubt,
save for making the foregoing queries, you may not use the said email address to communicate with the Company for any other purposes.
4. Please refer to the RPEV Administrative Details at this link https://maxis.listedcompany.com/general_meetings.html for further details of the Fifteenth AGM.
fold here
STAMP
Maxis Berhad
c/o Boardroom Share Registrars Sdn. Bhd.
[Registration Number: 199601006647 (378993-D)]
11th Floor, Menara Symphony
No. 5, Jalan Prof. Khoo Kay Kim
Seksyen 13, 46200 Petaling Jaya
Selangor Darul Ehsan, Malaysia
fold here
www.maxis.com.my

Level 21, Menara Maxis, Kuala Lumpur City Centre
Off Jalan Ampang, 50088 Kuala Lumpur

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INTEGRATED ANNUAL REPORT 2023

INSIDE THIS REPORT

WE ARE MAXIS 1 Financial Statements 100

Maxis at a Glance - 2023 2 OTHER INFORMATION 7

BASIS OF THIS REPORT

SCOPE AND BOUNDARIES APPROVAL BY THE BOARD

ASSURANCE M5 Crisis Management & Response M13 Climate Change

financial indicators were subjected to internal auditors' review. Cross References

MAXIS AT A GLANCE - 2023

Total Revenue Service Revenue CAPEX Investment

RM10.18 RM8.57 RM813

EBITDA Adjusted EBIT Dividend Per Share

>13 million 95% >22,000 km

1 4.9 million Postpaid subscribers

SUSTAINABILITY SCORES MAXIS eKelas® 49,879

Registered Office Company Secretary

LIM GHEE KEONG

GROUP CORPORATE STRUCTURE

Maxis Berhad Group of Companies

100% 100% 100% 100% 100% 100%

Enterprise Managed UMTS (Malaysia) Sdn. Bhd. 100%

GuruLab Sdn. Bhd. 59%

ComeBy Sdn. Bhd. 56%

FOCUS ON THE ESSENTIALS

In 2023, we faced several macroeconomic challenges, such as inflation affecting operational

Another key environmental initiative this year was our e-waste

CHIEF EXECUTIVE OFFICER’S STATEMENT

Service Revenue SUSTAINABLE BUSINESS GROWTH

CUSTOMER CENTRIC ENGAGEMENTS

I would like to extend my gratitude to all our stakeholders

Service Revenue For home connectivity, we grew our fibre customers to

2,619 2023: 2022:

2022: Enterprise Business

EBITDA CAPEX AND CASH FLOW

Maxis' PAT in FY2023 was RM992 million, which was

INVESTOR RELATIONS their engagement efforts to cultivate strong relationships with

COMMUNICATING WITH OUR SHAREHOLDERS 4. Other communication channels

FIVE-YEAR FINANCIAL HIGHLIGHTS

GROUP QUARTERLY FINANCIAL PERFORMANCE

Revenue 2,526 2,470 2,442 2,742 10,180

Revenue 2,406 2,424 2,405 2,554 9,789

OUR STRATEGIC PRIORITIES

VISION The Leading Integrated Telco in Malaysia

Government and Regulators

Maxis Business stands at the forefront of

OUR VALUE CREATION MODEL

UTILISING OUR BUSINESS CAPITALS

OUR INPUTS PROCESS

Financial Capital OUR VISION

Grow and innovate within our core businesses.

R6 Data Privacy and Protection Risk

CREATING SUSTAINABLE VALUE FOR OUR BUSINESS AND STAKEHOLDERS

OUR OUTPUTS OUR VALUE CREATION OUTCOMES

• 43% female representation in Maxis Driving Business Excellence

OUR VALUE CREATION MODEL

Financial Capital Manufactured Capital

Human Capital Social & Relationship Capital

OUR OPERATING CONTEXT

Industry Megatrends Impact to Maxis Our Strategic Response Outlook

Government Initiatives and Regulations