State-owned China Mobile has closed its US$882m deal for an 18% stake in Thai operator True Corp after getting regulatory approval.
Two directors put forward by China’s largest mobile operator will also be joining True’s board.
It is part of…
State-owned China Mobile has closed its US$882m deal for an 18% stake in Thai operator True Corp after getting regulatory approval.
Two directors put forward by China’s largest mobile operator will also be joining True’s board.
It is part of True’s plan to raise up to US$2bn by issuing more than 10 billion new shares, with the stock not going to China Mobile being sold to existing shareholders.
True, which is majority-owned by local conglomerate Charoen Pokphand Group, is using the proceeds to reduce a debt level that stood at Bt86.2bn (US$2.7bn) in December 2013.
It also hopes to use the expertise of a foreign partner to expand in Southeast Asia.
