The Siam Commercial Bank (SCB) is expected to provide Bt30bn (US$1bn) in loans to cellco True Corp for the rollout of its 3G services, according to local newspaper The Nation.
True could not be reached for comment before the press deadline.
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The Siam Commercial Bank (SCB) is expected to provide Bt30bn (US$1bn) in loans to cellco True Corp for the rollout of its 3G services, according to local newspaper The Nation.
True could not be reached for comment before the press deadline.
This comes after the Office of the Attorney-General reportedly confirmed the validity of a contract between True and CAT Telecom, therefore allowing for the services to be launched.
The networks operated by private cellcos are owned by state-owned companies CAT and TOT. DTAC, True, and DPC all have a concession with CAT, while AIS has a concession with TOT.
Arthid Nanthawithaya, senior executive vice president at SCB, was quoted saying that True is expected to draw on the loan in this quarter, with the final instalment scheduled for mid-2013.
In mid-June, True has already appointed SCB Securities as its subscription and paying agent for a proposed Bt13.1bn (US$430m) rights issue.
According to reports at the time, the proceeds were expected to be used to repay debt and fund the company’s 3G network expansion.
