Shareholders in Thai operator True Corp have approved a Bt65bn (US$2bn) new share issue, US$882m of which will be offered to China Mobile in a private placement.
In early June, True Corp announced it would sell over 10 billion shares; around 5.6 billion…
Shareholders in Thai operator True Corp have approved a Bt65bn (US$2bn) new share issue, US$882m of which will be offered to China Mobile in a private placement.
In early June, True Corp announced it would sell over 10 billion shares; around 5.6 billion will be sold to existing shareholders while the remaining shares will be offered to the Chinese telecoms giant, giving it an 18% stake.
The subscription period is expected to take place between 22 and 28 August.
True, which is majority-owned by local conglomerate Charoen Pokphand Group, previously said it would use the proceeds to reduce its debt level, which stood at Bt86.2bn (US$2.7bn) as of December 2013.
The stake sale to China Mobile is also in line with its previously-announced plan to bring in a foreign partner to expand in Southeast Asia.
