Thai telco True Corp is in talks with potential major investors ahead of the planned spinoff of its telecom infrastructure assets, people with knowledge of the deal told the Wall Street Journal.
True secured shareholders’ approval to list a fund…
Thai telco True Corp is in talks with potential major investors ahead of the planned spinoff of its telecom infrastructure assets, people with knowledge of the deal told the Wall Street Journal.
True secured shareholders’ approval to list a fund earlier this month and is now awaiting approval from the securities exchange for the IPO, which it is looking to launch before the end of the year.
The operator is looking to raise between Bt60bn (US$1.9bn) and Bt70bn (US$2.2bn), the final size of the fund depending on how much infrastructure True can list.
In September it was reported that a dispute over the ownership of some towers may shrink its size.
Proceeds from the flotation would repay part of True’s debt pile, which stood at Bt100bn (US$3.2bn) as of March.
The company is planning on buying one-third of the fund while the remaining stake will be sold to the public. Credit Suisse has been mandated to work on the spinoff.
The IPO could rival that of Thai mass transit company BTS Group Holdings – its US$2.1bn listing in April was the largest in the country’s history.
