Thailand’s True Corp to raise up to $2.55b

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telco towersShareholders of Thailand’s telecom operator True Corp PCL have voted to list an infrastructure fund to raise 60 billion to 80 billion baht ($1.92 billion to $2.55 billion) to help pay some of the group’s $3.3 billion debt.

True’s debt has been deepening as it invests to expand its mobile network to compete with industry leaders Advanced Info Service PCL and Total Access Communication PCL.

Most True shareholders agreed to proceed with the initial public offering, a company official said after the vote on October 7, Reuters reported. Just recently, the IPO value has been reduced.

The size of the listing is likely to be at the lower end of the range because of a dispute with a state company over the ownership of infrastructure assets, people with knowledge of the matter said last month.

True, majority-owned by billionaire Dhanin Chearavanont’s Charoen Pokphand Group, is the only company in Thailand involved in mobile phones, fixed-line phones, broadband Internet and cable television.

It has posted a net loss in each of the past two years, and is likely to record a loss of 6.7 million baht for the year ending December.

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Reading Time: 1 minute

Shareholders of Thailand’s telecom operator True Corp PCL have voted to list an infrastructure fund to raise 60 billion to 80 billion baht ($1.92 billion to $2.55 billion) to help pay some of the group’s $3.3 billion debt.

Reading Time: 1 minute

telco towersShareholders of Thailand’s telecom operator True Corp PCL have voted to list an infrastructure fund to raise 60 billion to 80 billion baht ($1.92 billion to $2.55 billion) to help pay some of the group’s $3.3 billion debt.

True’s debt has been deepening as it invests to expand its mobile network to compete with industry leaders Advanced Info Service PCL and Total Access Communication PCL.

Most True shareholders agreed to proceed with the initial public offering, a company official said after the vote on October 7, Reuters reported. Just recently, the IPO value has been reduced.

The size of the listing is likely to be at the lower end of the range because of a dispute with a state company over the ownership of infrastructure assets, people with knowledge of the matter said last month.

True, majority-owned by billionaire Dhanin Chearavanont’s Charoen Pokphand Group, is the only company in Thailand involved in mobile phones, fixed-line phones, broadband Internet and cable television.

It has posted a net loss in each of the past two years, and is likely to record a loss of 6.7 million baht for the year ending December.

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