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

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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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. 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...

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.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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