True still waiting to sell bonds

9 Feb 2009

Reuters reports that True Corp is hoping for the right financial and political environment to launch the sale of up to THB5 billion (USD143 million) of bonds in March or early in the second quarter. After postponing the sale last December and again in January, the company’s CEO Supachai Chearavanont told reporters, ‘We are waiting for the right time to enter the market. I don’t think the domestic market has liquidity problems, but it depends on the investment mood.’ The fixed, mobile, broadband and TV operator plans to use the proceeds of the bonds to repay debts. According to the report, True is also in the process of raising THB19.5 billion through a rights issue, in part to fund investment in 3G mobile services, which it has yet to launch. Supachai said the rights issue might not have been fully subscribed in a first round of subscriptions this week and True could offer shares in another two or three rounds, aiming to sell them all by the end of the year.

Thailand, True Corp