True's rights issue undersubscribed

18 Feb 2009

Reuters reports that Thailand’s True Corp raised just THB6.38 billion baht (USD181 million) from a rights issue, way below its target of THB19.5 billion, because only 32.73% of the ten billion new shares were taken up. The remaining 6.73 billion shares would be offered to shareholders later, with the aim of selling them all by the end of this year, the company said. The mobile, fixed line and broadband operator is seeking funds partly for subsidiary True Move’s plan to launch 3G/3.5G services.

Thailand, True Corp