True takes full control of ISP KSC

23 Jul 2009

Full-service telecoms group True Corp has taken full control of its ISP subsidiary KSC Commercial Internet by buying the minority stake held by state-owned telco CAT Telecom, reports the Bangkok Post. True bought 32% of equity in the ISP from CAT to raise its holding to 98.41% from 66.41%, in a cut-price THB4.8 million (USD142,000) deal which valued KSC shares at THB10 each against a book value of THB87.5. Athueck Asvanond, vice-chairman of True, said that the purchase was made as a result of CAT’s strategy to offload various stakes it owns in Thai ISPs. The state enterprise gained the stakes as part of the licensing terms when internet services were first introduced commercially to the country. According to TeleGeography’s GlobalComms database, at the start of 2009 CAT had twelve associated ISP companies, down from 14 a year earlier. KSC was founded in 1994 and came under True’s majority ownership in November 2005.

Thailand, CAT Telecom, True Corp