True shareholders approve China Mobile stake purchase

25 Jul 2014

Shareholders of Thai quadruple-play telecoms group True Corp today approved a previously announced plan to sell an 18% stake in the company to China Mobile, the world’s largest cellular operator by users, which has agreed to pay USD881 million for newly issued shares in True. As reported by Reuters, the share sale is part of True Corp’s plan to raise funds via a USD2 billion equity issue, and it plans to use USD1.63 billion from the proceeds to repay debt, with the remainder earmarked for network investment.

Thailand, China Mobile, China Mobile Communications Group (previously CMCC), True Corp