The NBTC has revealed that the merger of Digital Total Access Communication (DTAC) and True Corporation is moving forward, with the duo submitting a report notifying the authority of their intention to form a new joint company, prachachat.net writes. The merger is expected to be completed in the first quarter of 2022.
TeleGeography notes that DTAC and True Corporation first agreed to merge their operations in November 2021. The merger plan was approved by their respective executive boards on 19 November, with the duo inking a memorandum of understanding (MoU) for an equal partnership to form a new merged firm on 22 November. DTAC and True agreed to a swap ratio of one existing share in DTAC to 24.5 shares in the new firm, and one share in True to 2.4 shares; further, the duo indicated the new company will apply to be listed on the SET. Citrine Global Company, a joint venture of Telenor Asia (the parent firm of DTAC), and Thai agribusiness conglomerate Charoen Pokphand (CP) Holding, the parent firm of True, would make a conditional voluntary tender offer for all shares of the two firms – THB5.09 (USD0.15) per one share in True and THB47.76 per one share in DTAC.