True Corporation has confirmed that the share sale between Norway’s Telenor and Arise Digital Technology was completed on 13 March.
Under the deal, Arise acquired shares equal to 24.95 percent of True’s paid-up capital from Telenor. Arise is an investment holding company ultimately controlled by Suphachai Chearavanont, chairman of True and chief executive officer of CP Group.
Following the transaction, CP Group remains the company’s largest shareholder with a 25.01 percent stake. Arise has become a new major shareholder with 24.95 percent, while Telenor’s holding has been reduced to 5.35 percent.
True said the change in major shareholders will not have any significant impact on the company’s business direction, management, or operations. The company also noted that Arise is not required to make a mandatory tender offer under Thai takeover rules.
