Telenor has entered into an agreement to sell its ownership stake in Thailand’s leading telecom operator True Corporation, ending a 25-year presence in the Thai market.
According to a stock exchange announcement, Telenor has agreed to sell 24.95 percent of its shares in True Corporation to Arise Digital Technology Company Limited at a price of 11.70 Thai baht per share. The transaction values the initial sale at approximately 100.9 billion baht, corresponding to around NOK 32.3 billion based on current exchange rates.
In addition, Telenor and Arise have agreed on a mutual put and call option covering Telenor’s remaining 5.35 percent shareholding. The option may be exercised after two years from the completion of the initial sale, at the higher of 11.70 baht per share or the prevailing market price prior to the option period. If exercised, the remaining shares would be sold for an estimated 21.9 billion baht, or around NOK 6.9 billion.
Taken together, the transaction values Telenor’s total exit from True Corporation at approximately NOK 39 billion.
The buyer, Arise Digital Technology Company Limited, is owned by Suphachai Chearavanont, who is chairman of True Corporation and chief executive of Charoen Pokphand Group, which has jointly owned True together with Telenor.
True Corporation informed the Stock Exchange of Thailand that it does not expect the share sale to have any material impact on the company or its business operations.
Telenor entered Thailand in 2000 through an investment in Total Access Communications (TAC), later branded dtac, which grew into one of the country’s leading mobile operators. True Corporation was formed through the merger of True and dtac in 2023 and today serves around 60 million customers.
Commenting on the transaction, Telenor chief executive Benedicte Schilbred Fasmer said that the company’s ownership stake in Thailand was valued at around NOK 12 billion prior to the merger discussions in 2021 and has since risen to approximately NOK 39 billion.
Telenor expects to record a gain of about NOK 14.7 billion from the initial sale, based on current exchange rates. The transaction remains subject to customary conditions and is expected to be completed within the coming months.
