The shareholders of True Corp. and Telenor’s company Total Access Communication (DTAC), which is Thailand’s second and third largest mobile telecom operators by subscribers, have approved the merger of their two companies, leaving final approval to regulators who must weigh monopoly implications, local media MGR reports.
Speaking on the matter, Mr. Charad Mehrotra, Chief Executive Officer of DTAC said that the merger between DTAC and True will create a telecom company that will offer 5G services with quality network coverage, reliability, speed, and value-based service with improved customer care. “We would like to thank the shareholders for their trust in approving this merger,” he said.
The merger process is expected to take place in the second half of this year.
Mr. Manas Manavutwet, President of True Corporation Public Company Limited, also thanked the shareholders who resolved to approve the merger at the 2022 Annual General Meeting of Shareholders. “Thank you shareholders for trusting in our potential and understanding the company’s commitment to develop the telecommunication business to become a full-fledged Technology Company and to enhance business capabilities amid the challenges of the rapidly changing telecommunication market and new technologies,” he said.
The merger is still subject to review and creditor notice by regulatory agencies, including the Office of the Broadcasting Commission television business and the National Telecommunications Commission or NBTC.