China Mobile (941) buys stake in Thai True Corp at HK$6.82bn [ET Net News (China)]
(ET Net News (China) Via Acquire Media NewsEdge) [ET Net News Agency, 10 June 2014] China Mobile (00941) said it agreed to subscribe for
about 4,429 million ordinary shares of True Corporation at Baht 6.45 (or HK$1.54) per
share for a total of Baht 28.57 billion (or HK$6.82 billion).
Concurrently with the allotment and issuance of the subscription shares, True
Corporation will allot and issue around 5,648 million new shares by way of rights issue to
its existing shareholders as of the relevant book closure date at the price of Baht 6.45
per share. Upon completion of the subscription and rights issue, the subscription shares
would represent 18% of the total issued and outstanding shares of True Corporation.
Following the subscription, True Corporation's existing controlling shareholder, Charoen
Pokphand Group Co. Ltd. will remain as the single largest shareholder of True Corporation.
China Mobile and True Corporation also entered into a cooperation memorandum to record
the intention of the parties to explore extensive and long-term cooperation subject to the
successful completion of the subscription.
True Corporation is the principal company of True Group, Thailand's only fully-
integrated, nationwide telecommunications provider and leader in convergence. (HL)
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