Telenor to exit True investment, selling 24.95% stake to Arise Digital Technology
Telenor has signed an agreement to sell 24.95% of True shares to Arise Digital Technology, with a put/call option arranged for its remaining 5.35% stake after two years, subject to customary conditions.
Yupa Leewongcharoen and Nakul Sehgal, Co-Chief Financial Officers of True Corporation Public Company Limited, notified on Thursday (January 22) the Stock Exchange of Thailand regarding the disclosure of a share sale transaction by a major shareholder of True Corporation Public Company Limited, as follows:
The Company has been informed by Telenor Thailand Investments Pte. Ltd., a shareholder of the Company, that Telenor has signed an agreement with Arise Digital Technology Company Limited, a company owned by Suphachai Chearavanont, to sell 24.95% of the Company’s shares.
In addition, Telenor and Arise have agreed to a put/call option arrangement for Telenor’s remaining 5.35% shareholding, exercisable after two years from the closing date of the initial sale, subject to customary conditions.
The Company does not expect the sale of Telenor’s shares to have any material impact on the Company or its business operations.
