Suphachai quashes reports of talks on takeover of DTAC
SUPHACHAI Chearavanont, chief executive officer of telecom service provider True Corp, yesterday flatly dismissed reports of negotiating a takeover of rival Total Access Communication (DTAC). “We’ve never been in talks on a deal with DTAC, not even once,” he said.
However, some investment bankers have approached True from time to time to see if it was interested in acquiring DTAC’s shares, he said. Last week rumours spread that True had approached DTAC about buying a stake and the deal was expected to be wrapped up this week.
“How can it be concluded this week when we’ve never been engaged in such talks at all?” Suphachai said.
According to last week’s statement by DTAC’s foreign strategic partner, Norway’s Telenor Group, in principle, it “does not comment on rumours or speculations in the market”.
As of the third quarter of this year, DTAC counted 24.8 million subscribers, while True had 22.6 million.
DTAC’s stock climbed from Bt31.50 last Monday to Bt37.50 last Friday. Yesterday, it closed up 1.33 per cent at Bt38, while True fell 2.76 per cent to Bt7.05.
True group posted a third-quarter net loss of Bt2.73 billion versus a profit of Bt1.07 billion in the same quarter of 2015, driven by costs related to nationwide network and service expansion and the full quarter amortisation of the 900 MHz licence fee.
