Thai telecom enters new era as Arise takes Telenor’s TRUE stake, AI and data centres in focus

Thailand’s telecom industry is heading into a structural turning point in 2026, after True Corporation Plc (TRUE) notified the Stock Exchange of Thailand that Telenor Thailand Investments Pte. Ltd. has signed an agreement to sell its 24.95% stake in TRUE to Arise Digital Technology Co., Ltd., part of Arise Ventures Group owned by Suphachai Chearavanont, TRUE’s chairman and a former CEO of Charoen Pokphand (CP) Group.

The deal is not only a clear step in Telenor’s planned exit from Thailand, but also makes TRUE’s shareholder structure more explicit as being firmly anchored in the CP ecosystem. Reuters reported the transaction is structured in two steps, with the remaining stake to be sold after two years.

On the other side of the market, Advanced Info Service Plc (AIS) has Gulf Energy Development Plc (GULF) as a strategic shareholder, reinforcing AIS’s long-term “beyond connectivity” direction through the backing of a major domestic capital group with broader infrastructure ambitions.

With both telecom heavyweights now backed by large Thai capital groups looking beyond mobile service fees, competition is increasingly shifting away from promotions, package pricing and subscriber counts, towards the wider “digital economy backbone” — spanning investment capacity, network infrastructure, data centres, energy, cloud technology, AI, and expansions into platforms and adjacent industries.

AIS builds on Gulf-backed scale

AIS has maintained clear leadership in business scale, with third-quarter 2025 reporting showing total revenue of THB54,362 million and net profit of THB12,039 million, reflecting continued growth across its core segments.

The company has positioned its growth around mobile, broadband and enterprise demand, while stepping up capabilities in cloud, data centre and AI-related services through partnerships and infrastructure build-out.

TRUE rebuilds earnings quality within the CP ecosystem

TRUE has signalled an improving earnings profile following the True-dtac merger and a tighter focus on cost discipline, while sharpening its longer-term positioning beyond telecom into CP-linked ecosystems — including retail platforms, digital content, logistics, health and smart city opportunities.

With Arise stepping in as the buyer of Telenor’s stake, the transaction is being watched as a catalyst for a new phase in Thailand’s telecom competition — one centred on AI, cloud and data-centre scale, as well as cross-industry platforms enabled by deep-pocketed strategic shareholders.

‘Arise’ adds a deep-tech and digital infrastructure dimension

The emergence of the Arise Ventures Group, wholly owned by Suphachai Chearavanont, marks a strategic push to accelerate an integrated digital ecosystem spanning data centres, digital infrastructure, cloud computing, artificial intelligence (AI) and cybersecurity.

The group’s goal is to strengthen digital transformation across industries and expand access to advanced technologies in the region. In this ecosystem, Arise has become a key player—positioned to help drive True to become stronger than ever.

Arise Digital Technology Co., Ltd., a subsidiary, has acquired 24.95% of TRUE from Telenor Thailand Investments Pte Ltd, reflecting confidence in True’s operational stability and long-term growth potential. Arise is expected to support the acceleration of strategy, innovation and sustainable value creation, while maintaining discipline in returns for shareholders.

The Arise group also holds a stake in Ascend Money, Thailand’s first fintech unicorn, founded in 2015, which has obtained a virtual bank licence. It also holds shares in True IDC, one of Thailand’s leading data centre providers, also established in 2015. The group aims to expand investment across the region and become a regional leader in digital infrastructure.

AIS sees the deal as supporting the digital strategy

Pratthana Leelapanang, chief executive officer of AIS, said that Telenor’s sale of 24.95% of TRUE to Arise is an important signal of industry transition, which is likely to accelerate investment in digital infrastructure—especially AI and data centres.

However, from AIS’s perspective, its strategy remains on track, with digital infrastructure as the core driver of long-term growth. Its cloud partnership with Google is viewed as a strategic collaboration that enables end-to-end AI—from infrastructure through to applications. Combined with the capabilities of AIS and GSA, this should strengthen long-term competitiveness.

He assessed that Telenor’s withdrawal does not materially change the nature of competition in the telecom market, but competition in the “new arena”—such as AI, data centres and digital businesses—will intensify. He added that stock price volatility reflects concerns about governance structure more than business fundamentals.

On the market’s reaction and share-price swings after the stake sale, Pratthana said the main driver is likely investor concern about management uncertainty rather than fundamentals, noting that True’s current management team has delivered standout performance and profits over the past one to two years. The market is therefore watching whether there will be structural changes to management going forward.

He said this is better seen as a dynamic risk from a capital markets perspective, rather than a negative signal for the industry overall. The broader picture remains that all players are continuing to invest and compete to support Thailand’s ongoing transition to the digital economy.

A real marathon race

In numerical terms, AIS still leads in revenue and net profit, with revenue of 54.36 billion baht and net profit of 12.03 billion baht, while True posted service revenue of 41.3 billion baht and NPAT of 1.6 billion baht.

However, True stands out for operating profit efficiency, with EBITDA of 27 billion baht and an EBITDA margin of 65.3%, reflecting cost discipline after the merger.

Mobile and 5G subscriber numbers for the two operators are close, indicating that competition is no longer about grabbing new customers, but about increasing usage value and improving network quality. In spectrum resources, AIS holds 1,460 MHz, slightly more than True’s 1,350 MHz, while True has an advantage in the diversity of spectrum bands.

Beyond the numbers is the power of major shareholders: Gulf backs AIS with infrastructure and energy, while CP, via Arise, backs True with a retail, digital, financial and content ecosystem—shifting competition from mobile service provision towards a contest of “digital economy platforms”.

For 2026, this marks the start of a long game, measured not only by signal strength or SIM prices, but by the ability to create new value from networks, capital, technology and ecosystems—ultimately, who can go deeper and more sustainably between “AIS-Gulf” and “True-CP” will shape the direction of Thailand’s telecom industry in the next decade.