True's Continued Commitment to Digital Innovation: Embracing the Future with Arise Ventures

 

 

True Corporation reaffirms strategic focus on technology leadership and shareholder value following Arise Ventures' landmark investment.

 

 

True Corporation has emphasised its unwavering commitment to digital transformation and sustainable growth following the announcement that Arise Digital Technology Company Limited, a wholly owned subsidiary of Arise Ventures Group, will acquire a 24.95% shareholding from Telenor Thailand Investments for 11.70 baht per share—a transaction valued at approximately 100.9 billion baht.

 

The strategic realignment, announced on 22nd January 2026, represents a consolidation of ownership under domestic leadership whilst maintaining the operational excellence and financial discipline that has driven True's post-merger success. 

 

Following the landmark 2023 merger between True and dtac, which created Southeast Asia's largest telecommunications deal, the company has delivered three consecutive quarters of profitability, with net profit after tax reaching 1.6 billion baht in the third quarter of 2025.

 

 

 

Strategic Continuity and Leadership Stability

Suphachai Chearavanont, founder and owner of Arise Ventures Group, who recently stepped down as chief executive officer of Charoen Pokphand Group to focus exclusively on Arise's strategic interests, underscored the continuity of True's business trajectory. 

 

"We are committed to sustaining our positive momentum, delivering profitable growth and value creation in True in the years ahead," Suphachai stated following the transaction announcement.

 

True Corporation has confirmed that the transaction will not materially impact company operations or strategic direction. 
 

 

 

Sigve Brekke, who joined True as chief executive in early 2025 after serving as CEO of Telenor Group, remains in his position and reassured stakeholders during an analyst conference call that the deal represents no change to True's governance or company direction.

 

The stability of leadership and strategy provides crucial reassurance to investors and partners. 

 

True's financial guidance for 2027, capital allocation framework, and commitment to financial discipline all remain intact, with the company continuing to execute on the strategic plan developed during and following the True-dtac merger.

 

 

 

Accelerating Digital Infrastructure Investment

Arise Ventures' investment reflects profound confidence in True's operational stability and long-term growth potential. 

 

The transaction positions Arise to actively support the acceleration of True's transformation from a traditional telecommunications provider into a leading-edge technology company.

 

Following completion of the acquisition, Arise Digital Technology will support the acceleration of True's strategy, fostering innovation, enhancing the customer experience, and driving sustainable value creation in a fast-evolving digital landscape whilst maintaining the discipline to maximise shareholder value through dividends, according to Arise's official statement.

 

Suphachai's vision for Arise Ventures Group centres on leveraging technology to empower businesses and individuals by ensuring greater access to artificial intelligence, cloud computing, financial services, and high-speed connectivity. 

 

This vision aligns seamlessly with True's ambition to become a leading regional telecom-tech operator, serving approximately 60 million customers across Thailand.
 

 

 

 

Portfolio Synergies and Ecosystem Advantages

Arise Ventures Group's broader portfolio creates powerful strategic synergies with True Corporation. 

 

Beyond telecommunications, the group holds significant investments in key ecosystem pillars including Ascend Money, Thailand's first fintech unicorn, which was recently awarded a virtual banking licence—providing a crucial platform for embedding financial services across the digital ecosystem.

 

The group also maintains a significant stake in True Internet Data Center Company Limited (TrueIDC), Thailand's leading data centre provider, which Suphachai founded in 2015. 

 

Through TrueIDC, Arise Ventures is committed to expanding investments across the region and becoming a leader in developing and operating regional digital infrastructure.

 

These complementary assets position True to create integrated services spanning telecommunications, digital infrastructure, cloud computing, artificial intelligence, cybersecurity, and financial technology—capabilities that extend far beyond traditional connectivity provision.

 

 

 

 

Financial Discipline and Shareholder Returns

True's post-merger financial performance demonstrates the effectiveness of the strategic and operational plan implemented following the 2023 merger. 

 

The company has achieved normalised profitability from the first quarter of 2024 after years of losses, with forecasts projecting continued earnings growth.

 

Analysts from Thanachart Securities project EBITDA growth of 15% in 2024, with margins expanding from 47% in 2024 to a projected 58% by 2027. 

 

Normalised earnings per share are forecasted to see explosive growth of 89% in 2025 and a further 38% in 2026, driven by post-merger cost synergies, recovering average revenue per user across mobile and fixed broadband segments, potential spectrum auction savings, and refinancing opportunities enabled by credit rating upgrades.

 

Arise has explicitly stated its goal of maintaining discipline to maximise shareholder value through dividends, signalling a commitment to sustainable, profitable growth rather than aggressive expansion that could compromise financial stability.
 

 

 

Positioning Thailand as a Regional Digital Hub

Beyond corporate strategy, the Arise investment carries broader implications for Thailand's digital development. 

 

Arise Ventures Group focuses on transformative technologies including AI, cloud computing, and data centres, with the stated aim of revolutionising industries and making advanced technologies more accessible for businesses and individuals across the region.

 

The intensified focus on digital infrastructure investment supports Thailand's ambitions to establish itself as a regional technology hub. 

 

The scale of investment flowing into telecommunications infrastructure, data centres, cloud services, and AI capabilities through both True and its ecosystem partners creates a foundation for broader economic digital transformation.

 

 

 

Investor Confidence and Market Outlook

The transaction price of 11.70 baht per share represents a 36% increase compared to True Corporation's closing share price on the first day of trading following the 2023 merger and a 4% premium over the three-month volume-weighted average price—demonstrating market confidence in the company's strategic trajectory.

 

While True's share price experienced volatility following the announcement, closing down 14.5% at 10.60 baht on the day of the announcement with heavy turnover of nearly 11.9 billion baht, analysts note this reaction reflects market adjustment to changing shareholder structure rather than concerns about True's core business fundamentals.

 

Wasu Mattanapotchanart, telecom analyst at Maybank Securities (Thailand), stated the firm expects no fundamental impact at True from the Telenor exit. 

 

Maybank believes aggressive price competition remains highly unlikely given that both True and rival Advanced Info Service have sizeable market shares and can achieve strong profitability through effective cost management.

 

The transaction is subject to customary conditions and is expected to close within a few months. 

 

Upon completion, Arise plans to nominate two members to True's board, with Telenor retaining one board seat during the transition period before its complete exit within two years.

 

 

 

Commitment to Innovation and Service Excellence

True Corporation's commitment to innovation extends beyond infrastructure investment to encompass service quality, customer experience, and technological advancement. 

 

The company continues to invest in 5G network expansion, AI-driven services, cloud computing capabilities, and digital platforms that serve both consumer and enterprise markets.

 

The strategic support from Arise Ventures, combined with True's proven operational capabilities and market leadership position, creates a platform for sustained innovation. 

 

The focus on fostering innovation while maintaining financial discipline reflects a balanced approach to growth—one that prioritises long-term value creation over short-term market share gains.

 

As Thailand's telecommunications sector continues its evolution from connectivity provider to comprehensive digital services platform, True Corporation's strategic direction under consolidated domestic ownership positions the company to lead this transformation while delivering sustainable returns to shareholders and contributing to Thailand's broader digital economy development.