CP Group to sell up to 10% of TRUE, stays top holder
CP Group is selling up to 10% of TRUE, including 4.49% to UBS, but will remain a major shareholder with about 19.72% after completion.
Charoen Pokphand (CP) Group has notified the Stock Exchange of Thailand that it plans to sell up to 3,455,210,081 shares in True Corporation Plc (TRUE), representing no more than 10% of the company’s total issued and paid-up shares.
TRUE said CP Group completed an initial sale on February 27, 2026, comprising 4.49% to UBS AG, London Branch, 0.21% to Thun Ladawan Co., Ltd., and 0.01% to Sriphat Co., Ltd.
The average selling price for this first tranche was determined with reference to TRUE’s closing price on the Stock Exchange of Thailand on February 26, 2026.
For the remaining portion of up to 5.3%, CP Group intends to sell the shares to UBS as soon as practicable once related documentation and procedures are completed.
The price for the second tranche will be referenced to TRUE’s closing price on the transaction date and will not be lower than the price of the first tranche.
UBS, Thun Ladawan and Sriphat said they do not intend to nominate any individuals to serve as directors of the company.
After completion of the remaining sale, CP Group expects to hold about 19.72% of TRUE’s issued and paid-up shares and said it will remain a major shareholder over the long term.
TRUE said it does not expect the share sale to have any significant impact on the company’s business direction, management, or operations, and it will provide further updates to the Stock Exchange of Thailand and investors once it is informed that the remaining transaction has been completed.
