True reports completion of Arise stake deal, reshaping major shareholding

True Corporation (True) has informed the Stock Exchange of Thailand (SET) that it has been notified of the signing of a share sale and purchase agreement between Telenor Thailand Investments (Telenor), as the seller, and Arise Digital Technology (Arise), as the buyer.

Arise is an investment holding company whose ultimate shareholder is Suphachai Chearavanont, chairman of True and chief executive officer of Charoen Pokphand (CP) Group.

True further stated that it had been informed by Telenor and Arise that the share transaction between the two parties was successfully completed on March 13. Under the deal, Arise acquired shares in the company from Telenor equivalent to 24.95% of True’s paid-up capital.

Arise is not subject to a mandatory tender offer under the rules, conditions and procedures governing the acquisition of securities for business takeovers, as stipulated by the Capital Market Supervisory Board.

Following the transaction, Arise has become one of the company’s major shareholders, replacing Telenor. As a result of the transaction among major shareholders, the company’s shareholding structure has changed as follows:

CP Group

• Before the transaction (data as of November 18, 2025): 10,269.38 shares, representing 29.72%
• After the transaction (data as of March 13, 2026): 8,642.47 shares, representing 25.01%

Telenor

• Before the transaction (data as of November 18, 2025): 10,469.38 shares, representing 30.30%
• After the transaction (data as of March 13, 2026): 1,848.55 shares, representing 5.35%

Arise

• Before the transaction (data as of November 18, 2025): no shareholding
• After the transaction (data as of March 13, 2026): 8,620.75 shares, representing 24.95%

The change in major shareholders will not have any significant impact on the company’s business direction, management, or operations.