True share price down on recap plan
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True Corp share price ended 7.04 per cent lower today, after the company announced a massive recapitalisation plan.
The share price ended at Bt6.60.
The company announced today that the board of directors, at the January 29 meeting, resolved to allocate 15 billion shares, at Bt4 par value. The shares will be offered at 90 per cent of the average price during March 9-March 30, 2016.
The decision is pending for the approval of shareholders who will convene on April 8.
True said it would raise Bt60 billion from the rights offering in order to strengthen its capital structure, support business expansion and accelerate its growth potential.
The company won a 900MHz telecom licence from the auction in December, with the bid worth Bt76.3 billion.
