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China Mobile buys into Thailand for €640m |
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China Mobile buys into Thailand for €640m By Mary Lennighan, Total Telecom Monday 09 June 2014 Chinese operator acquires 18% stake in True Corp as part of rights issue that could see Thai telco raise up to €1.5 billion. China Mobile on Monday announced the acquisition of an 18% stake in Thailand's True Corp at a cost of 28.57 billion baht (€640 million). The deal formed part of a rights issue undertaken by True Corp in order to strengthen its financial position, the telcos explained in separate stock exchange filings. The Thai operator gave its existing investors the right to acquire newly-issued shares at a cost of THB6.45 (€0.15) each. China Mobile agree to acquire 4.43 billion new shares at the same unit price. In total True Corp will offer as many as 10.1 billion new shares with a view to raising up to THB65 billion (€1.5 billion) True Corp needs to reduce debt and raise money to fund its 4G network rollout. Thailand plans to hold the first of a number of 4G spectrum auctions in August. Regulatory body the National Broadcasting and Telecommunications Commission (NBTC) earlier this year ordered True Corp's mobile unit True Move and AIS-owned Digital Phone Co (DPC) to close down their 1800-MHz 2G networks by the end of June in order to free up spectrum for 4G.
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