Thai business conglomerate Charoen Pokphand Group (CP Group) plans to sell a 10% stake in telecom operator True Corp. This is reported in a press release from True Corp.
The total value of the transaction will be 50 billion baht ($1.6 billion). As part of the deal, CP Group will sell 3.46 billion shares of True Corp. in two tranches. At the same time, UBS Group AG will acquire about 9.8% of the shares, and the remaining part of the package will be bought out by two other companies.
The cost of the first tranche will correspond to the closing price of True Corp. as of February 26, and the price of the second tranche will be determined at the time of completion of the transaction. In 2026, the shares of True Corp. increased by 33%.
Upon closing of the transaction, CP Group and its subsidiaries will own 19.72% of the total number of issued shares of True Corp. and it will remain the main shareholder in the long term.
The deal is in line with CP Group's strategy to optimize operations in order to develop its core business lines. From the point of view of True Corp., the sale of shares of CP Group will not have a significant impact on the direction of business, management or operational activities of the company.
In January, Telenor ASA agreed to sell a 24.95% stake in True Corp. Arise Digital Technology Co. for 39 billion crowns ($3.9 billion).
Charoen Pokphand Group is a Thai multinational conglomerate focused on three business sectors — food processing, retail and telecommunications. The company is one of the world's largest producers of animal feed, broiler chicken meat and shrimp. The company operates the Thai franchise of the 7-Eleven chain of stores and is one of the leaders in the communications services market. Charoen is also the largest shareholder of the Chinese insurance company Ping An Insurance. The headquarters is located in Bangkok (Thailand).
UBS Group AG is the largest Swiss financial holding company providing a wide range of financial services. The headquarters is located in Zurich (Switzerland).
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