The Board of Directors of True Corporation Public Company Limited (TRUE) in the meeting on November 20, 2021, approved a combination with Total Access Communication Public Company Limited (DTAC) using an amalgamation method, according to a source close to the matter.
The report of amalgamation came after newsweb.oslobors, a website providing information for EURONEXT, reported on November 19 that Telenor Group and Charoen Pokphand Group (CP Group) are in discussions to explore a potential merger between the telecom operations of DTAC and TRUE in Thailand. There are open issues outstanding and there is no certainty that the discussions will result in a final agreement. Telenor will not provide any further comments at this stage of the process.
TRUE and DTAC stated on Friday that if there is any clarification required to be reported to the Stock Exchange of Thailand, both companies will inform the Stock Exchange of Thailand accordingly.
The amalgamation, if it happens, will put the new entity of TRUE and DTAC as Thailand’s number 1 mobile service provider in terms of subscribers. Currently, Advanced Info Service Public Company Limited (SET: ADVANC) has 43 million subscribers in total, while TRUE and DTAC have 32 million and 19 million, respectively.
