True Corporation Public Company Limited (SET: TRUE) has informed the Stock Exchange of Thailand that the company has been informed by Telenor Thailand Investments Pte. Ltd. (Telenor), the company’s shareholder, that it has signed an agreement with Arise Digital Technology Company Limited (Arise), a company owned by Mr. Suphachai Chearavanont, to sell 24.95 percent of the shares in the company.
In addition, Telenor and Arise have agreed upon a mutual put/call option for the sale of Telenor’s remaining 5.35 percent two years after closing of the initial sale. The sale transaction is subject to customary conditions.
TRUE noted that it does not expect that the sale of shares by Telenor would have any material impact on the company and its business operations.
In Thailand, an accumulated acquisition of 25% (or 50%, 75%) in a listed company’s total voting rights will trigger a Mandatory Tender Offer, requiring the acquirer (Offeror) to buy all remaining shares of the said company.
