The share price of True Corporation Public Company Limited (SET: TRUE) and Total Access Communication Public Company Limited (SET: DTAC) edged higher on Friday after both companies announced that they would propose to its shareholders to approve the procedure building up to their NewCo.
TRUE rose 2.48% to THB4.96 at the opening bell, but slowed down to only 0.41% as the session progressed. Meanwhile, DTAC rose as much as 4.25% to THB48.25 per share.
The agenda includes the shareholders to consider and approve the name of NewCo, to consider and approve the objectives of NewCo, to consider and approve the amount of the registered capital, number of shares, par value of shares and paid-up capital of NewCo as well as other proposals.
The allotment of shares in NewCo will be made to the shareholders of the Company and dtac in the following ratios:
1 existing share in TRUE to 0.60018 share in NewCo
1 existing share in DTAC to 6.13444 shares in NewCo
TRUE stated that the name of the NewCo will remain as True Corporation Public Company Limited with a symbol for the stock market as “TRUE”.