CGS International Securities (Thailand) (CGSI) noted on Friday, reiterating its ‘Add’ rating on True Corporation Public Company Limited (SET: TRUE) and maintaining its 2026 target price of THB 18.30 per share, after TRUE announced a significant development on its major shareholdings.
As TRUE (the Company), previously disclosed to the Stock Exchange of Thailand that the Company had been notified of the share purchase agreement between Telenor Thailand Investments Pte. Ltd. (Telenor) (as a Seller), and Arise Digital Technology Company Limited (Arise) (as a Buyer), an investment holding company ultimately owned by Mr. Suphachai Chearavanont, as detailed in the referenced letter.
The Company has been additionally informed by Telenor and Arise that the share purchase transaction between them was successfully completed on 13 March 2026. Arise acquired shares of the Company from Telenor, representing 24.95% of the Company’s paid-up capital. In this regard, Arise does not fall within the scope requiring a tender offer pursuant to the rules, conditions, and procedures in accordance with Notification of the Capital Market Supervisory Board Re: Rules, Conditions, and Procedures for the Acquisition of Securities for Business Takeovers. Consequently, Arise has become a major shareholder of the Company, replacing Telenor.
Following this transaction, Telenor’s ownership in TRUE has been reduced to 5.35% of the total shares, eligible for sale within the next two years.
