True Corporation Public Company Limited (SET: TRUE) has issued an updated clarification to the Stock Exchange of Thailand (SET) regarding market rumors surrounding major shareholder China Mobile International Holdings Limited. The Thai telecom major confirmed that China Mobile is evaluating a potential sale of no more than 1% of its holdings, directly dispelling earlier reports suggesting a full exit.
True Corp added that China Mobile reaffirmed its position as a committed long-term strategic shareholder, expressing continued confidence in True Corp’s future growth and business outlook.
Additionally, the company expects any potential minor share sale to have no material effect on its corporate strategy, management, or daily operations.
The official statement comes in the wake of widespread media coverage following an initial Bloomberg report. Rumors had circulated that China Mobile was weighing a full exit of its 2,698,330,341 shares (7.81% voting rights) via a big-lot transaction, causing brief pressure on True Corp’s share price.
