Telenor Group has finalized a major divestment in Thailand’s telecom sector, agreeing to sell 24.95 percent of its shares in True Corporation to Arise Digital Technology Company — owned by Khun Suphachai Chearavanont — at THB 11.70 per share.
This deal, announced today, values the transaction at THB 100.9 billion (approx. NOK 32.3 billion) and includes a mutual put/call option for the remaining 5.35 percent stake after two years, priced at the higher of THB 11.70 or the prevailing market rate.
The move marks a major step in Telenor’s Asia strategy, following the landmark dtac-True merger in 2023 that created Thailand’s largest telecom-tech giant. With True now serving around 60 million customers, this sale unlocks significant shareholder value while positioning the company for 5G, AI, and digital services growth.
Deal Highlights: Premium Pricing and Strategic Options
Initial Sale Details: 24.95 percent stake sold at THB 11.70/share, a 36 percent premium over True’s first post-merger trading day in March 2023 and 4 percent above the 3-month volume-weighted average.
Option Clause: Remaining 5.35 percent available via put/call after two years, ensuring upside potential.
Total Proceeds: THB 100.9 billion now, plus THB 21.9 billion (NOK 6.9 billion) from the option.
Benedicte Schilbred Fasmer, Telenor CEO, said: “We are confident that the engaged people in True will continue to grow and innovate for its around 60 million customers.”
Telenor’s 25-Year Thailand Journey: From TAC to Market Leader
Telenor’s Thai telecom story began in 2000 with an investment in TAC, evolving into dtac — one of Thailand’s top operators making mobile access affordable for millions. The 2023 dtac-True merger, Southeast Asia’s largest telecom deal, formed True Corporation, listed on the Stock Exchange of Thailand.
Shareholder value has surged: Pre-2021 merger talks valued Telenor’s stake at NOK 12 billion; today, it’s NOK 39 billion based on the sale price.
Two Key Asia Divestments Align with 2030 Strategy
This True sale follows Telenor Pakistan’s divestment in December, fulfilling promises from the November Capital Markets Day. These moves drive “structural simplification,” freeing resources for four 2030 priorities:
Growth through customer excellence.
Technology-led transformation (5G, AI).
Tapering expenses.
Shareholder value creation.
The transactions boost return on capital employed and shift Telenor toward a Nordic-centric secure connectivity provider.
BABURAJAN KIZHAKEDATH
