True Corporation (True)

True is the communication service provider.

History

2021: Merged with Dtac, a division of Norway's Telenor

At the end of November 2021, Charoen Pokphand (CP) Group, controlled by Thailand's richest man Danin Cheravanont and his family, and Norwegian telecom operator Telenor agreed to merge their telecommunications divisions in Thailand - True Corporation and Dtac, respectively. As part of the transaction, the assets of companies for $8.6 billion are combined, after the closure of the transaction, a joint operator with just over half of the mobile subscribers in the country will appear in the country.

The deal calls for, subject to regulatory approval, Telenor and CP Group to own one-third of the combined company, with stock market investors owning the rest.

Thailand has a mobile operator with half of the country's subscribers by combining True Corporation and Dtac

We hope to empower a whole new generation to reach their potential and become digital entrepreneurs using advanced telecommunications infrastructure, CP Group CEO Sufachai Cheravanont said in a statement. - The emergence of the Internet of Things (IoT), artificial intelligence (AI), cloud solutions and new generations of mobile networking technologies in Thailand will have a huge impact on how we do everything.

The main activities of CP Group are the production of animal feed and animal husbandry. The conglomerate also works with 7-Eleven convenience stores in Thailand. However, CP Group is taking steps towards the digital business. For example, in September 2021, mobile payment application operator Ascend Money, supported by CP Group, said it had raised $150 million in funding at a valuation of $1.5 billion.

We believe the new company will be able to take advantage of digitalization in Asia to support Thailand's leading role in digital technology by transforming global technological advances into attractive services and high-quality products, Telenor President and CEO Sigwe Brekke said in a statement.[1]

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