DTAC and True have agreed to merge with large goals in mind
Thailand’s DTAC and True Corp. plan to merge their companies. This is for the purpose of sharing ideas, contributing to Thailand’s tech sector, and pursuing new opportunities.
DTAC and True said they would merge their telecommunication businesses and change their name to Thai Telecom and become a global telecom company to pursue opportunities in the tech sector.
Norway’s Telenor Group and parent company of DTAC, Charoen Pokphand, notified the Stock Exchange of Thailand that their joint venture company, Citrine Global Company, will make an offer for all shares of the two telecom companies.
A new company will be able to use digital technology faster in Thailand, Telenor announced?”
One CEO said that the ‘technology and telecom sector is valuable for Thailand to move up the development curve towards a more prosperous future.’
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Monday is a big day for sales of DTAC! True’s also did well with their share price up 10.2%.
Thailand recently merged with one of their valued partners, so they must apply to be listed on the Stock Exchange
Telenor Asia CEO Jørgen A. Rostrup mentioned that his company’s new plan reflects their commitment to the region.
“Our access to new technologies as well as the best human capital will be a vital contribution to the new company,” he said.
He said the new company plans to raise venture capital funding and invest in promising digital startups focusing on new products and services for Thais.
The companies’ board approved the plan on Friday for a preliminary price point.
DTAC and True say they will continue operating as usual, rather than shutting down during the merger process.