True Corporation (“True”) and Total Access Communication (“dtac”), have notified the Stock Exchange of Thailand that the board of directors of the two companies have approved to call a joint shareholder meeting on 23rd February 2023. The Joint Shareholder meeting will consider and approve corporate matters related to the amalgamation, the company said in a statement.
The suggested name of the amalgamated company will be True Corporation Public Company Limited. True and dtac are both strong brands in the mobile telecommunications space, with the True brand having additional existing positions and recognition in broadband and TV distribution. dtac will continue as a separate brand, offering consumers a broad choice of services with highly competitive offerings.
The parties aim to complete the transaction within the first quarter of 2023. Until the amalgamation is completed, both companies continue to operate separately. The principal shareholders Charoen Pokphand Group and Telenor Group believe in the benefits of the transaction and the new company’s positive impact on Thailand’s telecom and technology sector.
What’s on offer?
The new company will become a telecom tech frontrunner with business operations in mobile, broadband, television and digital, ensuring that Thai consumers get value and benefit of a broader portfolio of attractive products and new service innovations. Additionally, the new company will benefit from scale, investment capabilities and competence to take global technology advancements into quality networks and innovative digital services and support Thailand’s digital transformation agenda.
The parties aim for an equal ownership stake of around 30 percent in the new company. Further, the Board of Directors of True and dtac have proposed for the JSM to elect Suphachai Chearavanont, Jørgen Arentz Rostrup, Prof. Dr. Kittipong Kittayarak, Kamonwan Wipulakorn, Kalin Sarasin, Pratana Mongkokul, Adhiruth Thothaveesansuk, Dr. Gao Tongqing, Tone Ripel, Lars Erik Tellmann and Dr. Teerapon Tanomsakyut, as board of directors of the new amalgamated company.
The proposed board of directors has extensive telecom and business experience and will work together with a top management team with balanced representation from dtac and True. Manat Manavutiveth has been nominated as the new company’s CEO and Sharad Mehrotra has been nominated as deputy-CEO. Nakul Sehgal and Ms. Yupa Leewongcharoen have been nominated as co-CFOs.
