Saturday, July 26, 2014   

China Mobile buys $6.82b stake in Thai telecom firm
(06-10 15:06)

Thai telecommunications firm True Corp has agreed to sell an 18 percent stake in its business to China Mobile for about 28.6 billion baht (HK$6.82 billion) under a strategic partnership.
True said it would use the money to reduce its debts and pursue its goal of becoming ''an all-powerful leading convergence telecommunications player,'' bringing together broadband internet, pay TV and mobile telephone services.
The deal ''will transform us into a profitable company and subsequently into a formidable telecommunication player in the region,'' True Corp CEO Supachai Chearavanont said.
China Mobile, the world's biggest mobile operator by subscribers, said the purchase reflected its international expansion and search for strategic investment opportunities overseas.--AFP

   
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