China Mobile International Holding Limited, a company fully owned by China Mobile, acquired 28.57 billion Baht (884 million USD) of True Corporation's non-public offerings at 6.45 Baht per share.
Meanwhile, True Corporation also issued 36.43 billion Baht of shares to its other shareholders, diluting China Mobile's holding to 18 per cent, while maintaining Charoen Pokphand Group as its biggest controlling shareholder.
The two companies are expected to ccoperate in multiple fields such as technology, network establishment, procurement, and market expansion, according to the tencent report.
China Mobile has reportedly been active in seeking opportunities for strategic investments overseas, as well as opportunity to internationalize its operation. The purchase of True Corporation, one of Thailand's leading telecommunications operators, is considered a milestone for the Chinese giant in its plans to grow its business and profit.
True Corporation, which provides land lines, HD television, and 3G and 4G mobile internet services to about 29 million users, had until now been the only major Thai telco without a foreign partner