True-Dtac merger kicks off with massive new share sale
Shareholders of True Corporation and Total Access Communications (Dtac) approved a rights issue of 34.552 billion shares at four baht apiece at a joint meeting on Thursday.
They also approved the conversion of 138.208 billion baht in paid-up capital of the two companies into capital of the newly merged company.
On Wednesday, True and Dtac shareholders approved the new name of the merged company, “True Corporation Plc”, and gave it a new stock symbol – TRUEE.
The meeting on Thursday agreed that True shareholders would have the right to buy new shares at the ratio of one existing share per 0.60018 new share while Dtac shareholders could purchase at a ratio of one existing share per 6.13444 new shares.
The meeting drew 437 shareholders of True and 924 shareholders of Dtac.
In October, the National Broadcasting and Telecommunications Commission voted 3:2 to “conditionally acknowledge” the merger. This decision was made after nine months of deliberations.
On Tuesday, True reported to the Stock Exchange of Thailand that it recorded a loss of 18.28 billion baht in 2022, compared to a loss of 1.42 billion baht the previous year.
True executive said the merger would change its outlook.
