True Corp ordered to pay THB7 billion debt to National Telecom
An arbitration panel has ruled that telecom giant True Corporation Plc must pay over 4 billion baht it owes to National Telecom Plc (NT).
The debt of 4.13687 billion baht is for an interconnection charge stemming from a joint telecom expansion project between the two companies.
The debt has also accrued 15% interest per year, resulting in a total debt of 7.06696 billion baht that True has to pay the state-owned telecom company.
True’s Corp’s co-chief financial officer, Yupa Leewongcharoen, reported the arbitration panel’s ruling to the Stock Exchange of Thailand on Monday.
NT filed the case at the Thailand Arbitration Centre in October 2019.
Yupa said the company will file an appeal at the Supreme Administrative Court to revoke the panel’s ruling.
The arbitration ruling was the second piece of bad news for True Corp this week, after the Supreme Administrative Court agreed to hear an appeal against the company’s merger with DTAC, reversing an earlier ruling.
The suit, filed by the Foundation for Consumers, demands that the National Broadcasting and Telecommunications Commission revoke its resolution acknowledging the merger of the two telecom giants.
On Tuesday True Corp's shares dipped 10.69% to 5.85 baht from the opening price of 6 baht, with total trading value of 144.91 million baht.
