China Mobile to buy stake in Thai True Corp for $882 mln

BANGKOK, June 9 Mon Jun 9, 2014 6:42am EDT

BANGKOK, June 9 (Reuters) - Thai telecoms group True Corp said it plans to raise up to 65 billion baht ($2.0 billion) from new share issues, including 28.6 billion baht ($882 million) in shares to be offered to China Mobile .

True is selling up to 10.08 billion new shares via a rights issue and a private placement to China Mobile at 6.45 baht per share, a 13 percent discount to the latest price at 7.45 baht.

True Corp is majority-owned by billionaire Dhanin Chearavanont's Charoen Pokphand Group. ($1 = 32.4300 Thai Baht) (Reporting by Khettiya Jittapong; Editing by Erica Billingham)

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