Thai True Corp plans to reduce foreign debt
BANGKOK, June 18 (Reuters) - True Corp TRUE.BK, Thailand's only integrated telecoms firm, said on Thursday it was looking at ways to cut its foreign debt by 20-25 billion baht ($587-733 million), including issuing domestic bonds to get funds for repayment.
The True group had total debt of about 72 billion baht, half of it in foreign currency, which has dragged down earnings, Chief Executive Supachai Chearavanont told reporters.
True was also seeking a foreign partner, but that would only happen after the issuing of third-generation mobile phone licences by the industry regulator, Supachai said.
The regulator has said it expected to issue 3G licences by the end of this year.
True Corp, founded by the Chearavanont family of the Charoen Pokphand Group, Thailand's largest agribusiness conglomerate, operates a wide range of telecoms services including mobile phone, fixed-line, Internet and cable television services.
Earlier this month, True raised its holding in True Move to 98.9 percent. Unlisted True Move, which operates Thailand's third largest mobile phone network, competes with market leader Advanced Info Service ADVA.BK and number two Total Access Communication DTAC.BK (TACC.SI).
On Thursday, True Corp shares fell 2.63 percent to 2.22 baht, while the overall market was 2.68 percent lower. ($1=34.09 Baht) (Reporting by Pisit Changplayngam; Writing by Khettiya Jittapong; Editing by Alan Raybould)
