June 9, 2014 / 8:00 AM / in 4 years

Thai True Corp to offer stake to China Mobile - source

BANGKOK, June 9 (Reuters) - Thai telecoms group True Corp is to offer an 18 percent stake to China Mobile via a private placement as part of its plans to take on a foreign partner to help with regional expansion, a source with knowlegde of the deal said on Monday.

True Corp, majority-owned by billionaire Dhanin Chearavanont’s Charoen Pokphand Group, also plans to offer new shares via a rights issue on the basis of seven new shares for 10 existing shares, the source, who declined to be named, told Reuters.

The plans are subject to board approval, the source said. True shares were suspended earlier on Monday pending an announcement.

Reporting by Khettiya Jittapong and Manunphattr Dhanananphorn; Editing by Alan Raybould

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