July 25, 2014 / 10:52 AM / 3 years ago

Thailand's True Corp aims to make profit in 2015 after debt repayment

BANGKOK, July 25 (Reuters) - Thai telecoms group True Corp said on Friday it aims to make a profit in 2015 after it repays part of its debt.

It said it also plans to wipe out its accumulated losses to enable it to pay a dividend, but did not give a timeframe.

Earlier in the day, the company’s shareholders approved a $2 billion equity issue including a plan to sell an 18 percent stake to China Mobile Ltd for $881 million.

True plans to use 52 billion baht ($1.63 billion) from the proceeds to repay part of its 95 billion baht debt in the third quarter of this year, Chief Executive Supachai Chearavanont said during a shareholder meeting.

The telecoms firm, 59 percent owned by Thai billionaire Dhanin Chearavanont’s Charoan Pokphand Group, has posted annual losses since 2011 after investing heavily to expand its mobile networks.

$1 = 31.8500 Thai Baht Reporting by Manunphattr Dhanananphorn; Writing by Khettiya Jittapong; Editing by Pravin Char

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