Telenor sells ownership in True Corporation

About this update from True Corporation Public Company Limited

CEOs of Telenor & Arise Fornebu, Norway – January 22, 2026 – After 25 successful years in Thailand, Telenor has agreed to sell its stake in True Corporation for a total value of approximately NOK 39 billion. Telenor Group has signed an agreement with Arise Digital Technology Company Limited, a company owned by Khun Suphachai Chearavanont, to sell 24.95 percent of the shares in True at THB 11.70 per share. In addition, Arise and Telenor have agreed a mutual put/call option for the sale of the remaining 5.35 percent two years after closing of the initial sale at the higher of THB 11.70 per share and the market price prior to the term of the option. “We are pleased to have reached an agreement with Arise about the sale of our stake in True and I would also like to extend a special thanks to True’s employees and customers. We are confident that the engaged people in True will continue to grow and innovate for its around 60 million customers”, says Benedicte Schilbred Fasmer, CEO of Telenor. Ms Schilbred Fasmer also expresses gratitude to Khun Suphachai Chearavanont for the constructive discussions, which facilitated a mutually beneficial transaction. “We are committed to sustaining our positive momentum, delivering profitable growth and value creation in True in the years ahead. We appreciate the close cooperation we’ve had with Telenor in signing the definitive agreements”, says Khun Suphachai Chearavanont, owner of Arise. A valuable journey for Telenor’s shareholders Over 25 years, Telenor went from investing in TAC in the year 2000 to building dtac into one of Thailand’s leading operators, making mobile connectivity affordable and widely accessible to tens of millions of Thais. In 2023, dtac and True completed a landmark merger to form the new True Corporation listed on Stock Exchange of Thailand. That was then Southeast Asia’s largest telecoms deal and created Thailand’s largest telecom‑tech company, with the scale to invest in 5G, AI and digital services. “Before the 2021 merger talks, our shareholding in Thailand was valued at NOK 12 billion. Today the value of our shareholding stands at some NOK 39 billion, based on the agreed sale price and the current exchange rate. Together with our partner True Corporation we have established market leadership in Thailand while also generating shareholder value”, says Ms Schilbred Fasmer. The transact...

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