• New partnership agreement will help strengthen True’s financials and business expansion
  • China Mobile’s share subscription will help the world’s largest mobile phone company to expand global presence


Bangkok, September 11, 2014 – True Group, Thailand’s only fully-integrated telecommunications provider and leader in convergence, today officially signed a strategic partnership agreement with the world’s largest mobile operator, China Mobile. The move is expected to support True Group in further consolidating its financial and business fundamentals and China Mobile in expanding its presence in the global market.
Mr. Dhanin Chearavanont, Chairman and CEO of CP Group, and Chairman of True Corporation Plc said “We would like to thank China Mobile for their confidence in True Group and it is indeed a great honor to welcome them as a strategic partner. The recent success of the private placement and rights offering are clear indications of True Group’s strong growth potential in the telecommunications industry, as well as Thailand’s long-term economic growth.”

Mr. Li Yue, Executive Director and CEO of China Mobile Limited said “As the leading provider in broadband and cable TV business, and also 3G and 4G mobile services in Thailand, True is an ideal partner for China Mobile. As the leaders in both markets, China Mobile and True are both abundant in customer resources, distribution channels and branding advantages. By resource sharing and strategic cooperation, each party can not only serve its local market better, but also lay a good foundation for exploring prospective business opportunities and expansions in each other’s market, which is a significant and profound step for each party’s future development and to realize mutual benefits.”

Mr. Suphachai Chearavanont, President and CEO of True Corporation Plc said “True Group is honored to welcome China Mobile as a strategic partner. The deal is a cornerstone of the Company’s history, heralding a new era for True as it transforms into an all-powerful leading convergence telecommunications player in the region.  During the past two years, we have been focusing our efforts on strengthening our leadership in the broadband, pay TV and 3G and 4G businesses. Our readiness, together with the strategic partnership with China Mobile, serves as a springboard for True Group to be at the forefront of the telecommunications industry.”

True Group recently underwent a Baht 65,000 million recapitalization comprising the sale of new shares worth around Baht 28,600 million in a private placement to China Mobile, equivalent to an 18% shareholding. The remaining portion of the recapitalization was a rights offering to existing shareholders worth approximately Baht 36,400 million.

Today’s official signing of the partnership agreement will bring about future collaborations that mutually benefit both companies. True is now financially stronger with China Mobile as the new strategic partner, while China Mobile will benefit from the partnership deal in expanding its presence in regional and international markets.
China Mobile and True Group are ready to forge ahead with their collaborations and have outlined a comprehensive set of work protocols and procedures, as well as established committees and working groups comprising personnel representing each company for each of the six key business areas: 1) Products/VAS/Content; 2) International Business; 3) Network; 4) Device Procurement; 5) General Procurement; and 6) Human Resources. The working groups will strive to mutually align their strategies for the relevant business areas to increase the benefits to both parties.

The strategic partnership has helped True reduce its overall debt burden as well as strengthened the Company’s financial status which will lead to significant changes that will transform it into a profitable company. Moreover, the partnership with China Mobile will not only bring about investment expansion to the region, but also reflects the international business community’s confidence in Thailand’s long-term economy.


About True Corporation Plc

True Corporation Plc is the principal company of True Group, Thailand’s only fully-integrated, nationwide telecommunications provider and leader in convergence. Its three core business segments are: TrueMove H, which is the leader in 3G+ HSPA mobile services as well as being the only provider of commercial 4G LTE mobile services on 2100 MHz; TrueOnline, the largest fixed-line phone operator in the Bangkok Metropolitan Area and the largest broadband and WiFi operator with a nationwide network using DOCSIS 3.0 cable modem, ADSL, and FTTH technologies; and TrueVisions, the largest nationwide pay TV operator and first to offer HD quality content. As of March 2014, True Group’s subscribers amount to 29 million.

About China Mobile Limited

China Mobile is a world-leading mobile communications service provider with the largest mobile subscriber base of nearly 800 million and the largest mobile communications network globally. It has been listed on Hong Kong and New York stock exchanges. In 2013, the Company was ranked among the FT Global 500, and Forbes Global 2,000 Leading Companies, and was selected as a composite stock in Dow Jones Sustainability Emerging Markets Index. The Company currently enjoys an AA3 / Stable Outlook rating by Moody’s and an AA- / Stable Outlook by S&P, the same rating as the sovereign rating of China.

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