The merger of Thailand’s DTAC and True, to advance the tech business

Thailand’s DTAC and True Corp. Is planning an integration that he says will create an “equal partnership” to explore opportunities in the tech sector.

Large Thai telecom companies DTAC and True Corporation intend to merge to create opportunities in the technology sector, their parent companies said on Monday.

Norwegian Telenor Group, DTAC’s parent company, and True’s parent firm Charoen Pokphand (CP) Holding have informed the Thai Stock Exchange that their joint venture, Citrine Global Company, will hold all shares of both telecom companies. Will offer .

The new company will be a leading telecommunications service provider capable of accelerating the adoption of Thai digital technology, Telenor said in a statement.

“The telecom and technology sectors are key to enabling Thailand to move forward and create broad-based prosperity,” he was quoted as saying by CP Group CEO Sophachai Chiarovant.

Shares of DTAC rose 9.1 percent on Monday, while True rose 10.2 percent.

The companies said the newly merged company would apply to be listed on the Thai Stock Exchange.

Jørgen A. Rostrup, Telenor’s executive vice president and head of Telenor Asia, said the project reflects the company’s commitment to the region.

“Our access to new technologies, as well as the best human capital, will be a significant contribution to the new company,” Rostrup said.

He said the new company intends to increase venture capital funding for Thais to invest in digital startups that focus on new products and services.

The plan was approved by the companies’ boards on Friday following an initial memorandum of understanding.

The companies said that during the integration process, DTAC, or Total Access Communication Plc., And True would work as usual.

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