Siam Commercial Bank and Krung Thai Bank Co-Sign Credit Facilities Agreement of Baht 48,940 Million in Financial Support

Stocks and Financial Services Press Releases Wednesday September 7, 2011 12:45
Bangkok--7 Sep--Siam Commercial Bank
Siam Commercial Bank and Krung Thai Bank Co-Sign Credit Facilities Agreement of Baht 48,940 Million in Financial Support,Increasing True Group’s Investment Potential in the Wireless Business

True Group has signed a credit facilities agreement with a group of Thai commercial banks comprising Siam Commercial Bank Public Company Limited and Krung Thai Bank Public Company Limited as Lead Arrangers. The other banks include United Overseas Bank (Thai) Public Company Limited (UOB), and Export-Import Bank of Thailand (EXIM). The total amount of Baht 48,940 million will be used by True Mobile Business Group as investment for business expansion of its wireless business, refinancing existing debt, and as working capital for stronger business operations.

Speaking about the deal, Siam Commercial Bank President Mrs. Kannikar Chalitaporn said that, "The Bank is honored by the trust placed in us by True Group. SCB is more than ready to provide every support to True Group to help it achieve its long-term strategy of being Thailand’s convergence lifestyle leader. This financial support covers a full suite of financial services, starting with providing financial consultation for True's wireless business in terms of appropriate business and financial structuring to enable True Group to remain competitive on an optimal scale. In addition, being one of the joint lead arrangers with Krung Thai Bank allows the Bank to provide long-term funding for 3G technology investment by the True Group. The Baht 48,940 million financing will definitely strengthen the Group's potential to provide HSPA 3G services. The new technology will bring Thailand to the full level of wireless broadband technology, which will benefit consumers and True Group's convergence strategies. Furthermore, the Bank would like to thank the United Overseas Bank (Thai) Public Company Limited (UOB) and the Export-Import Bank of Thailand (EXIM) as allied partners for the syndication.

Krung Thai Bank President Mr. Apisak Tantivorawong noted that, “Krung Thai Bank is moving forward to supporting loans for every sector. The Bank is very delighted to be taking part in these financial arrangements for True Group which has distinct long-term business strategies for becoming the convergence leader. The loans will be used for investment to improve and enhance the effectiveness of the wireless telecommunications business and 3G services in Thailand, allowing the technology to operate with full efficiency and with coverage throughout the country. This also responds to the needs of the Thai people and communications needs of consumers by providing them with fast access to information and news, without boundaries for maximum benefits.

Mr. Suphachai Chearavanont, President & CEO of True Group said “We would like to thank the group of commercial banks which includes Siam Commercial Bank Public Company Limited and Krung Thai Bank Public Company Limited as well as United Overseas Bank (Thai) Public Company Limited (UOB), and Export-Import Bank of Thailand (EXIM) for their trust in extending financial support to True Group and for their confidence in the business potential of private Thai companies, and for helping to spearhead the Thai telecommunications industry to be on par with the rest of the world. The credit facilities totaling Baht 48,940 million consist of term loan facilities of up to 10 years and of revolving working capital facilities where a part will be used to refinance existing debt. Moreover, this is an important opportunity for True Group’s investment in its wireless business to increase network capacity and coverage, maximizing benefits for the Thai people so they can equally access knowledge and information.”

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