True was informed by CPG and KfW, True’s major shareholders, on November 4, 2010 that they had entered into a sale and purchase agreement under which CPG will buy all of the shares owned by KfW. The transaction will be completed by the end of the year. The share purchase will increase CPG’s holding in True from 55.7% of total shares to 64.7%.
KfW, which first invested in True in 2000, currently holds 699,333,982 preferred shares, which will be converted into ordinary shares as required under the sale and purchase agreement. The rights to receive unpaid cumulative dividends of the preference shares will be extinguished as a result of this transaction. KfW holding represents approximately 9.0% of True’s total shares.
True would like to thank KfW for its contributions to True Group over the past 10 years and looks forward to maintaining a good relationship in the years ahead. The share purchase by CPG not only strengthens True but also shows CPG’s confidence in the growth potential of the Thai telecom industry.
For more information (media enquiries only), please contact:
Corporate Communications & Marketing PR - True Group
Email:
PR FOCUS Co., Ltd.
Prapas Chornsarum
website
www.prfocus.co.th
Saranya Chaichomphol