True to offer 18pc stake to China Mobile

BANGKOK: Thai telecoms group True Corp is to offer an 18 per cent stake to China Mobile via a private placement as part of its plans to take on a foreign partner to help with regional expansion, said a source with knowlegde of the deal. True, majority-owned by billionaire Dhanin Chearavanont’s Charoen Pokphand Group, also plans to offer new shares via a rights issue on the basis of seven new shares for 10 existing ones, the source said. “The plans are subject to board approval.” True shares were suspended yesterday pending an announcement. Reuters