After Pakistan, Telenor Sells $3.9B Stake in Thailand’s True Corporation

Norwegian telecom group Telenor announced on Thursday that it will sell its 30.3 per cent stake in Thailand’s True Corporation for $3.92 billion, marking its second major divestment from Asia in recent months. Following the announcement, Telenor shares rose by 8 per cent.


Details of the Stake Sale

Telenor confirmed it has signed an agreement with Arise Digital Technology Company, owned by Khun Suphachai Chearavanont, to sell:

24.95 per cent stake in True Corporation in the initial transaction

The remaining 5.35 per cent stake two years after the closing of the first deal

The transaction is expected to close within the next few months, subject to regulatory approvals.

Telenor’s Strategy: Gradual Exit from Asia

Telenor has been a major investor in Asian telecom markets since the 1990s, with operations in Bangladesh, Thailand, Malaysia, and Pakistan. However, as the telecom industry matures, the company has signaled openness to portfolio restructuring and strategic exits.

“With the completion of the sale of Telenor Pakistan in December, and the agreement to sell our shares in True, we have taken big steps in delivering on that strategy,” said Telenor CEO Benedicte Schilbred Fasmer.

Malaysia and Bangladesh May Also See Deals

Telenor stated that its remaining Asian assets could also be reviewed for potential transactions, including:

CelcomDigi (Malaysia) – Telenor owns 33.1 per cent

Grameenphone (Bangladesh) – Telenor holds a 55.8 per cent stake

Chief Financial Officer Torbjorn Wist said the company remains focused on maximizing value:

“It’s business as usual until such time that any opportunities present themselves.”

Financial Impact of the Divestment

Telenor expects an accounting gain of NOK 14.7 billion at the current exchange rate

The company plans to provide further details on the use of proceeds next month

The divestment is projected to improve return on capital employed

Focus Shifts to Nordic Markets

True Corporation is one of Thailand’s largest telecom operators, serving approximately 60 million customers. Telenor stated that the sale supports its long-term strategy of concentrating operations in the Nordic region, where it sees stronger growth potential and operational synergies.