Dtac and True have today held separate board meetings regarding the ongoing
merger process between the companies. The boards of directors approved to call
for a joint shareholder meeting on 23 February to conclude on final matters
before closing. Subject to satisfactory outcome of the remaining procedural
steps, the parties aim to complete the transaction within the first quarter of
2023.
 
The new company will become a telecom tech frontrunner with business operations
in mobile, broadband, television and digital, ensuring that Thai consumers get
value and benefit of a broader portfolio of attractive products and new service
innovations.  Additionally, the new company will benefit from scale, investment
capabilities and competence to take global technology advancements into quality
networks and innovative digital services and support Thailand's digital
transformation agenda.
  
Both principal shareholders Charoen Pokphand Group and Telenor Group believe in
the benefits of the transaction and the new company's positive impact on
Thailand's telecom and technology sector. Before the transaction completes,
companies jointly owned by CP Group and Telenor Group will offer to buy shares
from shareholders which dissented to the amalgamation. This applies to around 10
% of the existing shareholders in Dtac. CP group and Telenor aims for an equal
ownership stake of around 30 percent in the new company.
  
With this transaction Telenor takes another important step in execution of the
strategy outlined at the Capital markets day in September last year. Following
the closing of the merger in Malaysia in December, this transaction is another
important building block in setting up a strong Asian entity. The transaction
creates a leading telecom-tech company in Thailand which will both empower the
local society by providing world class services and innovation, but also create
value for Telenor shareholders by strengthening the portfolio in Asia. Going
forward, Telenor will focus on realising synergies from the two mergers and at
the same time explore further strategic opportunities for Telenor Asia as a
separate entity. 


Investor relation:

Øystein Myrvold +47 99 23 04 60
Håkon Hatlevik +47 90 14 60 70

Media contact:

Heljar Havnes +47 90 81 20 81

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