Telenor Sells $3.9 Billion Stake in Thailand’s True Corporation

Norway’s Telenor has agreed to sell its 30.3% stake in Thailand’s True Corporation for 39 billion Norwegian crowns ($3.9 billion), marking its second major divestment from Asian markets in recent months. The telecom group said it signed a deal with Arise Digital Technology Company, owned by Khun Suphachai Chearavanont, to sell an initial 24.95% stake, with the remaining 5.35% to be sold two years after the first transaction closes.

True Corporation is one of Thailand’s largest telecom operators, serving around 60 million customers. Telenor said it expects to book an accounting gain of 14.7 billion Norwegian crowns from the initial sale and will provide more details on how it plans to use the proceeds in the coming month. The transaction is subject to customary conditions and is expected to close within a few months.

The sale reflects Telenor’s broader strategy shift as the Asian telecom industry matures. Having invested across Asia since the 1990s, including in Bangladesh, Thailand, Malaysia and Pakistan, the company has recently moved to streamline its portfolio. CEO Benedicte Schilbred Fasmer said the divestment supports Telenor’s aim to improve returns and sharpen its focus on core markets, particularly in the Nordic region.

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