FORNEBU (dpa-AFX) - Telenor ASA (TELNF, TEL.OL, TELNY), a Norwegian state-owned telecommunications company, on Thursday said it has agreed to sell its entire stake in True Corp. (TRUE.BK), exiting Thailand after 25 years, in a transaction valuing the holding at approximately NOK 39 billion.
The transaction is expected to close within a few months.
The company has signed an agreement with Arise Digital Technology Co. Ltd., owned by Khun Suphachai Chearavanont, to sell 24.95 percent of True's shares at THB 11.70 per share.
Arise and Telenor have also agreed to a mutual put/call option for the sale of the remaining 5.35 percent stake two years after completion, at the higher of THB 11.70 per share and the prevailing market price.
The agreed price represents a 36 percent increase to True's first trading-day closing price after the March 2023 merger of dtac and True, and a 4 percent premium to the three-month volume-weighted average price.
The company said that the gross proceeds from the initial sale are expected to total THB 100.9 billion, equivalent to about NOK 32.3 billion at current exchange rates.
The net proceeds from the option exercise are expected to amount to THB 21.9 billion, or approximately NOK 6.9 billion.
Telenor expects to recognise an accounting gain of around NOK 14.7 billion at completion of the initial sale, including NOK 1.6 billion related to recycling of historical currency translation differences previously recognised in other comprehensive income.
Further details on the use of proceeds will be provided with Telenor's fourth-quarter 2025 results on February 6.
On Wednesday, Telenor ASA closed trading 0.41% higher at NOK146.40 on the Oslo Stock Exchange.
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