Telenor to sell stake in Thai telecoms firm [Yahoo! Finance]
TELENOR ASA S/ADR (TELNY)
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Source: Yahoo! Finance
Arise Digital Technology is a subsidiary of Arise Ventures Group, fully owned and controlled by Khun Suphachai Chearavanont, who is also chairman of True Corporation and part of one of the wealthiest families in Asia. The agreement also includes a put and call option for the remaining 5.35% shareholding, which can be exercised two years after the initial sale at either the same price per share or the prevailing market price, whichever is higher. Telenor expects to receive proceeds of approximately Nkr32.3bn ($3.23bn) from the first transaction and an additional Nkr6.9bn ($692m) if the remaining shares are sold after two years. Khun Suphachai Chearavanont said: “We are committed to sustaining our positive momentum, delivering profitable growth and value creation in True in the years ahead.” The divestment forms part of Telenor's ongoing strategy to simplify its business structure and focus on its core markets, as outlined during its Capital Markets Day presentations. It is a
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