True approves DIF deals

SET-listed True Corp Plc has resolved to authorise and approve the entry into transactions between its subsidiaries and the Digital Telecommunications Infrastructure Fund (DIF).

Each of True’s subsidiaries, namely Asia Wireless Communication (AWC), True Move H Universal Communication (TUC), True Move (TMV) and True Internet (TICC), entered into separate asset and revenue sales, transfer agreements and long-term lease agreements with the DIF in November 2017 on disposal of assets, the right to revenue and the grant of longterm leases.

Total consideration for asset ownership, along with the right to net revenue and long-term asset leases that True Corp and its subsidiaries obtained under the asset and revenue sales transactions, is 68.1 billion baht.

Of the amount, 12.8 billion baht is designated for Tranche 1 assets and 55.2 billion for Tranche 2 assets.

Net proceeds from asset and revenue sales transactions, excluding applicable taxes, fees and other related costs, are estimated at 50.6 billion baht.

The DIF is Thailand’s first telecom infrastructure fund. It offers investors the opportunity to invest in telecom infrastructure, which has been growing recently and generates recurring income, while at the same time helping to develop shared telecom infrastructure.

Funds raised from the offerings will be used to invest primarily in infrastructure businesses, particularly in telecom infrastructure assets that span the entire country, such as telecommunications towers, fibre-optic cable, transmission equipment, broadband systems and the income generated from these businesses.

Units of the DIF have been listed and traded on the Stock Exchange of Thailand since Dec 27, 2013.