China Mobile International Holdings Limited is reviewing the possible sale of a small portion of its 7.81% stake in True Corporation as part of standard investment portfolio management. The Thai telecommunications giant addressed the potential divestment in a formal filing to the Stock Exchange of Thailand, clarifying that any prospective transaction remains subject to broader market conditions and is entirely independent of True Corp’s operational performance. (Bangkok Post)
The clarification follows media reports earlier in the week, initially highlighted by Bloomberg, indicating that China Mobile was considering offloading a minority position in the Thai carrier. The report initially triggered market sensitivity, causing True’s share price to drop 4.9% during Monday trading before staging a partial recovery. By Tuesday morning, shares were trading at 13.80 baht, down a modest 0.72%.
In its filing, signed by Chief Financial Officer Nakul Sehgal, True Corporation emphasized that China Mobile has no intention of exiting its investment entirely. The Chinese telecom giant confirmed its plans to remain a long-term shareholder, maintaining its view of True as an important strategic partner while retaining full confidence in the company’s long-term business trajectory and development.
The relationship between the two telecommunications leaders dates back to September 2014, when executives signed a comprehensive strategic partnership agreement. True Corp reassured investors and stakeholders that any minor share adjustments resulting from China Mobile’s portfolio review will not impact the company’s day-to-day operations, executive leadership, or overarching strategic goals.
