Thailand’s DTAC and True to merge, pursue tech businesses

The Associated Press

Thailand’s DTAC and True Corp. plan a merger that they say will create an “equal partnership” for pursuing opportunities in the tech sector. Regulators reportedly asked the companies for clarification about the plan, which was announced Monday by Norway’s Telenor Group, parent company of DTAC, and Charoen Pokphand (CP) Holding, the parent firm of True. The two companies notified the Stock Exchange of Thailand that their joint venture, Citrine Global Company, will make an offer for all shares of the two telecom companies. The companies said it will raise venture capital funding to invest in promising digital startups focusing on new products and services for Thais.