OSLO, Jan 22 (Reuters) – Norway’s Telenor said it will sell its 30.3% stake in Thailand’s True Corporation for 39 billion Norwegian crowns ($3.92 billion), marking its second major exit from Asia in recent months and sending its shares up 8%.
Telenor has signed an agreement with Arise Digital Technology Company, owned by Khun Suphachai Chearavanont, to sell 24.95% of its holding in True. The remaining 5.35% stake will be sold two years after the initial transaction closes.
The group has been a major investor in Asian telecoms since the 1990s, building operations in Bangladesh, Thailand, Malaysia, and Pakistan. It recently completed the sale of Telenor Pakistan in December, signaling a shift in strategy as regional telecom markets mature.
“With the completion of the sale of Telenor Pakistan in December, and the agreement to sell our shares in True we have taken big steps in delivering on that strategy,” CEO Benedicte Schilbred Fasmer said.
Telenor’s remaining Asian assets include a 33.1% stake in Malaysia’s CelcomDigi and a 55.8% holding in Bangladesh’s Grameenphone, both of which could also be considered for future transactions.
“It’s business as usual until such time that any opportunities present themselves,” CFO Torbjorn Wist told Reuters, adding that the company is focused on delivering value from its remaining assets in Malaysia and Bangladesh.
True is one of Thailand’s largest telecom operators, serving around 60 million customers.
Telenor will record an accounting gain of 14.7 billion crowns at current exchange rates when the initial sale closes. The company said it will provide more details next month on how the proceeds will be used.
The divestment is expected to close within a few months and is projected to improve Telenor’s return on capital employed, reinforcing its strategy to concentrate more of its business in the Nordic region.
