China Mobile set to buy stake in Thailand's True Corp: sources

By Khettiya Jittapong BANGKOK (Reuters) - State-owned China Mobile Ltd is poised to buy an 18 percent stake in Thai telecoms group True Corp valued at around $581 million, people familiar with the matter said, in Thailand's first major corporate deal since a coup last month. True Corp, backed by billionaire Dhanin Chearavanont's Charoen Pokphand Group, also plans to offer new shares via a rights issue on the basis of seven new shares for 10 existing shares, one of the sources said. The deal is part of the Thai group's long-term plan to secure a foreign partner, sources familiar with the matter told Reuters, and underscores Dhanin's strong political connections in mainland China, the people added. In 2013, Dhanin's CP Group emerged as a surprise buyer for HSBC plc'c $9.4 billion stake in Ping An Insurance Group Co of China Ltd. CP Group was the first multinational to invest in China's agri-business in 1979 and it was tasked with helping to modernize China's farm sector.



via Tech News Headlines - Yahoo News http://ift.tt/Sr6lnX