Charoen Pokphand (CP) Group and Telenor Group announced the merger of True Corporation (True) pcl and Total Access Communication (DTAC) pcl and the new company will become a technology business which will also invest in startups.
Pending their restructuring, True and DTAC will proceed with their business operations as normal while speeding up processes for the merger including due diligences and approval from their directors and shareholders. CP and Telenor plan to have equal shares in the new company.
Suphachai Chearavanont, executive chairman of CP and chairman of True, said the restructuring would result in a technology company that would be a technological hub of the region.
Telecommunications would be a part of its business operations and it would also focus on technologies including cloud, artificial intelligence, the Internet of things, the development of smart devices and smart cities and digital media solutions, he said.
The new company would also invest in Thai and foreign startups based in Thailand, Mr. Suphachai said. (TNA)