Total Access Communication (DTAC), Thailand’s second largest mobile phone operator which is controlled by Norwegian telco Telenor, has said it will float shares on the Stock Exchange of Thailand in a bid to raise at least $172 million reports AFP. The company hopes to raise at least six billion Thai baht, which XE puts at US$187 million, one third of which would be used for network expansion and the rest to repay debt. There is also a plan to delist DTAC’s parent company United Communication Industry and make it a subsidiary of DTAC.
DTAC currently has 12 million subscribers — about a third of the market — and hopes to expand to 15 million this year. The move is subject to sharehold and regulator approval, and if all goes to plan the company will be listed both on the Stock Exchange of Thailand and the Singapore Stock Exchange, where it was listed in 1995. (release)
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