True Corp, the Thai telecom operator that is controlled by the country’s richest man, Dhanin Chearavanont, said yesterday that it intends to spin off part of its network infrastructure for a separate listing through an infrastructure fund.
The fund, which is similar to a business trust in other jurisdictions, will have a minimum value of Bt70 billion $2.26 billion and at least two-thirds of the fund will be sold to public investors through an initial public offering, it said in a document published on its website.
The money raised from the sale of assets to the fund will be used to repay some of the substantial debt...
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