KUALA LUMPUR, February 6 – Norwegian telecommunications group Telenor has agreed to sell its stake in Thailand’s True Corporation for approximately NOK 39 billion, marking its full exit from the Thai market after more than 25 years.
Under the agreement with Arise Digital Technology, owned by Suphachai Chearavanont, Telenor will sell 24.95 per cent of True at THB11.70 per share, with a put/call option to divest the remaining 5.35 per cent in two years.
Telenor said the move aligns with its strategy to simplify operations, unlock shareholder value and refocus on its core Nordic markets, following its recent exit from Pakistan. Market analysts say the Thailand divestment raises the likelihood that Telenor may eventually sell its 33.1 per cent stake in Malaysia’s CelcomDigi Bhd.
Potentially after the Celcom–Digi merger integration is largely completed by 2027. CIMB Securities noted that a possible exit window could emerge in 2027–2028, when merger synergies are fully reflected in earnings and valuation.
While fund managers said any sale would likely be driven by price and regulatory clarity, including exposure to Digital Nasional Bhd. With the Thailand exit, Telenor’s Asian footprint is now limited to Malaysia and Bangladesh.
Analysts expect any future CelcomDigi stake sale to have a more muted market impact compared with True, given CelcomDigi’s localised management and the possibility of a mandatory general offer that could support share prices, depending on valuation.
