True corp brings first accelerated placement from Thailand

Investors take on 15 day settlement risk to buy telecom operator''s share placement.

Merrill Lynch completed the first accelerated block trade out of Thailand after Wednesday's close December 1, raising Bt2.7 billion $70 million for True Corp, formerly known as TelecomAsia. The 398 million new share deal was marketed at Bt6.3 to Bt6.8 and priced at Bt6.8, which represents a 7.5% discount to the stock's close of Bt7.35.

The transaction faced a number of challenges, but managed to attract demand of $275 million, with participation by 54 accounts. However, the true deal size was just $38 million as the controlling shareholder - Charoen Pokphand - subscribed to 174 million shares to maintain its stake at 43.69%. Existing shareholders will be diluted by...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222