TRIS maintains ratings for True and its senior unsecured debentures including the new offering at “A+”, with a “stable” rating outlook, given the recent supreme court order has no impact on the Company’s ongoing business operation and therefore maintain the same view on the Company’s business and financial risk profile .
Yupa Leewongcharoen, Co-Chief Financial Officer of True Corporation Plc, said “the order of the Supreme Administrative Court is simply an instruction to the Administrative Courts of First Instance to accept for consideration the Complaint of the Foundation for Consumers, having been filed against the NBTC beyond the prescription. The Administrative Courts of First Instance still needs to further consider whether the resolution of the NBTC acknowledging the business amalgamation was valid or not.
The lawsuit is a dispute between the Foundation for Consumers and the NBTC and such lawsuit will not affect the business operation of the Company. The business amalgamation between True Corporation Public Company Limited (former name) and Total Access Communication Public Company Limited (former name) has been fully completed and proceeded in accordance with all relevant laws and it was undergoing the similar process to those of previous business amalgamations of the public limited companies which operate the telecommunications business.
Furthermore, the case filed by the Foundation for Consumers against the NBTC involves the issues similar to those of other cases, whose the requests for injunction was dismissed by the Administrative Courts of First Instance as the court considered that the resolution of the NBTC acknowledging the business amalgamation was proceeded in accordance with the authority under the law and thus there were no grounds that the resolution of the NBTC acknowledging the business amalgamation was invalid.”
True Corporation Plc is currently offering the new debentures to general investors in 5 tranches ranging from 1 to 10-year tenors with fixed coupon rates between 3.15-4.60% per annum. The new debenture offering presents an opportunity for investors to invest in the debentures issued by the leading telecom-tech company with A+ credit rating and a “stable” outlook.
The subscription period is currently open now until November 6, 2023 and can be subscribed through six leading financial institutions: Bangkok Bank, Kasikorn Bank, Siam Commercial Bank, Krungsri Bank, CIMB Thai Bank, and United Overseas Bank (Thai). Additionally, investors can also subscribe via the TrueMoney Wallet application. Krungsri Bank serves as the Debenture Registrar and the Debenture Holder’s Representative.
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