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True Corporation

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For the Thailand's second and third–largest mobile network operators, see True–DTAC merger.

True Corporation
Formerly"Old" True Corporation (1990-2023)
Company typePublic
SET: TRUE
IndustryTelecommunication
Consumer electronics
Predecessor
Founded13 November 1990; 33 years ago (1990-11-13) (original company)[1]
1 March 2023; 20 months ago (2023-03-01) (new company)
FounderSuphachai Chearavanont
Boonchai Bencharongkul
Defunct1 March 2023; 20 months ago (2023-03-01) (original company)
Headquarters
Bangkok
,
Thailand
Area served
Thailand
Key people
Manat Manavutiveth, CEO
ProductsMobile phone
Smartphones
Set-top box
Tablet computer
ServicesCable television, Mobile, Internet
RevenueDecrease 140.94 billion baht (2019)[2]
Decrease 7.1 billion baht (2019)[2]
Decrease 5.64 billion baht (2019)[2]
Total assetsIncrease 523.99 billion baht (2016)[2]
Total equityDecrease 126.02 billion baht (2019)[2]
Owners
Number of employees
23,000
Subsidiariessee Subsidiaries
Websitewww.true.th

True Corporation Public Company Limited (stylized as true) is a communications conglomerate in Thailand. It is a joint venture between Charoen Pokphand Group and Telenor, formed by the merger between the original True Corporation and DTAC in the form of equal partnership to create a new telecommunications company that can fully meet the needs of the digital age. True controls Thailand's largest cable TV provider, TrueVisions,[3] Thailand's largest internet service provider True Online,[citation needed] Thailand's largest mobile operators, TrueMove H and DTAC TriNet, which is second and third only to AIS.[4] and entertainment media including television, internet, online games, and mobile phones under the True Digital brand. As of August 2014, True, along with True Telecommunications Growth Infrastructure Fund, had a combined market capitalization of US$10 billion.[citation needed] TrueMove is also a partner of Vodafone Group.[5] Charoen Pokphand Group and Telenor hold equal ownership of 30% of True's shares as of March 2023.[6] It operates fixed-line (as a concessionaire of NT (formerly known as TOT)), wireless, cable TV, IPTV and broadband services.

History

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True Corporation was established on 13 November 1990 as TelecomAsia.[7] The company had partnership with Verizon.[7] The company was listed on the Stock Exchange of Thailand on 22 December 1993 (1993-12-22).[8] In 2001, TelecomAsia set up mobile phone subsidiary TA Orange with Orange SA. Orange sold off its stake in 2003 but the Orange brand was used until 2006.[9]

In an effort to converge TelecomAsia's telecommunication business into a single brand, the company renamed itself to True Corporation in 2004,[10] and streamlined its operations with subsidiaries Asia Infonet (renamed True Internet[citation needed]) and Orange (renamed True Move in 2006[11]).

In 2005, True took a higher stake in UBC, Thailand's largest cable television provider that time[citation needed], and renamed the company to UBC-True.[12] On 24 January 2007, UBC-True was renamed TrueVisions.[citation needed]

On 8 May 2013, TrueMove H became Thailand's first mobile operator to provide 4G LTE commercial service on the 2100 MHz bandwidth.[13]

On 11 September 2014, it was announced that China Mobile agreed to purchase 18 percent of its shares for US$881 million.[14][15]

On 13 November 2014, TrueMove H announced that it allocated 10 billion baht to expand its 4G LTE network in Thailand to cover 80 percent of the country's population.[16]

In June 2015 Suphachai Chearavanont, True's President and CEO, was presented with the "2015 Frost & Sullivan Asia Pacific Telecom CEO of the Year" award in Singapore for his leadership and achievements in developing the telecommunications industry in the Asia Pacific region.[citation needed] In the same month, Chearavanont was elected president of The Telecommunications Association of Thailand.[citation needed]

On 22 November 2021, Charoen Pokphand and Telenor, officially announced they have agreed to explore a USD 8.6 billion merger plan between Thailand’s second and third largest telecom operators (by subscribers), True Corporation (TRUE) and Total Access Communication (DTAC) – The proposed merger is subject to regulatory approvals. The merger is expected to be completed by late-September 2022.[17][18] The merger was "acknowledged" by the regulator NBTC at a meeting on 20 October 2022.[19] The newly merged company still retain the True Corporation name, which was founded on 1 March 2023 and it was listed on the Stock Exchange of Thailand under the stock ticker symbol TRUE on 3 March 2023.[20]

Subsidiaries

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True Corporation includes the following subsidiaries:[21]

  • TrueMove H and DTAC TriNet (Mobile telecommunication)
  • TrueOnline (Broadband/fixed line business)
  • TrueVisions (Pay TV business)
  • True Digital (Television, Internet, Online games, and Mobile phones)

Alleged government collaboration

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Thai activists have charged that True, Thailand's largest ISP, shared dissidents' internet account details to the junta in the aftermath of the 2014 Thai coup d'état. It is impossible to corroborate that True shared dissidents' data with law enforcement, but Thai governments since 2007 have sought to curb online criticism by passing legislation that compel ISPs to deploy online surveillance and censorship technologies.[22] True's privacy policy allows it to share data with law-enforcement authorities.[23]

References

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  1. ^ Annual Registration Statement 2009 (56-1). True Corporation. Archived from the original on 3 March 2016. Retrieved 27 June 2010.
  2. ^ a b c d e "Financial Highlights". True Corporation. Retrieved 23 January 2021.
  3. ^ "ความใหญ่ที่แท้ทรู 'True Digital Park' ประกาศรายชื่อพันธมิตรยักษ์ใหญ่ มุ่งสร้าง Startup Ecosystem ครบวงจรที่สุด" (in Thai). Techsauce. 17 April 2018. Retrieved 29 April 2020.
  4. ^ Barton, James (25 April 2017). "True takes second place in Thai market as Dtac profits slump". Developing Telecoms. Retrieved 4 February 2018.
  5. ^ "Vodafone and Conexus Mobile Alliance Form Strategic Partnership". www.vodafone.com. Archived from the original on 21 November 2018. Retrieved 21 November 2018.
  6. ^ Shareinvestor. "Investor Relations". True. Retrieved 8 June 2017.
  7. ^ a b "Foreigners' Mixed Record". Bangkok Post. 30 March 2015. Archived from the original on 4 February 2018. Retrieved 29 May 2023 – via PressReader.
  8. ^ "TRUE Company Profile". Stock Exchange of Thailand. Archived from the original on 24 February 2022. Retrieved 3 July 2010.
  9. ^ "TA Orange's strategic partner Orange SA sells off 39% of its 49% stake in the Thai mobile operator to TelecomAsia for a nominal one Baht". Telecom Asia. 1 April 2004.
  10. ^ Suryadinata, Leo (2006). Southeast Asia's Chinese Businesses in an Era of Globalization: Coping with the Rise of China. Institute of Southeast Asian Studies. ISBN 9789812304018.
  11. ^ "Orange reaches use-by date: True Corp's mobile unit renamed True Move". TeleGeography. Retrieved 4 February 2018.
  12. ^ Amnatcharoenrit, Bamrung and Tortermvasana, Komsan (8 November 2005). "True Corp set to take over UBC" Archived 2008-03-11 at the Wayback Machine, Bangkok Post (retrieved 18 July 2006 until 18 August 2015 via AsiaMedia.com).
  13. ^ "True Move H – The First To Offer 4G LTE Service On 2100 MHz In Thailand While Reinforcing Its Leadership As The Largest 3G Operator". thaipr.net.
  14. ^ Jittapong, Khettiya (9 June 2014). "China Mobile to buy $881mln stake in Thai billionaire's True Corp". Reuters. Archived from the original on 24 September 2015. Retrieved 11 June 2014.
  15. ^ Phoosuphanusorn, Srisamorn & Leesa-nguansuk, Suchit (10 June 2014). "China Mobile to buy into True". Bangkok Post. Retrieved 11 June 2014.
  16. ^ "True announced high-speed Internet in Bangkok with all-fiber network in 2 years". Mobileasia.
  17. ^ "A deep dive into the TRUE/DTAC merger in Thailand". Yozzo.com. Retrieved 6 January 2022.
  18. ^ "DTAC และ TRUE แจ้งดำเนินการควบรวมต่อ". Thanachart Securities. Retrieved 15 March 2022.
  19. ^ Thai telecoms regulator allows $7.3bn True-DTAC merger
  20. ^ Merged True-DTAC to be called True Corp
  21. ^ "Annual Report 2014".
  22. ^ Ajn, I. U. (1 July 2020). "ผู้ให้บริการอินเทอร์เนตมีส่วนช่วยรัฐไทยติดตามตัวผู้ที่เห็นต่าง" [Internet providers are helping the Thai government track down dissidents]. New Mandala. Retrieved 6 July 2020.
  23. ^ "Personal information protection policy". True. Retrieved 6 July 2020.
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