BANGKOK, Oct 7 (Reuters) - Shareholders of True Corp PCL have voted to list an infrastructure fund to raise 60 billion to 80 billion baht ($1.92 billion to $2.55 billion) to help pay some of the Thai telecommunications group’s $3.3 billion debt.
True’s debt has been deepening as it invests to expand its mobile network to compete with industry leaders Advanced Info Service PCL and Total Access Communication PCL .
Most True shareholders agreed to proceed with the initial public offering, a company official said after the vote on Monday.
Shares in True were 1.75 percent lower at 8.40 baht at close of trade on Monday, compared with the benchmark Stock Exchange of Thailand index, which fell 0.92 percent.
The size of the listing is likely to be at the lower end of the range because of a dispute with a state company over the ownership of infrastructure assets, people with knowledge of the matter said last month.
True, majority-owned by billionaire Dhanin Chearavanont’s Charoen Pokphand Group, is the only company in Thailand involved in mobile phones, fixed-line phones, broadband Internet and cable television.
It has posted a net loss in each of the past two years, and is likely to record a loss of 6.7 million baht for the year ending December, according to the mean estimate of 10 analysts surveyed by Thomson Reuters.
$1 = 31.30 Thai baht Reporting by Pisit Changplayngam; Editing by Christopher Cushing