The DTAC brand will soon be a thing of the past after two of the largest telecoms merge.
The boards of Total Access Communication, aka DTAC, and True Corp. agreed that their merged entity will be called True Corp. Public Co. Limited, or simply “True Corp.”
The companies informed the Thai Stock Exchange that they will meet Feb. 23 to discuss details on the new company’s amalgamation and vote in the new entity’s board members.
Manat Manavutiveth, current co-president of True, has been nominated to be the new company’s CEO.
Regulators in October agreed to allow the merger to go forward despite challenges from consumer groups and market leader Advanced Info Service, or AIS.
Under the terms of the merger, the new company will buy True shares at THB5.09 and shares of DTAC at THB47.76.
They expect to complete the transaction by the end of the first quarter. When that happens, telecommunications will become another industry dominated by Charoen Pokhpand. True, which was owned by CP, and DTAC, owned by Telenor, will have a combined subscriber base of more than 51 million customers, eclipsing Thailand’s longtime No. 1 telecom, AIS’s 43.7 million subscribers.
The two companies for the next three years will serve their customers separately, per one of the conditions of the National Broadcasting and Telecommunications Commission.
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