ทรูเพิ่มทุนเพื่อปรับฐานความแข็งแกร่งทางการเงินและพร้อมรองรับ 3G

Recapitalization to strengthen balance sheet and

prepare for 3G implementation

Bangkok, 6 November 2008: True Corporation PLC (SET: TRUE) today announced plans for a recapitalization in order to strengthen its balance sheet and pursue future growth opportunities.

The recapitalization, by way of a rights offering, will see up to 10,000 million (ten billion) shares offered at Bt 1.95 in either a single or multiple tranches. Unsubscribed shares can be re-offered in subsequent offerings. In order to encourage existing shareholders to participate they will be able to subscribe in excess of their rights.

Proceeds will be used to fund new growth opportunities such as 3G; reduce debt; repurchase BITCO (True Move’s parent company) shares; and finance general business operations. The use of funds will be prioritized in order to yield best return for shareholders.

“The recapitalization will provide True with a strong foundation for future growth,” said True Corp President and CEO Suphachai Chearavanont. “Our convergence strategy – bringing together networks, services and content – gives us a unique advantage. It allows us to respond to the lifestyle needs of the Thai population and puts us in prime position to fully realize the potential of new technologies such as 3G.

“This rights offering provides existing shareholders with the opportunity to share in the future benefits of this strategy.”  

True Corp CFO Noppadol Dej-Udom said, “This recapitalization is the most effective method to secure the funding necessary to support the long-term growth of the company in view of the current market situation. This move will also considerably strengthen our balance sheet through a reduction of debt levels and an enlarged capital base while increasing profitability by reducing interest costs.”

“We are confident that with this recapitalization True will emerge as a much stronger company which will benefit our shareholders and customers alike,” said Mr. Suphachai.

Remarks:

The timeframe for the rights offering is as follows:

5 November 2008: Board approves recapitalization plan

25 November 2008: Closing of book register

19 December 2008: EGM votes on recapitalization plan

Conditions of the subscription including subscription ratio and subscription period will be determined by the Board of Directors and/or the authorized directors of the company. True currently has 4.5 billion shares listed.