True Corp Pcl said that they aim to raise US$2.25 billion via a listing for an infrastructure fund. The proceeds to be raised will be used to pay the company's debt. The offering would be biggest recorded initial public offering for the year. True Corp Plc, which is majority owned by CP Group said that they also plan to sell some of the company's non-core assets. This is to establish funds to use to slash of the company's debt burden to around 70%. The IPO for the infrastructure fund will be used to reduce True's debt THB100 billion burden to THB30 billion. True Corp Pcl is a Thailand based telecommunications group.
"We plan to raise at least 70 billion baht ($2.25 billion) from the fund and sell non-core businesses for about 5 billion baht. Most of the proceeds will be used to repay debt," Chief Financial Officer Noppadol Dej-Udom said, adding that the listing should be completed by the end of this year.
"This will help improve our financial position. After that, we will go ahead with plans to seek a business partner," he said.
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