Clifford Chance

Clifford Chance advises China Mobile on 18% equity investment in Thai telecommunications provider

Leading international law firm Clifford Chance has advised China Mobile Limited, on its subscription of an 18% equity stake through a private placement (via its wholly-owned subsidiary China Mobile International Holdings) in True Corporation Public Company Limited, which is listed on the Stock Exchange of Thailand, for a subscription price of Baht 28.57 billion (approximately US$880 million). True Corporation is Thailand's only fully-integrated, nationwide telecommunications provider. Its three core business segments are: mobile, fixed-line and broadband, and pay TV. Upon the closing of the transaction, China Mobile will become True Corporation's second largest shareholder, while Charoen Pokphand Group Co. Ltd. will remain its controlling shareholder.

"We are delighted to work with China Mobile on this strategic foreign investment as part of its international expansion plans," said Beijing Corporate partner Terence Foo, who co-led on the deal. "We are seeing continued interest amongst clients to invest in emerging markets."

The deal was led by Terence and Bangkok partner Andrew Matthews. In Beijing, Terence was assisted by senior associate Julie Zhu and associate Zhonghua Shi. In Bangkok, Andrew was supported by counsel Angela Nobthai, senior associate Natchapon Padungkittimal, and associates Praopetch Srijayanta and Panuwat Chaistaporn.

China Mobile is a world-leading mobile communications service provider with the largest mobile subscriber base of nearly 800 million and the largest mobile communications network globally. It is listed on the Hong Kong and New York stock exchanges.