BANGKOK (AP) — China Mobile Ltd. is planning to buy an 18 percent stake in Thai telecommunications and cable TV company True Corp.
The investment is part of a 65 billion Thai baht ($2 billion) share issue by True that will be mainly used to reduce its debt.
True said Monday it will issue more than 10 billion new shares to existing shareholders and China Mobile.
China Mobile will buy about 4.4 billion shares for $880 million.
China Mobile is the world’s largest mobile phone company by subscribers. True Corp. has mobile phone, Internet and cable TV businesses.