26 August 2022 – Total Access Communication PCL or dtac has submitted a notification letter to the Stock Exchange of Thailand after the Board of Directors Meeting today. The Board of Directors approved holding an interim Joint Shareholders Meeting No. 1 on 3 October 2022 in order for the shareholders of dtac and True to consider extending the period for considering matters concerning the amalgamation at a subsequent Joint Shareholders Meeting.

Based on relevant NBTC notifications, NBTC guideline on mergers and past practices of the NBTC considering merger transactions, the NBTC was expected to issue its final report on the proposed amalgamation within 90 days from the date of submission of the amalgamation report. However, the NBTC is currently still considering the amalgamation. As a consequence, dtac and True may not be able to convene the Joint Shareholders Meeting within 6 months from the date on which the Extraordinary General Meeting of Shareholders No.1/2022 of dtac and the 2022 Annual General Meeting of the Shareholders of True approved the Amalgamation.

Mr. Sharad Mehrotra, CEO of dtac, stated “We have supported the NBTC in its review of the proposed amalgamation since the notification was filed in January. We expect the amalgamation to be concluded within 2022, and it will create a more equal competition in Thai telecommunications industry, as well as creating a strong company to invest in new technologies.

The prolonged process affects the progress to create a new technology-telecom champion, and the delay has a negative impact for consumers and for Thailand’s pathway towards building a leading regional digital economy. dtac and True still aim to finish the amalgamation as soon as possible for sustainable benefits and value creation for Thai consumers, businesses and the nation”.