- dtac & True to create greater value propositions under the new 7 pillars covering every aspect
- Expertise from global partners – Telenor Group and CP Group – will strengthen the new company
March 2, 2022 – The newly merged company True Corporation announced its vision to become Thailand’s leading telecom-tech company based on the strengths of its amalgamated companies. Under the concept of ‘Better Together,’ and ‘1+1 = infinity,’ the new company aims to ignite Thailand’s limitless possibilities with broader access to digital connectivity, technology investments and connected services.
dtac and True have now completed their amalgamation process and received a commercial license from the Department of Business Development, Ministry of Commerce. The transaction is the largest telecommunications merger in Southeast Asia by combined enterprise value. The combined market capitalization, prior to the suspension of trading of True and dtac on the Stock Exchange of Thailand on 20 February, was THB 294 billion.
The amalgamated company, named True Corporation, aims to advance the lives of Thai people, narrow the digital divide, and enable the digital transformation of local businesses. The company will be the market leader for mobile subscribers, with 33.8 million from TrueMove H and 21.2 million from dtac. In addition, the company has 5 million TrueOnline and 3.2 million TrueVisions. The new telecom-tech company will foster a robust digital ecosystem, sustainable development, human rights, and broader access to connectivity and digital technology.
Manat Manavutiveth, Chief Executive Officer of True Corporation Plc, said: “Our vision is to be Thailand’s leading telecom-tech company, transforming the lives of Thai people and propelling businesses to the forefront of the digital economy. This reflects our ambition to break away from the conventional telecom business to drive sustainable growth. This can be considered a major milestone for Thailand’s advance to the forefront of the digital economy in Southeast Asia.
The new telecom-tech company brings the best of True and dtac and the global expertise of its major shareholders CP Group and Telenor Group. True Corporation will benefit from its larger scale to realize synergies within its network, digital infrastructure, IT systems, purchasing, sales and marketing, retail channels and operational costs.
“Thai consumers will benefit from this amalgamation. The synergy will lead to fair and balanced competition, which is ultimately in customers’ interest,” Mr. Manat added.
True Corporation will invest in digital startups, which are a key to the digital economy’s growth. Together with partners, the company aim to raise 7.3 billion baht (USD 200 million) for its venture capital fund. This includes an innovation hub providing the foundation and infrastructure to support building “unicorns” in Thailand (startups valued over 35 billion baht or USD 1 billion). The innovation hub will combine advanced technologies from Telenor Group, CP Group, global tech partners, and the Thailand’s digital entrepreneurs.
Sharad Mehrotra, Deputy Chief Executive Officer at True Corporation Plc, said: “Our mission is to build a strong tech ecosystem of digital talent and capabilities to provide innovative services that improve our customers’ lives and support sustainable development. We’re committed to nurturing new businesses that can bring Thailand the full benefits of the digital economy.”
The new company is set to be the undisputed network leader with plans to expand 5G service to cover 98% of Thailand’s population by 2026. According to a GSMA report, 5G investment will contribute to Thailand’s GDP growth by 370 billion baht (USD 10 billion) by 2030.
True Corporation will provide services under both the True and dtac brands, offering a best-in-class experience to its subscribers. The carrier names ‘dtac-True’ and ‘True-dtac’ on mobile screens are the first step to jointly develop a superlative mobile network through network roaming for 5G and 4G services on 2600 MHz and 700 MHz frequency band.
This allows dtac customers to use 5G on 2600 MHz, while True customers can use 4G and 5G service on 700 MHz. The network roaming service is currently available in select areas, and it will be in place across the nation by mid-March.
“Our priority is to provide better products and services to customers. Our marketing direction is to be highly competitive for the interest of customers with both mobile and fixed line connectivity, TV subscription as well as digital services that provide even greater customer benefits,” Mr. Mehrotra added.
7 Strategic Pillars to Support Digital Progress
1. Be the Undisputed Network and Digital Infrastructure Leader
The integration of the new company’s infrastructure – telecom network, fixed broadband and data systems (including a global-standard data center and cloud system) – will deliver superlative mobile and fixed broadband experiences. It will also result in expanded digital capabilities for Thailand for the internet of things (IoT), artificial intelligence (AI), analytics, machine learning and cyber security. This will accelerate digital transformation, raise living standards, grow the economy and enable a more sustainable environment.
2. Champion Growth Beyond the Core
In addition to its infrastructure provider role, the new company will expand its innovative solutions to address emerging digital challenges. True Corporation will leverage the far-reaching potential of a fully equipped digital ecosystem to achieve digital inclusion, a seamless experience for customers, sustainable growth for businesses as well as a growing digital economy for the nation.
3. Set the Bar for Customer Experience in Thailand
With the advancement and adoption of digital technologies, consumers will be able to enjoy value-driven services and hyper-personalized offerings catering to different lifestyles with consistent and seamless experiences across all touchpoints 24/7. This includes after-sales service leveraging advanced technology for better efficiency and error prevention.
4. Enhance Smart Life for Customers
True Corporation will develop connected solutions to uplift the standard of living of Thai consumers and revolutionize their lifestyles in fields such as healthcare, security, and energy consumption. This will benefit both urban and rural areas through an expansive connectivity and distribution network.
5. Raise Standards for Enterprise Customers
The new company will accelerate digital transformation and adoption of numerous digital technologies – IoT, robotics, AI, analytics and blockchain – among Thai SMEs and enterprises in every sectors. Working with local and global partners, True will co-create innovative solutions to raise the competitiveness and efficiency of every business, from agriculture to public health and retail.
6. Build the Best Place to Work
True Corporation has the ambition to be the leading tech-driven company in Thailand, attracting established experts and rising digital talents from around the world with diversity and inclusion at the core of the organization. It will also nurture an entrepreneurial mindset, while ensuring the welfare and well-being of all employees.
7. ESG Best in Class: A sustainable organization to create long-term value
The new company is determined to leverage technology for value cocreation that benefits all its stakeholders, leading to the sustainable development in three areas: environment, society and governance (ESG).
“We’re firmly committed to being among the best employers in Southeast Asia through an organizational culture that will attract established experts and rising digital talents wishing to grow in a fast-moving tech company that is committed to diversity and inclusion,” Mr. Manat added.
As part of its high ESG standards, the organization targets carbon neutrality and zero waste (including electronic waste) by 2030. By 2050, it aims to be a net zero (zero greenhouse gas emissions) organization.
True Corporation will continue to foster a digitally inclusive society through its flagship social initiatives, including True Plookpanya, dtac Safe Internet, dtac Net for Living, and CONNEXT ED, with the aim to provide digital upskilling for people in Thailand, with a focus on vulnerable persons: youth, women, people with disabilities, ethnic minorities, LGBTQI and the elderly. In addition, True Corporation commits to zero tolerance for corruption, high standards for privacy compliance, and a strong code of conduct with full respect for human rights.