China Mobile Explores Sale of 7.8% Stake in Thailand's True Corporation

China Mobile is weighing the sale of its minority stake in True Corporation, Thailand's major telecoms operator, according to a report from Bloomberg. The move signals a potential strategic shift as the Chinese state-backed carrier reviews its overseas portfolio amid a broader regional push into digital infrastructure.

The company holds a 7.8 percent stake in True, and Bloomberg reported this week that China Mobile has begun working with an adviser to gauge early interest from prospective buyers. The stake, valued at roughly $1.1 billion based on True's current market capitalization, has benefited from a strong run in the Thai operator's share price over the past 12 months.

True's shares have climbed 30 percent in the past year, lifting the company's market value to approximately $14.7 billion. That appreciation has made China Mobile's position a more attractive asset for potential acquirers, though no formal sale process has been confirmed and discussions remain at a preliminary stage.

The potential divestment comes at a time of notable ownership changes at True. Earlier this year, Norway's Telenor sold its 30 percent stake in the company to Arise Digital Technology, a digital service provider, for NOK 39 billion ($3.9 billion). That transaction reshaped True's shareholder structure and underscored growing investor interest in Southeast Asia's digital economy.

True operates a diverse portfolio of subsidiaries, including True Digital and True Internet Data Center (IDC). True Digital focuses on accelerating digital transformation across industries and advancing Thailand's national digital infrastructure. True IDC, meanwhile, has become a key player in the country's data center market, providing colocation and managed services to enterprise and cloud customers.

The company's data center arm gained further prominence last year when Microsoft partnered with Charoen Pokphand and True Corporation to support its Thailand cloud region. True IDC was designated as a key data center partner in that initiative, highlighting the strategic importance of True's infrastructure assets beyond its core telecom business.

Industry observers note that a sale by China Mobile would not only reflect a recalibration of its international investment strategy but also potentially open the door for new investors seeking exposure to Thailand's growing digital services and data center sectors. As Southeast Asia continues to attract significant capital for digital infrastructure development, the outcome of China Mobile's deliberations will be closely watched by market participants across the region.