True aiming for an infrastructure IPO

This was all over the news last night.

Thai telecommunications group True Corp Pcl TRUE.BK said it aims to raise at least $2.25 billion by listing an infrastructure fund to help pay down debt, in what would be Asia-Pacific’s biggest initial public offering so far this year.

Source: Reuters

Our thoughts? If True were to pay every possible satang back to banks then Net D/E would drop to just 2.x levels, and this isn’t even including the fact that it needs more funds to expand its current infrastructure, still a POS!

Not to be outdone though AIS came out last month saying they want to do the same

Advanced Info Service (AIS), the country’s largest mobile operator, says it will set up an infrastructure fund in the mould of its smaller rival True Move’s if its concession owner allows it to do so.

Source: Bangkok Post

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