China Mobile said to be mulling stake sale in Thailand’s True

Deliberations are ongoing and may not lead to a transaction, sources say

Published Tue, Aug 4, 2026 · 02:29 PM

China Mobile is said to be working with an adviser to sound out initial interest from prospective buyers in its stake in True. PHOTO: BT FILE

[BANGKOK] China Mobile is considering selling its minority stake in Thailand’s telecommunications company True, according to people familiar with the situation.

The Chinese mobile and Internet firm is working with an adviser to sound out initial interest from prospective buyers in its stake in True, the people said, asking not to be identified discussing a private matter.

China Mobile has roughly a 7.8 per cent stake in True, the Thai group’s latest annual report shows. True’s stock has gained almost 28 per cent in 2026, giving the company a market value of about US$14.4 billion. At that level, China Mobile’s holding would be worth about US$1.1 billion.

Deliberations are ongoing and may not lead to a transaction, the people said. A representative for China Mobile did not immediately respond to requests seeking comment.

China Mobile is assessing a possible sale of a small portion of its stake in True as part of portfolio management, the Thai company said in an exchange filing on Tuesday (Aug 4).

The review is subject to market conditions and other considerations, it said, adding that it does not expect any material impact on its business, management or operations.

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True merged with the Thai unit of Norway’s Telenor in 2023. Earlier this year, Telenor agreed to sell its stake in True to Arise Digital Technology for a total value of US$3.9 billion.

True has more than 48 million mobile subscribers and also operates home broadband and cable television.

China Mobile is the world’s largest wireless carrier by subscribers, and the country’s primary provider of mobile, Internet and digital infrastructure services.