True Corporation
{{Short description|Thai telecommunications company}}
{{Use dmy dates|date=October 2019}}
{{Infobox company
| name = True Corporation Public Company Limited
| trade_name = True (since in 2004)
| logo = True Corporation (Thailand).svg
| caption =
| type = Public
| traded_as = {{SET|TRUE}}
| former_names = TelecomAsia (1990–2003)
| genre =
| fate =
| predecessor = Total Access Communication
| foundation = {{Start date and age|1990|11|13|df=y}}{{cite book|title=Annual Registration Statement 2009 (56-1)|publisher=True Corporation|url=http://www2.truecorp.co.th/en/get_file_annual_report.aspx?id=12&type=f56&lang=en|access-date=27 June 2010|archive-date=3 March 2016|archive-url=https://web.archive.org/web/20160303182949/http://www2.truecorp.co.th/en/get_file_annual_report.aspx?id=12&type=f56&lang=en|url-status=dead}}
| defunct =
| founder = Suphachai Chearavanont
Boonchai Bencharongkul
| location_city = Bangkok
| location_country = Thailand
| location =
| locations =
| area_served = Thailand
| key_people = Manat Manavutiveth (CEO)
| industry = Telecommunication
Consumer electronics
| products = Mobile phone
Smartphones
Set-top box
Tablet computer
| services = Cable television, Mobile, Internet
| revenue = {{loss}} 140.94 billion baht (2019){{cite web|title=Financial Highlights|url=http://investor.truecorp.co.th/financials.html|website=True Corporation|access-date=23 January 2021}}
| operating_income = {{loss}} 7.1 billion baht (2019)
| net_income = {{loss}} 5.64 billion baht (2019)
| aum =
| assets = {{gain}} 523.99 billion baht (2016)
| equity = {{loss}} 126.02 billion baht (2019)
| owners = {{plainlist|
- Charoen Pokphand (20.95%)
- Telenor (20.95%)
- Thai NVDR (10.02%)
- China Mobile (7.81%)
}}
| num_employees = 23,000
| parent =
| divisions =
| subsid = see Subsidiaries
| homepage = {{URL|https://www.true.th/en/|www.true.th}}
| footnotes =
}}
True Corporation Public Company Limited (stylized as true) is a communications conglomerate in Thailand. It is a joint venture between Charoen Pokphand Group and Telenor, formed by the merger between the original True Corporation and DTAC in the form of equal partnership to create a new telecommunications company that can fully meet the needs of the digital age. True controls Thailand's largest cable TV provider, TrueVisions,{{cite web | url=https://techsauce.co/pr-news/true-digital-park-unveiled-first-set-of-partners/ | title=ความใหญ่ที่แท้ทรู 'True Digital Park' ประกาศรายชื่อพันธมิตรยักษ์ใหญ่ มุ่งสร้าง Startup Ecosystem ครบวงจรที่สุด | publisher=Techsauce | date=17 April 2018 | language=th | access-date=29 April 2020 }} Thailand's largest internet service provider True Online,{{Citation needed|date=February 2018}} Thailand's largest mobile operators, TrueMove H and DTAC TriNet, which is second and third only to AIS.{{Cite web|url=https://www.developingtelecoms.com/business/operator-news/7040-true-takes-second-place-in-thai-market-as-dtac-profits-slump.html|title=True takes second place in Thai market as Dtac profits slump|last=Barton|first=James|website=Developing Telecoms|date=25 April 2017 |access-date=2018-02-04}} and entertainment media including television, internet, online games, and mobile phones under the True Digital brand. As of August 2014, True, along with True Telecommunications Growth Infrastructure Fund, had a combined market capitalization of US$10 billion.{{Citation needed|date=February 2018}} TrueMove is also a partner of Vodafone Group.{{cite web |title=Vodafone and Conexus Mobile Alliance Form Strategic Partnership |url=https://www.vodafone.com/content/index/media/vodafone-group-releases/2011/conexus_partnership.html |website=www.vodafone.com |access-date=21 November 2018 |archive-date=21 November 2018 |archive-url=https://web.archive.org/web/20181121204109/https://www.vodafone.com/content/index/media/vodafone-group-releases/2011/conexus_partnership.html |url-status=dead }} Charoen Pokphand Group and Telenor hold equal ownership of 30% of True's shares as of March 2023.{{Cite web|url=http://investor.truecorp.co.th/shareholders.html|title=Investor Relations|last=Shareinvestor|website=True|access-date=2017-06-08}} It operates fixed-line (as a concessionaire of NT (formerly known as TOT)), wireless, cable TV, IPTV and broadband services.
History
True Corporation was established on 13 November 1990 as TelecomAsia.{{cite web |title=Foreigners’ Mixed Record |url=https://www.pressreader.com/thailand/bangkok-post/20150330/282574491577094 |via=PressReader |publisher=Bangkok Post |access-date=29 May 2023 |archive-url=https://web.archive.org/web/20180204182350/https://www.pressreader.com/thailand/bangkok-post/20150330/282574491577094 |archive-date=2018-02-04 |language=en |date=2015-03-30 |url-status=live}} The company had partnership with Verizon. The company was listed on the Stock Exchange of Thailand on {{Start date|df=yes|1993|12|22}}.{{cite web|title=TRUE Company Profile|url=http://www.set.or.th/set/companyprofile.do?Bahtsymbol=TRUE|website=Stock Exchange of Thailand|access-date=3 July 2010|archive-date=24 February 2022|archive-url=https://web.archive.org/web/20220224140936/https://www.set.or.th/set/companyprofile.do?Bahtsymbol=TRUE|url-status=dead}} In 2001, TelecomAsia set up mobile phone subsidiary TA Orange with Orange SA. Orange sold off its stake in 2003 but the Orange brand was used until 2006.{{cite news| url=http://findarticles.com/p/articles/mi_m0FGI/is_4_15/ai_n6040967 | work=Telecom Asia | title=TA Orange's strategic partner Orange SA sells off 39% of its 49% stake in the Thai mobile operator to TelecomAsia for a nominal one Baht | date=2004-04-01}}
In an effort to converge TelecomAsia's telecommunication business into a single brand, the company renamed itself to True Corporation in 2004,{{Cite book|url=https://books.google.com/books?id=dPgGGhvgfikC&pg=PA336 |title=Southeast Asia's Chinese Businesses in an Era of Globalization: Coping with the Rise of China|last=Suryadinata|first=Leo|date=2006|publisher=Institute of Southeast Asian Studies|isbn=9789812304018|language=en}} and streamlined its operations with subsidiaries Asia Infonet (renamed True Internet{{Citation needed|date=February 2018}}) and Orange (renamed True Move in 2006{{Cite web|url=https://www.telegeography.com/products/commsupdate/articles/2006/02/08/orange-reaches-use-by-date-true-corps-mobile-unit-renamed-true-move/|title=Orange reaches use-by date: True Corp's mobile unit renamed True Move|website=TeleGeography|access-date=2018-02-04}}).
In 2005, True took a higher stake in UBC, Thailand's largest cable television provider that time{{Citation needed|date=February 2018}}, and renamed the company to UBC-True.Amnatcharoenrit, Bamrung and Tortermvasana, Komsan (8 November 2005). [http://www.asiamedia.ucla.edu/article.asp?parentid=33025 "True Corp set to take over UBC"] {{webarchive|url=https://web.archive.org/web/20080311233416/http://www.asiamedia.ucla.edu/article.asp?parentid=33025 |date=2008-03-11}}, Bangkok Post (retrieved 18 July 2006 until 18 August 2015 via AsiaMedia.com). On 24 January 2007, UBC-True was renamed TrueVisions.{{Citation needed|date=February 2018}}
On 8 May 2013, TrueMove H became Thailand's first mobile operator to provide 4G LTE commercial service on the 2100 MHz bandwidth.{{cite web|url=http://www.thaipr.net/communication/476291|title=True Move H – The First To Offer 4G LTE Service On 2100 MHz In Thailand While Reinforcing Its Leadership As The Largest 3G Operator|work=thaipr.net}}
On 11 September 2014, it was announced that China Mobile agreed to purchase 18 percent of its shares for US$881 million.{{cite web|title=China Mobile to buy $881mln stake in Thai billionaire's True Corp|url=https://www.reuters.com/article/us-true-corporation-chinamobile-idUSKBN0EK0QA20140609|date=9 June 2014|author=Jittapong, Khettiya|access-date=11 June 2014|work=Reuters|archive-date=24 September 2015|archive-url=https://web.archive.org/web/20150924201612/http://www.reuters.com/article/2014/06/09/us-true-corporation-chinamobile-idUSKBN0EK0QA20140609|url-status=live}}{{cite news|title=China Mobile to buy into True |url=http://www.bangkokpost.com/business/news/414439/china-mobile-to-buy-into-true|date=10 June 2014|author1=Phoosuphanusorn, Srisamorn |author2=Leesa-nguansuk, Suchit |name-list-style=amp |access-date=11 June 2014|work=Bangkok Post}}
On 13 November 2014, TrueMove H announced that it allocated 10 billion baht to expand its 4G LTE network in Thailand to cover 80 percent of the country's population.{{cite news|url=http://www.mobileasia.net/?p=10252|title=True announced high-speed Internet in Bangkok with all-fiber network in 2 years|work=Mobileasia}}
In June 2015 Suphachai Chearavanont, True's President and CEO, was presented with the "2015 Frost & Sullivan Asia Pacific Telecom CEO of the Year" award in Singapore for his leadership and achievements in developing the telecommunications industry in the Asia Pacific region.{{Citation needed|date=February 2018}} In the same month, Chearavanont was elected president of The Telecommunications Association of Thailand.{{Citation needed|date=February 2018}}
On 22 November 2021, Charoen Pokphand and Telenor, officially announced they have agreed to explore a USD 8.6 billion merger plan between Thailand’s second and third largest telecom operators (by subscribers), True Corporation (TRUE) and Total Access Communication (DTAC) – The proposed merger is subject to regulatory approvals. The merger is expected to be completed by late-September 2022.{{Cite news|url=https://www.yozzo.com/insights/a-deep-dive-into-the-true-dtac-merger-in-thailand/|title=A deep dive into the TRUE/DTAC merger in Thailand| work=Yozzo.com|access-date=2022-01-06}}{{Cite news|url=https://tnsthinkwebcontent.thanachartsec.co.th/2022028845/|title=DTAC และ TRUE แจ้งดำเนินการควบรวมต่อ|work=Thanachart Securities|access-date=2022-03-15}} The merger was "acknowledged" by the regulator NBTC at a meeting on 20 October 2022.[https://asia.nikkei.com/Business/Telecommunication/Thai-telecoms-regulator-allows-7.3bn-True-DTAC-merger Thai telecoms regulator allows $7.3bn True-DTAC merger] The newly merged company still retain the True Corporation name, which was founded on 1 March 2023 and it was listed on the Stock Exchange of Thailand under the stock ticker symbol TRUE on 3 March 2023.[https://www.bangkokpost.com/business/2481210/merged-true-dtac-to-be-called-true-corp Merged True-DTAC to be called True Corp]
True Corporation is moving forward to become Thailand’s leading telco-tech company{{cite web|url=https://www.bangkokpost.com/business/general/2754939/true-puts-ai-technology-to-the-fore-this-year|title=True puts AI Technology to the fore this year}} through transparent and sustainable operation, enhancing its competitive capabilities, and contributing to Thai social transformation. True is modernizing its network and leveraging digital technology and AI to drive operations and innovation. This includes advancements like the “Mari” chatbot, now evolved into a “voicebot” for human-like customer interactions, while prioritizing data privacy and security. True is also advancing digital technology for modern living, supporting digital transformation in various industries, and fostering an AI-first culture. Additionally, True remains committed to sustainability, ranked as a world-class organization on the Dow Jones Sustainability Indices (DJSI) for the sixth consecutive year according to S&P Global's announcement on December 8th, 2023. True is pursuing a comprehensive strategy for systemic change, emphasizing AI innovation, business efficiency, energy reduction, digital skills development, and using digital technology to reduce educational disparities. The company is also expanding business processes that uphold human rights throughout the supply chain, promoting transparent and accountable AI governance, and combating all forms of corruption.
Subsidiaries
True Corporation includes the following subsidiaries:{{cite web|title=Annual Report 2014|url=http://true.listedcompany.com/misc/AR/ar2014-en.html}}
- TrueMove H and DTAC TriNet (Mobile telecommunication)
- TrueOnline (Broadband/fixed line business)
- TrueVisions (Pay TV business)
- True Digital (Television, Internet, Online games, and Mobile phones)
Alleged government collaboration
Thai activists have charged that True, Thailand's largest ISP, shared dissidents' internet account details to the junta in the aftermath of the 2014 Thai coup d'état. It is impossible to corroborate that True shared dissidents' data with law enforcement, but Thai governments since 2007 have sought to curb online criticism by passing legislation that compel ISPs to deploy online surveillance and censorship technologies.{{cite journal |last1=Ajn |first1=I. U. |title=ผู้ให้บริการอินเทอร์เนตมีส่วนช่วยรัฐไทยติดตามตัวผู้ที่เห็นต่าง |trans-title=Internet providers are helping the Thai government track down dissidents |journal=New Mandala |date=1 July 2020 |url=https://www.newmandala.org/internet-providers-are-helping-the-thai-government-track-down-dissidents/ |access-date=6 July 2020}} True's privacy policy allows it to share data with law-enforcement authorities.{{cite web |title=Personal information protection policy |url=https://www3.truecorp.co.th/new/privacy-policy |website=True |access-date=6 July 2020}}
References
{{Reflist}}
External links
- {{official website|https://www.true.th/en/}}
{{Charoen Pokphand}}
{{Major mobile device companies}}
{{Major telecommunications companies}}
{{FAT sponsors}}
Category:Members of the Conexus Mobile Alliance
Category:Telecommunications companies established in 1990
Category:Telecommunications companies of Thailand
Category:Mobile phone companies of Thailand
Category:Mobile phone manufacturers
Category:Companies listed on the Stock Exchange of Thailand
Category:Companies in the SET50