Telenor Group has signed an agreement with Arise Digital Technology Company Limited to sell 24.95 percent of its shares in True Corporation at a price of THB 11.70 per share, the company said. Arise is owned by Thai businessman Khun Suphachai Chearavanont. Under the agreement, Telenor and Arise have also entered into a mutual put and call option covering the remaining 5.35 percent stake, which may be exercised two years after completion of the initial sale. The option price will be the higher of THB 11.70 per share and the prevailing market price prior to the option period. "We are pleased to have reached an agreement with Arise about the sale of our stake in True and I would also like to extend a special thanks to True's employees and customers. We are confident that the engaged people in True will continue to grow and innovate for its around 60 million customers", says Benedicte Schilbred Fasmer, CEO of Telenor Khun Suphachai said Arise remained focused on building value at True and welcomed the cooperation with Telenor in concluding the transaction. "We are committed to sustaining our positive momentum, delivering profitable growth and value creation in True in the years ahead. We appreciate the close cooperation we've had with Telenor in signing the definitive agreements", says Khun Suphachai Chearavanont, owner of Arise. A Valuable Journey for Telenor's Shareholders Telenor’s investment in Thailand spans more than 25 years, beginning with its entry into Total Access Communication (TAC) in 2000. The group later built dtac into one of the country’s largest mobile operators, expanding access to mobile connectivity nationwide. In 2023, dtac merged with True to form True Corporation, creating Thailand’s largest telecom-technology company and completing what was then Southeast Asia’s biggest telecoms merger. True Corporation is listed on the Stock Exchange of Thailand. "Before the 2021 merger talks, our shareholding in Thailand was valued at NOK 12 billion. Today the value of our shareholding stands at some NOK 39 billion, based on the agreed sale price and the current exchange rate. Together with our partner True Corporation we have established market leadership in Thailand while also generating shareholder value", says Ms Schilbred Fasmer.under the option agreement, would yield an additional THB 21.9 billion, or around NOK 6.9 billion. The divestment follows Telenor’s recent sale of its Pakistan operations and forms part of the group’s strategy to simplify its portfolio and focus on selected core markets. The company said the transaction would support its efforts to improve returns on capital and strengthen its balance sheet. Telenor said further details on the use of proceeds would be provided in connection with its fourth-quarter 2025 results, scheduled for release on February 6, 2026.