TrueSuccess - True Corporation Public Company Limited

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34 ANNUAL REPORT 2004 TRUE CORPORATION PUBLIC COMPANY LIMITEDTrue Corporation is the most fully integrated nationwide communications solutions provider in Thailand and one of thecountryûs largest brands.Since being established in 1990 to build and jointly operate 2.6 million fixed lines in the Bangkok Metropolitan Area(BMA) under a 25-year concession, it has grown rapidly to meet the lifestyle needs of Thai consumers.Backed by Asiaûs largest agro-conglomerate, the Charoen Pokphand Group (with a 39.22 percent shareholding), Trueûssubsidiary businesses currently include cellular operator TA Orange, Asia Wireless Communication (operator of WE PCT), TrueMultimedia, True Internet and pay TV operator United Broadcasting Corporation (UBC).Through these companies True provides home consumers, small and medium enterprises and corporates with the fullrange of cellular, wireless and wireline, Internet, data and entertainment products and services in customized packages.It is firmly established as the BMAûs leading wireline service provider with 56 percent market share, is the countryûslargest Broadband provider with more than 85 percent market share, and the countryûs leading Internet Service Provider. InTA Orange, True owns the fastest growing and third largest mobile operator.The Company was listed (as TelecomAsia Corporation Public Company Limited) on the Stock Exchange of Thailand inDecember 1993 with the security symbol çTAé. At this time it had an annual turnover of Baht 2 billion and employed 1,500 staff.At the end of December 2004, the True Group (which rebranded and adopted the çTRUEé security symbol in April 2004)had an annual group turnover of more than Baht 40 billion (including 100 percent of TA Orange and UBC), a marketcapitalization of Baht 33.1 billion, infrastructure investments of more than Baht 100 billion and employed more than 8,000 staff.Key Developments in 2004December 2004TA Orange achieved 3.4 million subscriber base, exceeding its target.True strengthens its balance sheet, significantly reduces debt and increasesequity by Baht 2.7 billion. It achieved this by selling 398 million new ordinary
ANNUAL REPORT 2004 TRUE CORPORATION PUBLIC COMPANY LIMITED35November 2004October 2004September 2004August 2004June 2004May 2004April 2004shares at Baht 6.8 per share via a seven-time oversubscribed private placement inThailandûs first Accelerated Global Tender.Funds raised were used to complete debt restructuring of a subsidiary with acreditor, enabling the True Group, excluding TA Orange, to reduce debt byapproximately Baht 9.3 billion in 2004 including a Baht 2.7 billion gain from debtforgiveness from the debt restructuring.True becomes Thailandûs largest Internet Service Provider with more than onemillion customers.True announces that in cooperation with UBC it will launch Thailandûs first BroadbandTV service.True completes negotiations on long term debt financing for TA Orange,enabling it to increase its shareholding in TA Orange to 83 percent.NC True online game company is formed in a joint venture with Koreaûs NCsoftto market the hugely popular Lineage II game in Thailand.True announces it will inject Baht 6 billion into TA Orange so the mobile operatorcan expand network capacity and coverage to approximately 90 percent ofThailandûs population.True raises Baht 2.4 billion by issuing seven year maturity Thai Baht debentures.The funds are used to refinance debt to German creditor Kreditanstalt FürWiederaufbau (KfW).TA Orangeûs network quality is judged çBest in Bangkoké by a Synovate andKing Mongkutûs Institute survey.True launches the çAll Together Bonusé campaign which provides True telephone,WE PCT and Internet users with the equivalent free TA Orange talk timefor every baht they spend on True services.TelecomAsia changes its name to True as part of an çinside outé rebranding toposition the company for strong future growth.
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