China Mobile to buy $881m stake Thai mobile operator

State-owned China Mobile (CHL.NYSE, 0941.HKG) has agreed to buy an 18% stake in Thai telecoms group True Corp. (TRUE.BKK) for US$881 million, Reuters reported. Backed by Thai billionaire Dhanin Chearavanont’s Charoen Pokphand Group, True Corp said it was raising US$2 billion through a rights share issue to boost its financial position, selling 4.4 billion shares to China Mobile at a 13.4% discount to True’s last traded price. China mobile said it expects to access new customers, international business opportunities and new earnings growth drivers through the deal.