Thailand Telecom War Explodes: Billionaire Takes Control as Battle Shifts to Data Centers and Cloud
Thailand telecom market enters a dramatic new chapter as Arise Digital Technology acquires a massive 24.95% stake in True Corporation from Telenor. This power move brings True firmly under the control of billionaire Suphachai Chearavanont, signaling an intense shift in how Thai telecom giants compete.
The old game of cheap mobile packages and subscriber wars ends here. Both True and rival AIS now fight for dominance in data centers, cloud computing, and emerging technologies. Backed by powerful Thai conglomerates, these telecom titans prepare for a decade-long battle that will reshape Thailand digital economy.
Telenor Exits Thailand Market After Years of Investment
True Corporation notified the Stock Exchange of Thailand that Telenor Thailand Investments signed an agreement to sell its entire 24.95% stake to Arise Digital Technology. Suphachai Chearavanont, True chairman and former Charoen Pokphand Group CEO, owns Arise Ventures Group.
Reuters confirmed the transaction unfolds in two phases, with the remaining stake selling after two years. This deal marks Telenor complete withdrawal from the Thai market after years of strategic investment.
The sale makes True ownership structure crystal clear. The company now sits firmly within the CP ecosystem, giving it access to vast resources across retail, finance, logistics, and digital platforms.
AIS Strengthens Position with Gulf Energy Backing
Advanced Info Service maintains its market leadership with Gulf Energy Development as a strategic partner. This alliance gives AIS access to massive infrastructure and energy resources crucial for data center operations.
AIS reported third-quarter 2025 revenue of 54.36 billion baht and net profit of 12.03 billion baht. The company continues expanding beyond traditional mobile services into cloud technology, data centers, and enterprise solutions.
The Google cloud partnership positions AIS to deliver comprehensive services from infrastructure to applications. This end-to-end capability strengthens AIS competitive edge in the digital economy race.
True Rebounds with Improved Earnings and Strategic Focus
True demonstrates improving financial health following the True-dtac merger. The company reported service revenue of 41.3 billion baht and net profit of 1.6 billion baht in recent quarters.
Operating efficiency stands out as True strength. The company achieved EBITDA of 27 billion baht with an impressive 65.3% margin, reflecting strict cost discipline after the merger.
True now leverages CP Group connections across multiple sectors. The company gains access to retail platforms, digital content services, logistics networks, healthcare systems, and smart city projects.
Arise Group Brings Deep Tech Expertise to True
Arise Ventures Group emerges as a major force in Thailand digital infrastructure landscape. The conglomerate focuses on data centers, cloud computing, cybersecurity, and advanced technologies across Southeast Asia.
Arise Digital Technology subsidiary bought the True stake, demonstrating strong confidence in True operational stability and growth trajectory. The group plans to accelerate innovation while maintaining shareholder value discipline.
The Arise portfolio includes Ascend Money, Thailand first fintech unicorn that secured a virtual bank license. The group also holds shares in True IDC, a leading data center provider established in 2015.
Competition Moves Beyond Mobile Services
Pratthana Leelapanang, AIS chief executive officer, acknowledges the Telenor sale signals major industry transformation. The deal accelerates investment in digital infrastructure, particularly in data centers and advanced computing.
AIS maintains its strategic direction remains unchanged. Digital infrastructure drives long-term growth plans, with partnerships enabling comprehensive service delivery across all technology layers.
Pratthana noted that stock price movements reflect governance uncertainty rather than business fundamentals. True management delivered outstanding performance over the past two years, and markets watch for potential structural changes.
The competition now centers on creating value from networks, capital, technology, and integrated ecosystems. Traditional metrics like signal strength and SIM card prices matter less than platform capabilities.
Revenue Gap Narrows as Battle Lines Redraw
AIS maintains revenue leadership with 54.36 billion baht versus True 41.3 billion baht in service revenue. However, True operating efficiency tells a different story about competitive positioning.
Mobile and 5G subscriber counts run nearly equal between both operators. Growth no longer comes from acquiring new customers but from increasing usage value and enhancing network quality.
Spectrum resources show AIS holds 1,460 MHz compared to True 1,350 MHz. True compensates with greater diversity in spectrum band allocation, providing flexibility for different service types.
Powerful Backers Transform Industry Dynamics
Gulf Energy provides AIS with infrastructure strength and energy resources critical for powering massive data center operations. This partnership positions AIS for sustainable long-term expansion.
CP Group backs True through Arise, offering access to retail networks, financial services, digital content, and cross-industry platforms. This ecosystem approach creates multiple revenue streams beyond traditional telecom.
The battle transforms from mobile service provider competition into a contest between integrated digital economy platforms. Success depends on which alliance can create deeper, more sustainable value.
The Decade-Long Marathon Begins
2026 marks the starting line for a prolonged competition that will define Thailand digital future. Victory goes to whichever partnership can better leverage networks, capital, technology, and ecosystem advantages.
Industry observers watch whether AIS-Gulf or True-CP can execute their platform strategies more effectively. The winner will shape how Thailand businesses and consumers access digital services for years to come.
Both operators continue heavy investment in infrastructure and capabilities. The Thai market transitions from a mobile-focused industry into a comprehensive digital economy backbone serving multiple sectors.
Frequently Asked Questions
What does Arise acquisition of True shares mean for Thai telecom market?
Arise Digital Technology purchased 24.95% of True Corporation from Telenor, consolidating True ownership under billionaire Suphachai Chearavanont and the CP Group ecosystem. This move shifts telecom competition from mobile services toward data centers, cloud computing, and integrated digital platforms. Both True and AIS now focus on building comprehensive technology infrastructure rather than fighting over mobile subscribers and package prices.
How does Gulf Energy partnership benefit AIS strategy?
Gulf Energy Development provides AIS with critical infrastructure and energy resources needed to power large-scale data center operations. This strategic alliance enables AIS to compete effectively in cloud services and advanced computing. The partnership gives AIS access to capital and operational capabilities essential for long-term digital infrastructure expansion beyond traditional mobile telecommunications.
Why did Telenor exit the Thailand telecom market?
Telenor sold its complete 24.95% stake in True Corporation to Arise Digital Technology as part of a planned withdrawal from Thailand. The Norwegian telecom company structured the deal in two phases, with remaining shares transferring after two years. This exit allows Telenor to reallocate capital to other markets while True gains clearer ownership alignment within the CP Group ecosystem.
What advantages does True gain from CP Group backing?
True Corporation now accesses CP Group extensive ecosystem spanning retail platforms, financial services through Ascend Money, logistics networks, healthcare systems, and smart city initiatives. This integration provides True with multiple revenue opportunities beyond mobile services. The company leverages CP retail footprint, digital content platforms, and cross-industry connections to build comprehensive digital economy services that traditional telecom operators cannot match.
