CP Group to Sell 10% Stake in True Corp. With UBS as Main Buyer

Thai business conglomerate Charoen Pokphand Group plans to sell a 10% stake in its telecommunications affiliate True Corp., with most of the shares going to UBS Group AG.

CP Group will sell 3.46 billion True shares in two tranches, True Corp. said in a filing to the Thai stock exchange. UBS will purchase about 9.8% of True, while the remainder will be acquired by two other companies, it added.