Thai business conglomerate Charoen Pokphand Group (CP Group) plans to sell a 10% stake in its telecommunications affiliate, True Corp., primarily to UBS Group AG. The transaction, valued at approximately $1.6 billion based on current share prices, involves CP Group selling 3.46 billion True shares in two tranches. UBS will acquire about 9.8% of True, while the remaining shares will be bought by two other companies, as confirmed in a filing to the Thai stock exchange.

The first tranche's price will be set using True's Feb. 26 closing price, with the second tranche's price determined closer to completion. True Corp.'s shares have surged 33% this year following a shift to a full-year net profit of 9.24 billion baht in 2025, reversing a prior loss.