Thai telecom True Corp. sells 398 million shares overnight in global tender.

Dec. 3--True Corporation said yesterday that it had successfully restructured its debt through a private placement of 398 million ordinary shares at 6.80 baht each.

Of the total shares sold to institutional investors, True said it offered 173.9 million to the Charoen Pokphand Group (CP Group), one of its major shareholders, representing 43.69 percent of total shares sold.

The purchase by the CP Group will maintain its shareholding in the fixed-line telephone, cellular and broadband company at 43.69 percent. The German development bank KfW, another major True shareholder, did not purchase additional shares.

True said the transaction was executed as an …