DTAC takeover 'fully legal', Telenor says

Telenor of Norway remained confident that its takeover last year of United Communication Industry (Ucom) and mobile-phone affiliate DTAC would be found to be fully in line with local laws, a Bangkok Post report said

"We are confident that the company's shareholding structure will be found in compliance with Thai law," Arve Johansen, head of Telenor's Asia operations, told the Bangkok Post.

Thailand's Commerce Ministry last week announced it was widening a probe into nominee shareholding structures used by a number of companies, including firms related to Ucom and DTAC, the report said.

The inquiry followed an ongoing investigation on Kularb Kaew and other companies set up by Singapore's Temasek Holdings after its acquisition of telecom giant Shin earlier this year, the report added.

The Business Development Department reportedly concluded earlier that Kularb Kaew was acting as a nominee for Temasek to bypass the 49% foreign shareholding limit, according to the newspaper.

Johansen said Telenor was closely monitoring the situation in terms of possible regulation changes, the Bangkok Post further reported.

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