AIS Invests 1.46 Billion Baht for 49% Stake in Laos Telecom Venture
Thailand's largest mobile operator AIS is investing 1.46 billion baht to acquire a 49% stake in Shenington Investments, which owns 49% of Laos' main telecom provider LTC. The deal gives AIS a foothold in the Lao market through an established operator with 3G-to-5G services, broadband, and digital payments. Analysts view the transaction as slightly positive for AIS, noting limited downside and potential long-term growth opportunities in Laos.
Advanced Info Service (ADVANC), or AIS, informed the Stock Exchange of Thailand that its board meeting on October 20, 2026 approved its subsidiary AIS International Venture (AIV) to invest in Shenington Investments Pte. Ltd. (SHEN) by purchasing 7,182,420 shares, representing 49% of total shares, from Asia Mobile Holdings Pte. Ltd. (AMH), along with the transfer of loan claim rights between AMH and SHEN.
The transaction is valued at US$43.35 million, or approximately 1.463 billion baht. The company expects parties to sign relevant agreements and complete the transaction by December 31, 2026, subject to obtaining consent from relevant parties.
SHEN is a Singapore-registered holding company owning 49% of Lao Telecommunication Public Company (LTC), the Lao telecommunications and internet provider, while Gulf Space Technology (GST) holds the remaining 51%. Upon completion, AIV will hold 49% of SHEN, making SHEN a joint venture of AIS.
LTC provides mobile services from 3G to 5G, fixed-line, broadband and fiber internet, international data connectivity, enterprise telecom solutions, and e-wallet and digital payment services. It operates under a 25-year build-transfer-operate concession with the Lao government ending in 2046.
AIS stated this investment expands its business into the Lao telecom market through an established operation with existing customers, bringing telecom expertise to support operations and create business synergies for long-term growth. AIS will use internal cash flow for the transaction, which represents 2.80% of the company's net assets and qualifies as a connected transaction due to shared major shareholder Temasek Holdings. However, it does not meet the threshold requiring shareholder approval, only board approval and disclosure.
Bualuang TMB Securities views the deal as slightly positive, projecting ADVANC's share of Shenington's operating losses at no more than 100 million baht annually, while refinancing Shenington's debt at lower interest rates should generate interest income exceeding the recognized loss share. The broker maintains a Buy rating on ADVANC with a 420 baht target price.