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The telecom operator will pursue the recapitalisation through the right offering up to 10 billion shares priced at Bt1.95 per share.

 In the statement to the Stock Exchange of Thailand, the mobile phone company said 10 billion shares. Some shares would be sold to the International Finance Corp under the debt guarantee agreement.

 The rights offering price is above the book value of Bt1.77 per share. The company's board approved the plan on Wednesday. Of total proceeds, it would use some to retire some debts, to lower the debt-to-equity ratio. As of June, its liabilities totalled Bt109.7 billion, including the shareholders' equity of Bt8 billion.

 Parts of the proceeds will be used to buy 6 billion shares of Bangkok Inter Teletech Co Ltd from Charoen Pokphand Holding Co Ltd.

 The rest will boost the working capital.

 To expedite the capital increase, it would need to reduce the registered capital from Bt60.4 billion to Bt53 billion, through the cancellation of 741 million unallocated shares. On December 19, shareholders will convene to approve all the plans.