Thai Billionaire’s CP Group Weighs $200 Million Data Center Sale

Thai conglomerate Charoen Pokphand Group is exploring the sale of its data centers unit that could fetch around $200 million, according to people with knowledge of the matter.

The group, owned by billionaire Dhanin Chearavanont, is interviewing advisers to help with the potential disposal of True Internet Data Center Co., said the people, who asked not to be named as the process is private. 

Deliberations are still ongoing and the company may decide not to sell the business, they said. A representative for CP Group couldn’t immediately respond to requests for comment.

True IDC is a carrier-neutral data center and cloud service provider, and is part of CP Group’s digital unit Ascend Corp., according to its website. The unit operates four data centers in Thailand and one in Myanmar, True IDC’s site shows.

A surge in online activity amid the coronavirus pandemic has made digital infrastructure such as towers and data centers more attractive to potential investors. CP Group would join regional peers considering selling data centers including the Philippines’ PLDT Inc. and Globe Telecom Inc. as well as PT Indosat, the Indonesian wireless carrier unit of Qatar’s Ooredoo QPSC, Bloomberg News has reported.

Dhanin has a net worth of $4.8 billion, according to the Bloomberg Billionaires Index. He is the senior chairman of CP Group, Thailand’s largest closely held company with interests in agriculture, food, retail and telecommunications.

©2021 Bloomberg L.P.

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