News
THAI’s stake in Nok Air diluted to 21.6%
June 2nd 2017
Thai Airways International’s (THAI’s) stake in low-cost carrier Nok Air has been diluted from 39.2% to 21.6% after THAI decided not to invest in new Nok shares. Read More »
Nok Air is desperate for hard cash following several less-making quarters. The airline said that of the 625 million new shares offered to existing shareholders only 511 million were taken up. The carrier was hoping to shore up 1.5 billion baht (US$44 million), but in the end it collected 1.2 billion baht only.
THAI, itself still reeling from years of unprofitability, last week deemed that in its current cash-starved situation “it was not the right time” to increase its investment in Nok Air.
Nevertheless, THAI remains Nok Air’s largest shareholder at 21.6%. This is followed by private investors Thaveechat Chulangkul and Nuttapol Chulangkul with stakes of 15.6% and 13.3%, respectively. Nok Air CEO, Patee Sarasin, retains 1.9% of the airline following the issuing of new shares.
