PUBLISHED: 10 Aug 2024 at 04: 00
Thai Airways International Public Company Limited ( THAI ) intends to complete its capital restructuring plan by the end of the year and will request that business rehabilitation be discontinued before stock exchange trading resumes in the second quarter of 2025.
The reform focuses on debt-to-equity change and right and consecutive offering of newly issued stocks to owners, employees, and investors.
Full profits for THAI and its subsidiaries was 43.9 billion baht in the second quarter of 2024, an increase of 17.7 % over the same period last year.
314 million baht, less than the 2 billion rmb profit in the second quarter of last year, was reported as gross profit.
Due to changing costs, the 38 billion baht’s full profit decreased by 32.1 % from the previous year, accounting for the higher total expenses.
Next month, the company plans to submit the SEC and the Stock Exchange of Thailand ( SET ) with the registration statement for the sale of securities and the draft prospectus for a capital restructuring.
The company rehabilitation will also be prompted by a petition to the Central Bankruptcy Court to end its operations and continue SET share trading in 2025.
The company’s trials and the SEC, SET, the Central Bankruptcy Court, and other important authorities are the bank’s certain deadlines.
The government mandated that the Ministry of Finance reduce its ownership in the symbol provider by at least 50 % before THAI submitted a petition to the Bankruptcy Court in May 2020 to start rehabilitation proceedings. Thus, THAI was no more considered a state sector.
This has enabled the business to have freedom in its control, raise its profitability, essentially alter its business, and conduct actions under the business rehabilitation plan, a source said. The bank’s measures include operational reduction, ships and engine similarity, cost reduction, and system growth, according to the source.