THAI furthers business rehabilitation plan

TUESDAY, DECEMBER 17, 2024

Thai Airways International (THAI) on Monday resolved to allocate newly issued shares to Saha Pathana Inter-Holding (SPI) under a business rehabilitation plan.

THAI told the Stock Exchange of Thailand this came after a debt-to-equity conversion and registration of the change of paid-up capital from a debt-to-equity conversion on November 29.

Of 9.82 billion newly issued shares, 5.04 billion had been allocated to existing shareholders prior to capital structuring and 59.51 million shares to company employees.

For the remaining 4.71 billion shares, THAI said rehabilitation-plan administrators resolved to allocate shares to investors in private placement at a price similar to those allocated to existing shareholders and company employees, 4.48 baht per share.

Of them, 22.32 million shares have been allocated to SPI and 250,000 shares to its chief executive officer Vichai Kulsomphob, the company said.

However, the company said it has retained 5.37 billion unallocated shares for carrying out the debt-to-equity conversion and the offering for sale of the newly issued ordinary shares under the business rehabilitation plan. 

In this regard, plan administrators resolved to decrease the company’s registered capital by eliminating the remaining unissued shares, the company said.

It added that this aligned with Clause 5.6.7 of the business rehabilitation plan, which empowers the plan administrators to proceed with a decrease of registered capital as they deem appropriate.