Bangkok--15 Mar--Thai Airways International
The Board of Directors of Thai Airways International Public Company Limited (THAI) approved the raising of equity for the national airline in a public offering. The Board of Directors has given THAI the flexibility to increase its common shares of up to 1,000,000,000 new shares. The precise amount, pricing and terms of the offer will be determined at a later date before the commencement of share subscription.
The Board of Directors also approve that the Ministry of Finance, currently a major shareholder in THAI with approximately 51.03% shareholding, be allowed to subscribe new shares to maintain its shareholding level. Shareholders will vote on the capital raising agenda in the Annual General Meeting to be held on April 28, 2010.
Mr. Piyasvasti Amranand, THAI’s President, said that proceeds from the share offering will be used for general corporate purposes, including to manage its liquidity, finance future aircraft investments, strengthen THAI's capital base, and repay its debts. The Offering is an integral part of THAI’s commitment to pursue its long-term growth strategy and to maximize shareholder value.
THAI reported a net profit of Baht 7,344 million in 2009, a turnaround from the loss of Baht 21,379 million it experienced in 2008. The turnaround was attributed to the Business Turnaround Plan in 2009 which focused on revenue enhancement and cost optimization. In January of this year, THAI registered a record passenger cabin factor of 82%.
Mr. Piyasvasti added that even with remarkably improved performance, THAI remains vigilant and continues to monitor its operations closely. The Company is striving to further improve its efficiency and profitability
THAI is Thailand’s premier national airline with a 50-year history and is listed on the Thai bourse. It operates both domestic and international flights out of Suvarnabhumi Airport. Currently the airline operates a fleet of 88 aircrafts and serves 70 destinations in 34 countries. It is also a founding member of the Star Alliance.
International Public Relations Department
Thai Airways International Public Company Limited
Tel : (662) 545-2662 / 2663 / 1711 / 4686 / 1705 / 2720
Fax : (662) 545-3891