AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 127.04 No Change ▼ 0.00 (0%)
BOP 6.67 No Change ▼ 0.00 (0%)
CNERGY 4.51 No Change ▼ 0.00 (0%)
DCL 8.55 No Change ▼ 0.00 (0%)
DFML 41.44 No Change ▼ 0.00 (0%)
DGKC 86.85 No Change ▼ 0.00 (0%)
FCCL 32.28 No Change ▼ 0.00 (0%)
FFBL 64.80 No Change ▼ 0.00 (0%)
FFL 10.25 No Change ▼ 0.00 (0%)
HUBC 109.57 No Change ▼ 0.00 (0%)
HUMNL 14.68 No Change ▼ 0.00 (0%)
KEL 5.05 No Change ▼ 0.00 (0%)
KOSM 7.46 No Change ▼ 0.00 (0%)
MLCF 41.38 No Change ▼ 0.00 (0%)
NBP 60.41 No Change ▼ 0.00 (0%)
OGDC 190.10 No Change ▼ 0.00 (0%)
PAEL 27.83 No Change ▼ 0.00 (0%)
PIBTL 7.83 No Change ▼ 0.00 (0%)
PPL 150.06 No Change ▼ 0.00 (0%)
PRL 26.88 No Change ▼ 0.00 (0%)
PTC 16.07 No Change ▼ 0.00 (0%)
SEARL 86.00 No Change ▼ 0.00 (0%)
TELE 7.71 No Change ▼ 0.00 (0%)
TOMCL 35.41 No Change ▼ 0.00 (0%)
TPLP 8.12 No Change ▼ 0.00 (0%)
TREET 16.41 No Change ▼ 0.00 (0%)
TRG 53.29 No Change ▼ 0.00 (0%)
UNITY 26.16 No Change ▼ 0.00 (0%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 10,010 Increased By 126.5 (1.28%)
BR30 31,023 Increased By 422.5 (1.38%)
KSE100 94,192 Increased By 836.5 (0.9%)
KSE30 29,201 Increased By 270.2 (0.93%)
World Print 2020-05-24

Govt cuts Thai Airways stake to below 51pc as part of restructuring plan

The Thai government lowered its equity ownership in Thai Airways International PcL to below 51% by selling a 3.2% stake, a regulatory filing showed, as part of the rehabilitation process for the troubled national carrier.
Published 24 May, 2020 12:01am

The Thai government lowered its equity ownership in Thai Airways International PcL to below 51% by selling a 3.2% stake, a regulatory filing showed, as part of the rehabilitation process for the troubled national carrier.
The Thai Finance Ministry offloaded 69.2 million shares to a mutual fund run by state-owned Krung Thai Bank PcL, a Finance Ministry filing to the Securities and Exchange Commission (SEC) on Friday showed. The filing did not disclose the sale price.
The sale reduced the Thai government stake in Thai Airways to 47.86% from 51.03%, ending the airline's status as a state-owned enterprise, one of the steps included in the restructuring plan of the national carrier.
Under Thai law, state-owned companies are governed by a set of management and labour regulations more rigid and restrictive than private companies.
Thailand's cabinet earlier this week approved a plan to restructure the airline's finances through a bankruptcy court after rejecting an initial plan to bail out the company through emergency loans.
The airline would continue to operate as usual while the restructuring takes place, the company said.
Thai Airways has been in financial trouble even before the outbreak of the coronavirus as it posted losses every year after 2012, except in 2016.

Copyright Reuters, 2020

Comments

Comments are closed.