BANGKOK: Thai Airways International is planning to raise as much as 44 billion baht ($1.27 billion) by issuing 9.82 billion new shares, a top executive said Wednesday, as it nears completion of its restructuring plan.

Thailand’s national carrier went into bankruptcy-protected restructuring in 2020, reducing its workforce by half and trimming its fleet. It also shed its status as a state-owned enterprise.

“We should exit the restructuring plan by the second quarter next year and shares would resume trading,” Piyasvasti Amranand who heads the restructuring team, said at press conference on Wednesday.

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Piyasvasti was also the carrier’s chief executive from 2009 to 2012.

As travel and tourism began to recover, so did the flag-carrier as it acquired new jets, including 45 Boeing 787 Dreamliners, to be delivered in 2027.

Shareholders can subscribe new shares at 4.5 baht and new shares were being offered at 4.48 baht per share.

Subscription for new shares starts from Dec. 6 to 12, according to a corporate filing.