THAI was flagged for potential delisting after its 2020 financial statements showed negative shareholders’ equity. Since then, the national carrier has completed a bankruptcy court-approved debt restructuring process to rectify its financial position and meet all criteria required to resume trading, reports the Bangkok Post.
As part of the reinstatement process, the airline has submitted a formal request to the SET for the removal of the delisting alert and to resume trading. It has agreed to comply with the Silent Period regulation, which restricts strategic shareholders from selling 55% of paid-up capital for a period of one year.
The SET has consequently removed the “SP” (suspension) and “NC” (non-compliance) signs on THAI securities and will allow trading to resume under the Services Industry Group, Transportation and Logistics Sector, starting on Aug 4.
Investors and shareholders were advised to review THAI’s latest disclosure and financial summary via the SET information system.
On the first day of trading, THAI shares will not be subject to the usual ceiling and floor price limits, dynamic price bands or auto-pause mechanisms. These measures will be reintroduced on the following trading day, once the shares are actively traded.
In addition, THAI shares will be included in the SET Index calculation starting the next business day after trading resumes.
In 2020, the national carrier went into bankruptcy-protected restructuring, and drew up plans to restructure debts worth B400 billion (US$11.17bn). As part of those plans, it reduced its workforce by half and trimmed its fleet.
It also appointed Piyasvasti Amranand, the airline’s president from 2009 to 2012 to its restructuring committee, along with a number of veteran bankers.
THAI had already been making losses since 2012 as a result of growing competition from budget carriers.
As part of the restructuring programme, the government reduced its stake, meaning that the carrier lost its state-owned enterprise status.
“The SET approves the removal of THAI securities from the possible delisting list, the lifting of its suspension and non-compliance designations,” the Thai bourse said in a statement. The airline has been making operational profits since 2023 and in June it exited the court-guided restructuring programme.
Last year, the carrier ordered 45 Boeing 787-9 wide-body jets with an option for 35 more.
This month, it also said it could exercise the option as part of Thailand’s tariff negotiations with the United States.