THAI hopes to come back to beat on SET trading in late 2014 or late 2015 after adding new capital 8

Mr. Chansin Treenuchagron, Rehabilitation Scheme Administrator. Mr. Thai Airways International Public Company Limited (THAI) revealed that after the bankruptcy court approved THAI to amend the business rehabilitation plan on October 20, 2022, the company has prepared a capital restructuring plan according to the rehabilitation plan to a new capital of 80,172 million baht or the amount of registered capital of 31,500 million shares Increased from the current capital of 2,183 million shares that comes from debt-to-equity conversion. sale of capital increase shares makes the shareholder’s equity return positive And it is expected that THAI shares will be traded back on the stock market by the end of 2024 or the beginning of 2025.

The company expects that the new rehabilitation plan will be implemented in the second half of the year 2023 or at least the first half of the year 2024. In the meantime, the financial advisor is in the process of planning and deciding the period of operation.

The essence of the rehabilitation plan

  • Ministry of Finance Which is a major shareholder 44 .693% (as of September 30, 2022) debt-to-equity conversion of 5,040 million shares at a price of 2.5452 baht, a total of 12,827 million baht
  • creditors and creditors to bondholders Conversion of debt into equity in the amount of 9,822 million shares at a price of 2.5452 baht, a total of 25,000 million baht.
  • Allocation of 4,911 million shares at a price of 2.5452 baht or a credit limit of 12,500 million baht to support the exercise of the rights to purchase new borrowers’ capital increase shares.
  • Sale of capital increase shares to existing shareholders (PO) in the amount of 9,822 million shares at a price of not less than 2.5452 baht, a total of 25,000 million baht, if there is any remaining, it will be offered to directors. company employees (ESOP) at a price of not less than 2.5452 baht, and if there is any remaining, it will be allocated to private placement (PP) according to the price of PO and not less than 2.5452 baht.
  • Another 1,904 million shares, with a price of no less than 2.5452 baht, totaling 4,845 million baht, will support the exercise of the right to re-suspend interest conversion. Being ordinary shares of newly issued creditors.
  • Reduce the amount of the new loan to 2.5 billion baht from the original plan of 50 billion baht to be used as working capital.

“When the capital can be mobilized according to the rehabilitation plan together with the company’s improved performance in order to have profits coming in causing shareholders’ equity to return to positive by the end of 2024 from the current negative shareholders’ equity of 6-7 billion baht ,” said Chansin.

For the sale of capital increase shares to existing shareholders Ministry of Finance, government agencies, Government Savings Bank and Vayupak Fund can still be implemented But in general, the government sector cannot hold more than 51% of THAI shares because it is not the company now wants to be a state-owned enterprise.

Mr Chansin said that in 2023 it is expected that there will be 3-3.5 thousand passengers / day and a cabin factor of 75-80% from December 2022 with 13 thousand passengers / day because this year requires more travel. after China opened the country faster than expected it should be seen more in the second half of 2023

Thai Airways has prepared to add 4 more aircraft coming from old aircraft that are waiting to be sold again in the first half of 2023 and they are preparing to lease more aircraft. In total, another 10-15 aircraft will be added to the existing fleet of 64 aircraft. According to the rehabilitation plan, there will be a fleet of 80-90 aircraft, which will be leased and close to the original aircraft to reduce costs ■ Care and maintenance

Mr Chansin was of the opinion that the company’s flight status this year could return to 60-70% of the period before the outbreak of COVID-19 with 12 million passengers / year or expected to have about 4-5 thousand passengers / day and will return to a level close to it before the outbreak of COVID in late ’67

“In the direction of the year ’66, the demand for travel is much greater. Especially traveling, visiting relatives, going to study, watching sports, we have higher opportunities. Thailand is a country recognized worldwide as the Center of Indochina, a variety of religions, nationalities and beautiful nature. Other countries would like to come. There must be no violent incidents in the country.”

However, Thai Airways will gradually increase flight frequency. which currently operates more than 700 flights per week And considering adding a flight point on a route with a market share of 1 in 3 such as Australia, Europe, however, the number of aircraft must also be considered.

But what is still worrying is the high level of oil prices. Currently at $ 80-90 / barrel. causing the cost of oil to increase by 40% from the previous share of more than 30%, with the oil price of $ 60-70 / barrel, however, from higher demand And the airline still cannot return the same flight . shortage of aircraft Makes ticket prices at a good level. able to pay costs

Thai Airways started operating profit in the third quarter of 22 at 3,920 million baht from the second quarter of 1,299 million baht in the second quarter, while the operating income in the third quarter of 22 was 32,880 million baht, up 52.7% from the 2nd quarter 21,526 million baht, however, the performance of the year 2022 may not be good. Because the country has just opened up And also the exchange rate factor comes in as well.


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