Thai Airways International is set to raise as much as 44 million baht ($1.27bn). The company will issue around 9.8 million new shares to existing shareholders for an offering price of 4.48 baht per share, according to a stock filing.
The move marks the airline's final significant step towards exiting its court-supervised debt restructuring – allowing the resumption of the trading of its stock.
The airline had completed its debt-to-equity conversion process with creditors, which converted 53bn baht ($1.5bn) of debt into shares.
In a subsequent presentation, Thai Airways said it is simplifying its fleet. The carrier will operate three widebody types and one narrowbody family fleet. The company’s 777-200ERs are to be phased out by the end of 2026. In addition, the airline ordered 45 787 Dreamliner aircraft, with deliveries beginning from 2027. As a result, it aims to lease more aircraft. The company has negotiated and entered into an agreement with a lessor to supply 32 new A321 aircraft.
The Thai flag carrier is seeking to reduce its staff numbers, while also upskilling retained employees. Staff benefits and compensation will be adjusted.
Thai Airway's total income for the first nine months of 2024 totalled 135.8bn baht ($3.9bn), which was only around three-quarters of 2019’s total income for the same period.
The Thai flag carrier went into bankruptcy-protected restructuring in 2020. The company said it expects that by the second quarter of next year, it will emerge from the restructuring process and return on the Stock Exchange of Thailand.