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MarketScreener Homepage  >  Equities  >  Stock Exchange of Thailand  >  Krung Thai Bank    KTB   TH0150010Z03

KRUNG THAI BANK

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Krung Thai Bank : Thai govt. cuts Thai Airways stake to below 51% as part of restructuring plan

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05/23/2020 | 06:09am EDT
FILE PHOTO: Thai Airways airplanes are parked at the tarmac of Suvarnabhumi Airport in Bangkok

The Thai government lowered its equity ownership in Thai Airways International 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, 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.

(Reporting by Panu Wongcha-um and Chayut Setboonsarng; Editing by Muralikumar Anantharaman)

Stocks mentioned in the article
ChangeLast1st jan.
KRUNG THAI BANK -0.95% 10.4 End-of-day quote.-36.59%
THAI AIRWAYS INTERNATIONAL -6.39% 4.1 End-of-day quote.-40.15%
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Financials
Sales 2020 118 B 3 706 M 3 706 M
Net income 2020 22 194 M 700 M 700 M
Net Debt 2020 - - -
P/E ratio 2020 6,60x
Yield 2020 5,74%
Capitalization 145 B 4 568 M 4 583 M
EV / Sales 2019
Capi. / Sales 2020 1,24x
Nbr of Employees 21 606
Free-Float 93,2%
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Number of Analysts 19
Average target price 12,49 THB
Last Close Price 10,40 THB
Spread / Highest target 112%
Spread / Average Target 20,1%
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Krairit Euchukanonchai Executive Vice Chairman
Payong Srivanich President & Executive Director
Prasong Poontaneat Chairman
Amporn Chotruchsakul Senior Executive VP & Head-Operations Group
Boonlerd Sinsombat Senior EVP & Head-Technology Group
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