Thursday, June 1, 2017

Thai Summit Brothers Now in Nok Pilot Seat
May 30--Two Thai brothers have taken control of Nok Airline Plc after Thai Airways International (THAI), its former largest shareholder, did not buy new shares and warrants offered in a capital increase.
Thaveechat and Nuttapol Chulangkul, heirs to Thai Summit Group, an automotive parts manufacturer, became the largest shareholder group in the budget carrier with a combined 28.9%. THAI, however, remains its largest single shareholder.
Under the new shareholding structure, THAI holds 21.6% in Nok Air, followed by Mr Thaveechat (15.6%) and Mr Nuttapol (13.3%). Before the rights offering, THAI had 39.2% while Mr Thaveechat owned 10.2% and Mr Nuttapol (12.1%), according to Stock Exchange of Thailand data.
Chai Srivikorn now has 2.8% in Nok while Siam Commercial Bank has 1.9%. Nok Air CEO Patee Sarasin owns 1.3% of the shares, followed by Suwit Sampattanavorachai (1.3%), Barclays Capital Securities Ltd (1%), Tassana Vichachareon (0.74%) and Boonsong Semsrisiwan (0.6%).
Nok Air launched a rights offering in mid-May to existing shareholders to raise 1.5 billion baht from selling 625 million shares.
According to the SET, Nok Air posted net losses from 2014-16, at 471 million baht, 726 million and 2.76 billion baht, respectively.
In the first quarter 2017, the net loss was 296 million baht, bringing accumulated net losses to 3.72 billion baht.

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