Nok Air share price skyrockets

[rooster59]

Nok Air share price skyrockets

By The Nation

 

 

Nok Air share price on Friday rose 8.79 per cent, closing at Bt5.20 per share following the resignation on Thursday of Nok Air’s chief executive officer Patee Sarasin.

 

The share peaked at Bt6.05 during day trade, rising 26 per cent from the day’s opening. The volume of trade was 955.1 million shares. 

 

An analyst at Asia Plus Securities said that investors felt confident about the attempt to revitalise the airline and they also believed that the second round of fund-raising would be successful. 

 

Nok Air told the Stock Exchange of Thailand in a statement that Patee would remain a director and vice chairman of the beleaguered budget airline, while Piya Yodmanee has been named Nok Air’s new CEO effective from Thursday.

 

Source: http://www.nationmultimedia.com/detail/business/30326789

 

 

 

-- © Copyright The Nation 2017-09-16

 

[klauskunkel]

would be interesting to see if any board members purchased shares before the CEO's resignation 

[Sydebolle]

1 hour ago, klauskunkel said:

would be interesting to see if any board members purchased shares before the CEO's resignation 

Naahhh, how can you think such a thing - this is Thailääääännnn ! 

[Ossy]

5 hours ago, rooster59 said:

Nok Air told the Stock Exchange of Thailand in a statement that Patee would remain a director and vice chairman of the beleaguered budget airline, while Piya Yodmanee has been named Nok Air’s new CEO effective from Thursday.

 

[Bloomberg.com] He (Mr Yodmanee) served as Deputy Chief Executive Officer at Nok Airlines Public Company Limited since February 3, 2017 until September 14, 2017 and served as its Chief Operating Officer since 2004 until February 3, 2017 and also served as its Deputy Chief Executive Officer ...

 

Talk about not being able to see the wood for the trees. Piya and Patee, between them, have proved, over the past 13yrs, that they couldn't run a piss-up in a brewery. 'Little boys', promoted from within the ranks, on the absurd assumption that they have what it takes to perform one of the most demanding roles on the planet, that of CEO of a SUCCESSFUL airline. What can a failed COO possibly bring to the table that might turn NOK's fortunes around? Nothing and I'll warrant that continued poor performance soon brings those share prices plummeting . . . I'll give it a year.

 

I'm passionate about management and the difference that 'proper' and appropriately qualified management can make to any enterprise. And I'm also passionate about flying and enjoying all aspects of quality air travel, from punctuality to presentation and aircraft maintenance to luggage handling. To get everything right is a massive job for any time-served top-end manager.

 

Complicating the issue and maybe for the worse, NOK has, as one of its major shareholders, state controlled Thai Airways, an airline which itself has recently been struggling to appoint an effective CEO. As a stop-gap measure, the Min of Fin has appointed Ms Usanee Sangsingkeo to the post of Acting President, until a permanent CEO appointment can be made. Not a strong position to be in, with Thailand's major airline's recent poor performance. As Livetradingnews.com points out in a headline feature: Usanee Sangsingkeo has her hands full at Thai Airways to try to resurrect the company to it’s former glory.

 

What I'm taking a long time to say, with the rising share prices evidently celebrating Patee's leaving, is be careful what you wish for, with such an unknown quantity having been put in the big seat.

 

[PETERTHEEATER]

QUANTAS springs to mind. With the right CEO........