Economy Thai Airways Soars Back to SET Trading After Restructuring

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After successfully navigating a challenging financial overhaul, Thai Airways International Plc (THAI) has been given the green light to rejoin the Stock Exchange of Thailand (SET) main trading board on August 4. This marks a significant milestone for the national carrier, which faced potential delisting following financial setbacks revealed in its 2020 account reports.

 

In the wake of those challenges, THAI embarked on a rigorous debt restructuring process approved by the bankruptcy court, aiming to recover from negative shareholders' equity. This strategic manoeuvre has now positioned the airline to meet the SET's stringent criteria for resuming trade.

 

As part of the reinstatement, THAI officially requested the removal of delisting alerts from the SET. The airline agreed to comply with the Silent Period regulation, restricting strategic shareholders from selling 55% of paid-up capital for one year.

 

With this approval, SET has lifted the suspension (SP) and non-compliance (NC) signs on THAI securities, allowing the airline's shares to trade once more under the Services Industry Group, specifically within the Transportation and Logistics Sector. This marks the commencement of an active trading era for the embattled airline starting August 4.

 

Investors have been urged to examine THAI’s latest disclosures and financial summaries via the SET information system to stay abreast of recent developments. Notably, trading will begin without the usual ceiling and floor price limits on the first day, although these regulations will resume promptly thereafter.

 

Additionally, THAI's shares will be reinstated into the SET Index calculation, reflecting its renewed stability.

 

Back in 2020, amidst the weight of debts amounting to 400 billion baht (approximately 11.17 billion USD), THAI had to shield itself under a court-supervised restructuring. This significant overhaul led to workforce cuts by half and fleet reduction. A strategic restructuring committee was also formed, bringing in expertise from Piyasvasti Amranand, THAI's former president, alongside seasoned bankers.

 

Challenged by escalating competition from budget airlines, THAI had been incurring losses since 2012. During the restructuring, the government reduced its shareholding, relinquishing its status as a state-owned enterprise.

 

The reinstatement highlights a successful exit from bankruptcy protection with the airline achieving operational profits early in 2023. This resurgent trajectory is further complemented by a substantial order of 45 Boeing 787-9 jets, plus an option for 35 more, aimed at bolstering its fleet in alignment with the tariff negotiations with the United States.

 

The SET’s announcement of lifting THAI's suspension and non-compliance designations underscores this positive turnaround. As the airline re-enters the trading arena, hopes are high for a sustained recovery and robust future, securing its place within Thailand’s evolving aviation landscape.

 

  Adapted by ASEAN Now from Bangkok Post 2025-07-23