17-Oct-2011 10:52 AM

Thai Airways increases stake in Nok Air to 49%

Nok Air CEO Patee Sarasin stated Thai Airways earlier this month increased its stake in Nok from 39% to 49%, acquiring the 10% stake previously held by Krung Thai Bank. Thai Airways disclosed it paid THB165 million (USD5 million) for the stake. As a result, Nok is currently valued at THB1.65 billion (USD 53 million). Mr Sarasin stated Nok’s management team at the same time increased its stake from about 5% to 30%. Siam Commercial Bank Group still owns 11% while the remaining 10% is spread across several small shareholders. Mr Sarasin stated the restructuring of the ownership group will allow Nok to pursue faster growth as it will have fewer owners and one owner with a near majority stake. “It brings us closer to Thai Airways in many ways,” Mr Sarasin tells CAPA. “We are trying to complement Thai Airways. Holding 49% gives them a little more mandate.” [more – CAPA Analysis]

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