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Thailand to pump 260 million USD into Thai Airways

The Finance Ministry of Thailand plans to pump 10 billion baht (260 million USD) into Thai Airways International (THAI) to keep its shareholding in the company from dipping below 40%, according to the State Enterprise Policy Office (Sepo).
Thailand to pump 260 million USD into Thai Airways ảnh 1Illustrative image (Photo: Internet)

Bangkok (VNA) - TheFinance Ministry of Thailand plans to pump 10 billion baht (260 million USD) into ThaiAirways International (THAI) to keep its shareholding in the company fromdipping below 40%, according to the State Enterprise Policy Office (Sepo).

Sepo Director General Pantip Sripimol said the ministry has decided to sell some of the shares inother state enterprises to raise the necessary funds. However, no decision hasbeen made as to what shares in which state enterprises the ministry willoffload. The final say will be made by policymakers.

As a matter of principle, the fund earmarked forrecapitalisation will not come from the central budget which the governmentallocates to the ministry.

The move comes after the Central Bankruptcy Court approvedTHAI's revised business reorganisation plan, setting in motion its fullfinancial restructuring process. The debt-ridden flag carrier submitted therevised plan following a better-than-expected recovery from the mostfinancially trying period in its history.

The company has also undertaken drasticcost-cutting measures, including retrenchment of its workforce, which hasresulted in cost savings./.

VNA
#Finance Ministry of Thailand#Vietnamplus#State Enterprise Policy Office#Sepo#Sepo Director General Pantip Sripimol
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