Friday, June 05, 2020

Finance Ministry 'sold 3 per cent of THAI stake to Vayupak Fund 1'

May 23. 2020
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By THE NATION

The Ministry of Finance sold a part of its stake in Thai Airways International Plc (THAI) following the Cabinet’s resolution to reduce its shareholding to less than 50 per cent and end THAI's status as a state emterprise, the State Enterprise Policy Committee (SEPC) said.

“The Ministry of Finance notified the Securities and Exchange Commission [SEC], the Ministry of Transport and THAI on Friday [May 22],” SEPC director Prapas Kong-led said on Friday. “THAI will later have to notify the Stock Exchange of Thailand of its share status and that it is no longer a state enterprise, although the SEC may not officially declare this immediately.”

Informed source revealed that Finance Ministry sold 3 per cent shares to Vayupak Fund 1, which is jointly managed by Krungthai Asset Management Plc and MFC Asset Management Plc at sharp discount price, totaling about Bt300 million. The transactions were done outside market trading. This will lower the ministry’s shareholding in THAI from 51.03 per cent to 48 per cent and free THAI of state enterprise regulations which should facilitate the rehabilitation plan.

According to SET data as of April 1, the five major shareholders of THAI are:

▪︎ Ministry of Finance, holding 1,113,931,061 shares or 51.03 per cent

▪︎ Vayupak Fund 1 under MFC Asset Management Plc, holding 165,037,582 shares or 7.56 per cent.

▪︎ Vayupak Fund 1 under Krungthai Asset Management Plc, holding 165,037,582 shares or 7.56 per cent

▪︎ Thai NVDR Co Ltd, holding 71,645,528 shares or 3.28 per cent

▪︎ Government Savings Bank, holding 46,409,885 shares or 2.13 per cent

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