Thai Airways Unveils New Board Members and Share Par Value Cuts in Restructuring

Shareholders to Vote on New Board Featuring Finance Ministry and Excise Department Leaders, as Thai Airways Pursues Financial Restructuring.

 

Thai Airways International (THAI) has unveiled plans for a reconstituted board and a significant reduction in its share par value, as part of its ongoing rehabilitation efforts.

 

The airline, in a filing with the Stock Exchange of Thailand (SET), confirmed that its Plan Administrators’ meeting, held on 25th February 2025, had approved the scheduling of an Extraordinary General Meeting of Shareholders for 18th April 2025.

 

The meeting, to be conducted exclusively via electronic means, will see shareholders vote on the proposed appointment of 11 or 12 directors.

 

The proposed board will include the current incumbents, Piyasvasti Amranand, Chansin Treenuchagron, and Air Chief Marshal Amnat Jeeramaneemai, alongside a slate of new appointees.

Among the new directors are Lawan Saengsanit, the Permanent Secretary of the Ministry of Finance, and Dr Kulaya Tantitemit, Director-General of the Excise Department. Other nominees include Chakree Bamrungwong, Advisor on Land Transport Economics, Police General Thatchai Pitaneelaboot, Inspector-General of the Royal Thai Police, and Napakorn Thanasuwankasem, an expert in finance and banking, who will serve as an independent director.

 

Further independent directors proposed are Yanyong Dechpirattanamongkol, Special Prosecutor from the Office of the Attorney-General, and Samrit Samniang, a former executive of PTT Exploration and Production Public Company Limited. Chatchai Rojanarattanangkul, representing the Electricity Generating Authority of Thailand Savings Cooperative Limited, and Chai Eamsiri, the airline’s Chief Executive Officer, complete the list of proposed directors.


 

  

Thai Airways management believe the proposed board composition will provide the necessary expertise and efficiency for the airline’s future operations.

 

In addition to the board appointments, shareholders will also consider authorising five directors to sign on behalf of the company: Piyasvasti Amranand, Chansin Treenuchagron, Lawan Saengsanit, Dr Kulaya Tantitemit, and Chakree Bamrungwong.
  

Furthermore, the airline has announced a significant reduction in the par value of its shares, from 10.00 baht to 1.30 baht.

 

This move is designed to offset accumulated accounting losses, bringing them as close to zero as possible, and is a key component of the company’s rehabilitation plan.

 

The reduction will see the airline’s registered and paid-up capital decrease from 283,032,915,670 baht to 36,794,279,037 baht. The record date for shareholders entitled to attend and vote at the meeting is set for 14th March 2025.

(2025/02/26-00:00)