THAI eyes move for private investment
BANGKOK – Thailand’s Finance Ministry is considering allowing its majority shareholding in Thai Airways International to fall in order to change its current status as a state enterprise.
The listed national carrier is currently 50.1 percent held by the ministry, and as such must comply with state enterprise regulations.
The carrier also has the right to ask the ministry to guarantee its loans, helping THAI reduce its funding costs by leveraging the credit of the government.
Finance Minister Korn Chatikavanij said the ministry was considering allowing private investors to hold a greater stake in THAI to help transform its status as a state enterprise, as well as reduce the government’s financial obligations.
Like many airlines, THAI incurred significant losses in 2009. Its performance has been held back by foreign exchange losses, and high labour costs.
THAI average salaries are currently four times higher than Thai low-cost carrier Nok Air.
THAI this week unwrapped its summer schedule. It will resume flights on the route Bangkok-Johannesburg at four flights per week as of May 16, while daily service between Bangkok-Los Angeles will be maintained.
Flights routed Bangkok-Oslo will be reduced from daily service to five flights per week, while service between Bangkok-Moscow will be reduced from four to three flights per week.
On regional routes, flights between Bangkok-Penang will increase from five flights per week to daily flights.
THAI will reroute flights to operate between Hong Kong-Phuket instead of Hong Kong-Phuket-Bangkok.
The carrier will suspend flights Bangkok-Hong Kong-Taipei in order to resume daily operations between Bangkok-Hong Kong.
In addition, flights routed Bangkok-Manila-Osaka will be suspended and rerouted to operate Bangkok-Manila.
Frequencies on the route Bangkok-Busan will be reduced from four to three flights per week.
Services between Bangkok-Kathmandu, Bangkok-Gaya-Varanasi-Bangkok, and Bangkok-Kuwait will be temporarily suspended.
Ian Jarrett
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