Cash-strapped Nok Air's latest bid to get shareholders to inject 1.7 billion baht in fresh funds and advance a turnaround plan has been declared a success. All shareholders -- even Thai Airways International (THAI), previously a wild card -- have fully subscribed to the 1.135 billion new shares offered at 1.50 baht each. THAI was among Nok Air shareholders who almost unanimously endorsed a new round of capital injection needed for business rehabilitation at a Sept 20 meeting. Mr Piya previously served as deputy chief executive of Nok Air and chief executive of NokScoot, the medium- to long-haul budget airline owned by Nok Air and Singapore's Scoot. The fresh capital will augment the 1.22 billion baht that Nok Air amassed in the previous round of share subscriptions in May.

Source: Bangkok Post November 01, 2017 00:11 UTC