Newly released figures confirm that Thai Airways International (THAI) has lost its grip as major shareholder in Nok Air.
Businessmen Nuttapol and Thaweechat Jurangkool together toppled the flag carrier's position in the shareholding structure, triggered by THAI's refusal to subscribe to new Nok Air shares. The two men now own a combined 28.9% in Nok, while THAI owns a 21.6% stake.
On Monday evening Nok Air detailed the number of shares and percentage of the 10 major shareholders to the Stock Exchange of Thailand after the rights offering for new share subscription closed on May 22.
THAI, whose shareholding dipped from 39.2%, will have diminished voting rights on forthcoming issues related to Nok Air's struggle to recover from financial troubles.
THAI changed its mind just ahead of the May 22 deadline, eschewing its earlier decision to take up the subscription of 245 million shares.
The flag carrier attributed its flip-flop to Nok's "unclear" business turnaround plan and the likelihood of its subscription payment, at 588 million baht, contributing to THAI's financial woes. Aviation sources have said THAI wants to replace Mr Patee as chief executive of Nok Air.
The new shareholding set-up means that THAI will need to reduce its representation on Nok's 12-person board from the current four.
Brian Jeffery, chief financial officer of Nok Air, said the structure of the board and airline management remains unchanged. The airline will notify the bourse of any changes, he said.
Nok Air raised 1.22 billion baht in capital from the sale of 510.99 million shares, or 81.75% of the 625 million shares offered, subscribed by existing shareholders. The sale lets Nok Air avoid a rehab programme for non-performing companies, insiders told the Bangkok Post.