Nok Air to inject fresh capital into NokScoot

Nok Air to inject fresh capital into NokScoot

A NokScoot aircraft at Don Mueang airport, the carrier’s home base. (Photo by Apichit Jinakul)
A NokScoot aircraft at Don Mueang airport, the carrier’s home base. (Photo by Apichit Jinakul)

Shareholders of Nok Air Plc on Thursday approved a capital injection plan for NokScoot Airlines for fleet and service expansion.

Nok Air chairman Prasert Bunsumpun said the shareholders meeting gave the SET-listed firm the green light to invest an additional 490 million baht in its joint venture with Scoot Pte Ltd of Singapore.

Nok Air's stake in NokScoot, a medium-to-long-haul low-cost carrier, will remain at 49% after the capital increase.

Nok Air and Singapore-based Scoot set up the joint venture in 2014.

NokScoot needs fresh funds to expand the fleet and routes from its base at Don Mueang airport to destinations in East Asia and the subcontinent.

KTB Securities (Thailand) Plc, a financial adviser to Nok Air on the capital increase plan, said the decision on Thursday will give NokScoot more business opportunities to achieve its goals.

NokScoot flies to five cities in China, Taipei and Tokyo. Osaka will be its second Japanese destination when the service starts on Oct 28.

The news had no impact on Nok Air shares (NOK) in the Stock Exchange of Thailand. NOK closed unchanged at 2.80 baht.


Do you like the content of this article?
COMMENT

Democrats' popularity rating in South unimpressive: poll

The Democrat Party's chance of regaining its former domination of the South in the next general election is uncertain after only 30% of the people polled by the National Institute of Development Administration (Nida) said they would vote for the Democrats. The remainder said they were still undecided or would not vote for the party.

14:12

Another loss

US musician Bruce Gaston, who co-founded Fong Nam, the band that blended Thai and western music, has died.

14:05

'Why can't we study?' - Afghan girls still barred from school

KABUL: Afghan teenager Amena saw dozens of classmates killed when her girls' school was targeted by an Islamic State bomb attack in May, but she was determined to continue her education.

13:45