Thailand govt expects liquidity support for Thai Airways next week

FILE PHOTO: Workers service a Thai Airways Airbus A380-800 aircraft at Bangkok International Suvarnabhumi Airport, Thailand September 3, 2019. Picture taken September 3, 2019. REUTERS/Amr Abdallah Dalsh

The Thai government expects to conclude a capital injection plan for flagship carrier Thai Airways International Pcl next week, a government minister said on Thursday.

“On the capital needed to support liquidity, it will be clear next week,” Transport Minister Saksayam Chidchob told reporters after a meeting with other agencies on the airline’s rehabilitation plan.

He did not give details but in 2010, the government subscribed to newly issued shares to maintain a controlling stakes in the airline.

The company’s share price rose more than 14% after his comment.

A committee including the finance ministry, which holds a 51% stake in the airline, and the transport ministry was formed to oversee the carrier over the next three to six months, Saksayam said.

As a state-owned enterprise, the airline is overseen by multiple government agencies.

Southeast Asia’s second-largest economy stands to lose 1.3 trillion baht, nearly all of it in the tourism sector from the new coronavirus, which has infected than 2 million people globally and killed 136,667, according to a Reuters tally.

Thailand has a total of 2,672 cases and 46 fatalities.

Thailand this week extended a ban on passenger flights until the end of April to limit the spread of the coronavirus.

Thai Airways, which suspended its flights last month, was already facing financial trouble, reporting losses since 2017. Losses in 2019 widened to 12.2 billion baht ($385 million) from losses of 11.6 billion baht a year earlier.

An official told Reuters earlier that the rehabilitation plan would include reducing the number of plane types in the carrier’s fleet to cut costs.

Reuters

 

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.