Bangkok Airways (PG, Bangkok Suvarnabhumi) has downgraded anticipated earnings from its upcoming Initial Public Offering (IPO) on the Stock Exchange of Thailand from USD500million previously, to USD429million.
Airline sources who spoke to Reuters newswire state Bangkok Airways has revised its proposed share price downwards from THB33.95 (USD1.04) per share a month ago, to THB23-27 (USD0.70-0.80) per share now.
The airline is understood to have dropped its share price in the hopes of attracting more investors. Doubts over the recovery of Thailand's tourism industry, the main driving factor behind the country's airline industry, are also a major concern.
The Thai carrier is planning to offer 520million ordinary shares or 24.8% of its total shareholding to investors later this month.
Proceeds raised are to go towards fleet expansion, the procurement of additional engines and spares, and the renovation of hangars at Bangkok Don Mueang and Koh Samui airports.
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