North Haven Thai Private Equity has acquired 214,285,714 Asia Aviation Capital shares after debentures were converted to common shares. In a December 15 Stock Exchange of Thailand (SET) filing, Asia Aviation (AAV) said the inclusion of the additional listed shares would take the number of common shares in the company on issue to 11,949,999,999. Asia Aviation Capital is the parent firm of Thai AirAsia (FD, Bangkok Don Mueang).

Bangkok-headquartered Asia Aviation is a wholly owned subsidiary of the AirAsia Group. North Haven Thai Private Equity is a buyout fund managed by Morgan Stanley Private Equity Asia and Bangkok Bank and describes itself as "a generalist private equity fund with an initial 10-year term targeting mid-market companies." This week's share allocation alone comfortably vaults North Haven into the top ten Asia Aviation shareholder ranks. North Haven purchased the 12-month zero coupon convertible debentures No. 1/2021 at a cost of USD63.4 million.

With a published par value of THB10 baht (USD0.29 dollars) per share, Asia Aviation's share capitalisation now stands just under THB1.195 billion (USD34.1 million). The debentures were issued with a mandatory conversion condition and converted on December 14 at a conversion price of THB1.75 (USD0.50 dollars) per share and security-share ratio of 1:571.