Nok Air to end Nok Mini cooperation with Siam General Aviation

Nok Air (DD, Bangkok Don Mueang) will remain owned by Thai investors going forward as local ownership provides increased security in case of a conflict or sanctions, Chief Executive Wutthiphum Jurangkool told The Bangkok Post in an interview.

"We have to make sure that the Thai aviation industry will not be dominated by foreigners. As long as our family is here, I'd like to ensure that the major shareholder of Nok Air will not be a foreign investor, in order to prevent the country from being paralysed when facing sanction or international conflicts," he told the English language-daily.

The low-cost carrier is majority-owned by the Jurangkool family, which, through three members, controls a 74.5% stake in the airline. Wutthiphum himself is not a shareholder.

The Jurangkools' control of Nok Air has been steadily increasing since 2011 when Thai Airways International (TG, Bangkok Suvarnabhumi) started gradually diluting its stake in the low-cost carrier. The flag carrier owned 49% of Nok Air at the peak of its involvement, although its stake has since whittled down...

Nok Air (DD, Bangkok Don Mueang) has announced in a stock market filing that it raised THB1.55 billion bahts (USD49 million) in fresh capital from existing shareholders, although Thai Airways International (TG, Bangkok Suvarnabhumi) waived its right and has thus reduced its stake in the low-cost carrier.

Nok Air allotted over 888 million new shares to existing shareholders at THB2.5 baht (USD0.08) per share. Of these, 620,670,967 shares were subscribed to.

"Thai Airways International PLC, as a shareholder in Nok, has waived its right to subscribe to the 141,540,206 ordinary share total amount of THB353.8 million baht (USD11.2 million). The Company would like to inform you that it has decreased its shareholding in Nok from 15.94% to 13.28%," the flag carrier said in its own stock market filing.

Thai Airways' share in Nok Air reached its maximum level of 49% in 2011. Since then, the flag carrier has been gradually decreasing its shareholding in the LCC, mostly through waiving its right to participate in repeated share capital increases.

A total of 267,476,391...