Nok Air (DD, Bangkok Don Mueang) shareholders have approved a plan to issue THB908.8 million baht (USD29 million) worth of new shares to existing shareholders, the Thai LCC said in a filing to the Stock Exchange of Thailand (SET).

All existing shareholders of Nok Air can receive one new share, nominally worth THB1 baht (USD0.3), per 2.5 already held shares.

The recapitalisation will raise the LCC's registered capital from THB2.5 billion baht to THB3.4 billion baht (USD79.9 to USD109 million).

The Bangkok Post has reported that Thai Airways International (TG, Bangkok Suvarnabhumi), which holds a 21.8% share in Nok Air, has not yet decided whether it will take part in the recapitalisation and subscribe to the new shares. Chairman Ekniti Nitithanprapas said, however, that the Thai flag carrier did not want to further dilute its shareholding in the LCC and will likely decide to take part in the new capital injection.

Nok Air is majority owned by the Jurangkool family with Nattapol, Taveechat, Hathairatn Jurangkool holding a combined 55.13% stake in the carrier.