Nok Air seeks B1.5b capital injection

Nok Air has received shareholder approval to raise 1.5b baht in fresh capital to support its revival efforts. The SET-listed struggling budget airline seeks the capital injection through the issuance of up to 625m ordinary shares, proportionate to existing shareholdings. The airline already secured commitments from its two largest shareholders -- Thai Airways International (THAI) and businessman Nuttapol Jurangkool, which hold 39.2% and 12.1%, respectively -- for the capital boost. Nok Air CE Patee Sarasin said other shareholders, including himself, are expected to subscribe to the new share issuance. THAI is ready to chip in 600m baht in the exercise. Nok Air has paid-up capital of 650m, said Patee. "The money will go a long way to allow us to return to the black over the next two years," he said. Patee confirmed he will remain the airline's chief executive and does not feel pressured by parties to step down, following media speculation last week. <br/>