THAI's Nok stake further diluted after new share issue

THAI’s stake in Nok Air has been diluted from 16% to 13.3% after the budget operator completed a Bt1.55b (US$49.7m) capital-raising exercise. In a Feb 18 disclosure, THAI says it waived the right to subscribe to 142m Nok shares, which were priced at Bt2.50 each and would therefore have cost Bt354m. Nok’s share exercise, which ended Feb 7, followed an extraordinary general meeting in January, at which shareholders gave approval for the issuance of 888m new shares to raise the registered capital from Bt3.31b to Bt4.2b. Last year, Nok raised Bt2.3b when it undertook a similar exercise. THAI likewise waived its right to subscribe to those shares, and its Nok stake was diluted from 21.8% to 16%. <br/>