Shareholders approve $415mn Thai AirAsia recapitalisation

Shareholders nearly unanimously approved a three-part recapitalisation package for Asia Aviation Public Limited Company, the parent company of Thai AirAsia, during an extraordinary general meeting on November 26, 2021. The holding company is planning to raise a total of 14b baht (US$415m) divided into three parts (story has details). All of the resolutions for the individual parts of the recapitalisation package were approved by more than 99% of voting shareholders. The carrier expects to receive the first tranche of 11b in December 2021 and the remainder of the funds in January 2022. Asia Aviation initially planned to list Thai AirAsia on the Stock Exchange of Thailand as a new entity and subsequently close the parent holding. However, the plan was later abandoned in favour of the now-accepted recapitalisation plan which foresees Asia Aviation acquiring all shares of Thai AirAsia from AirAsia Aviation Limited - currently, the Thai parent holding owns a 55% stake and the Malaysian group 45%.<br/>