Thai Airways jumps more than 25 percent ahead of trading suspension

Shares of Thai Airways International (THAI) jumped more than 25 per cent on Friday ahead of its last trading day on next Monday, amid a possible delisting from the Stock Exchange of Thailand (SET).

THAI stood at 2.48 baht by mid-day break, a rise of 11.71 per cent, after peaking at 2.82 baht, up 27 per cent, with a transaction value of 235.5 million baht.

The SET will impose a trading suspension on THAI from May 18 following the possible delisting due to negative equity, coupled with a non-compliance (NC) sign until the company is able to eliminate the grounds for delisting.

Earlier, the airline was on trading suspension from February 25 before returning to the market on April 16 for about a month. The company reported a record loss of 141 billion baht for the pandemic-hit 2020.

Thailand’s Prime Minister Prayut Chan-ocha said on Friday that he would not let THAI go bankrupt but has not yet decided to support the airline financially, according to local media.

“I think no one wants Thai Airways to go bankrupt anyway. We must help each other,” he said.

In the meeting conference held this week, the airline postponed its rehabilitation plan vote to May 19 after some creditors asked for more time to study changes in details.

A call to the company was not returned.

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