Shares of Nok Airlines (NOK), a low-cost airline operating mostly domestic services, doubled on Wednesday on its first day after a three-month trading suspension, amid cautions from regulators.
NOK soared by 100 per cent to 2.18 baht during the morning session, with a transaction value of 92.16 million baht as of 12.11 am.
The Stock Exchange of Thailand (SET) has temporarily allowed trading on NOK from June 2 to July 1 after its suspension from March 2 as the airline missed the deadline of its 2020 financial statements submission.
“Currently, the compan[y is] still unable to submit the required financial statements,” said the SET, warning investors to study NOK’s financial information carefully.
NOK will be suspended again after this trading period ends until it is able to submit the financial statements.
Meanwhile, the airline’s chief executive Wutthiphum Jurangkool said that NOK will summit the financial statement of the year 2020 “not later than June 30.” The airline is currently in the process of setting the date of rehabilitation plans for creditors to vote, which is expected to be within August, he said.
As a result, NOK shares must be traded through a cash balance account, meaning that investors must pay cash up front rather than through any credit mechanism. It has also been given a NC (Non-Compliance) sign to alert investors to be careful.
The SET has adjusted the ceiling and floor prices for NOK on the first trading day at 100 per cent of its previous price, before lowering to usual criteria at 30 per cent on the next business day.
NOK will also be excluded from the calculation of SET index, the statement said.
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