Trading resumption allowed for Thai Airways shares on SET platform, as risk of delisting QUashed
After more than three years of trading suspension, Thai Airways International Public Company Limited (THAI) will resume trading on the Stock Exchange of Thailand (SET) on August 4, 2025. This significant milestone marks the airline's restored financial health and renewed investor confidence following extensive restructuring.
Qualification and Approval
The SET has confirmed that THAI has fulfilled all qualifications, including shareholders' equity, net profit, financial position, and stable operational performance, to restart trading. The trading suspension and compliance warning ("SP" and "NC" signs) will be lifted by the SET effective August 4, 2025.
Financial Restructuring
During its restructuring, Thai Airways converted about THB 53.4 billion (~USD 1.7 billion) in debt into equity and raised an additional THB 23 billion (~USD 715 million) through new share issuance from existing shareholders. This restructuring diluted government ownership to a minority stake, with the Ministry of Finance holding 38.9% and related entities 4%, while Bangkok Bank is the largest non-government shareholder with 8.5%.
Share Lock-up and Trading Rules
Approximately 55% of the airline's shares are subject to a one-year lock-up period starting from the resumption date, preventing sale by strategic shareholders involved in management. On August 4, the shares will trade without price limits or automatic pauses to facilitate price discovery, but such limits will be reinstated the next business day.
Operational Outlook
Thai Airways has indicated positive operational performance with a 21% year-on-year increase in available seat kilometers (ASK) in Q1 2025 and a leaner, more efficient operation post-restructuring. The airline operates a fleet of 78 aircraft, positioning it for sustainable growth.
Market Inclusion
THAI shares will be included in the SET Index calculation starting from the first trading day after resumption, signifying normalized status in the Thai stock market.
Trading Details
THAI shares will be traded on the SET starting August 4, 2025, under the Services industry group, Transportation & Logistics sector. On the first trading day, THAI shares will not be subject to Ceiling & Floor limits, Dynamic Price Band, or Auto Pause measures. Trading limits for THAI shares will be reinstated on the following business day after resumption.
In summary, the August 4, 2025, relisting represents a crucial milestone for Thai Airways, signaling restored financial health and renewed investor confidence following extensive restructuring. Investors should monitor trading dynamics closely after resumption for price discovery effects and long-term performance implications.
[1] The Nation. (2025, July 15). Thai Airways to resume trading on Aug 4. [online] Available at: https://www.nationthailand.com/business/40012005
[2] Bangkok Post. (2025, July 16). Thai Airways shares to resume trading on August 4. [online] Available at: https://www.bangkokpost.com/business/2064400/thai-airways-shares-to-resume-trading-on-august-4
[3] Reuters. (2025, July 15). Thai Airways stock to resume trading on Aug 4 after restructuring. [online] Available at: https://www.reuters.com/business/aerospace-defense/thai-airways-stock-resume-trading-aug-4-after-restructuring-2025-07-15/
[4] SET. (2025, July 15). Thai Airways to resume trading on August 4, 2025. [online] Available at: https://www.set.or.th/en/news/thai-airways-to-resume-trading-on-august-4-2025
[5] Bloomberg. (2025, July 15). Thai Airways to Resume Trading After 3-Year Suspension. [online] Available at: https://www.bloomberg.com/news/articles/2025-07-15/thai-airways-to-resume-trading-after-3-year-suspension
- Thai Airways' restored financial health and renewed investor confidence, following extensive restructuring, will be showcased as the airline resumes trading on the Stock Exchange of Thailand (SET) on August 4, 2025.
- As THAI shares resume trading, the airline's operational outlook is promising, with a 21% year-on-year increase in available seat kilometers (ASK) in Q1 2025 and a leaner, more efficient operation post-restructuring.
- To facilitate a smooth transition back to the market, approximately 55% of THAI's shares will be subject to a one-year lock-up period starting from the resumption date, preventing sale by strategic shareholders involved in management.
- In terms of international business, THAI shares will be included in the SET Index calculation starting from the first trading day after resumption, signifying normalized status in the Thai stock market.
- As the trading suspension is lifted on August 4, 2025, investors should monitor trading dynamics closely for price discovery effects and long-term performance implications, as Thai Airways shares will be traded under the Services industry group, Transportation & Logistics sector, initially without Ceiling & Floor limits, Dynamic Price Band, or Auto Pause measures.
