BANGKOK– The Finance Ministry will lose authority over Thai Airways International (THAI) after selling a 3% stake in the airline and the administrators of its rehabilitation plan will likely be appointed in three months, Deputy Prime Minister Wissanu Krea-ngam said.
He said that on May 21 Finance Minister Uttama Savanayana and Transport Minister Saksayam Chidchob sought his advice on procedures after the cabinet resolved that THAI will file for bankruptcy and undergo rehabilitation.
“I told them to plan next legal steps but the actual implementation will depend on the THAI board,” Mr Wissanu said.
He also said that after the Finance Ministry sells a 3% stake in THAI, its shares in the national airline will fall from 51% to 48% of the total. Then THAI will not be a state enterprise any longer and the Finance Ministry and the Transport Ministry will lose their control over the airline.
“The Finance Ministry will be only a substantial shareholder while 52% of shares will belong to other parties. If they are united, they will have more power. It is a nature of a public company,” Mr Wissanu said.
While the Finance Ministry is the major shareholder, it can nominate planners for the rehabilitation of THAI. However, the creditors of THAI also had their say, he said.
He said that the administrators of the rehabilitation plan should be appointed within three months. (TNA)