Last week, a group of five shareholders of Thai Airways International Public Company limited (SET: THAI), led by Jermsak Pintong, has submitted a petition to the Civil Court requesting an order to suspend the resolution of the 2025 Annual General Meeting of Shareholders held on December 19, 2025.
On December 23, the court issued an order to suspend the registration of changes in the company registry and prohibited the board of directors appointed by the said meeting from carrying out any acts on behalf of the company as directors in all matters until the court orders otherwise. Furthermore, the court also issued a “no temporary protection” order.
Following the court decision, the previous 11 directors will temporarily perform duties.
Lavaron Sangsnit, Permanent Secretary, Ministry of Finance and Chairman of the Board of THAI, revealed to “Kaohoon” that Thai Airways had filed an objection to the court on December 25, and the hearing is scheduled for January 6, 2026 at 9:00 a.m.
He acknowledged that this issue affects the schedule for signing the Maintenance, Repair, and Overhaul (MRO) Center contract at U-Tapao Airport with the Eastern Economic Corridor Office (EECO), which was initially planned for January 7, 2026; at present, the company cannot confirm whether the contract can be signed, and have to wait until the January 6 court hearing is concluded.
Regarding the authority to sign the contract, THAI’s legal team is carefully reviewing the legal details to ascertain whether Chai Eamsiri, Chief Executive Officer of THAI, who is the sole authorized signatory, can proceed under the current circumstances.
Chai stated that the signing of the MRO Center project contract at U-Tapao Airport, with a value of THB 10 billion, must be postponed as the company has to wait for the court to revoke the temporary protection order regarding the results of the 2025 General Meeting.
Meanwhile, the lease of ten Boeing 787 wide-body aircraft may encounter problems due to the lack of an authorized signatory board member, which may result in an indefinite postponement until the court revokes the temporary protection order.
For the procurement project to implement the Enterprise Resource Planning (ERP) system, which is a large-scale project valued at over one billion baht, concerns remain, as any project with a budget over THB 500 million, according to regulations, requires board approval for both budget and certain operational frameworks, and such considerations may also have to be postponed.
Chula Sukmanop, Secretary-General of the EECO, said regarding the progress of the project contract signing with THAI, that Thai Airways has to present the matter to the Board for approval before any joint signing can take place.
The EECO views this matter as an internal procedure beyond its control. Nonetheless, the two parties have already reached an agreement and will wait for the THAI Board’s full approval before setting an official signing date.
THAI has notified the Stock Exchange of Thailand (SET) that since THAI shares resumed trading on the SET from August 4, 2025 onwards, there are details regarding the Silent Period for shares allocated through the debt-to-equity conversion under the rehabilitation plan and management participants’ shares as follows:
1) The six-month Lock-up Period is due to expire on February 3, 2026, after which 6,600,859,237 shares (23% of total shares sold) will be released from the lock-up restriction. The one-year period will expire on 3 August 2026, after which an additional 19,802,574,214 shares (70% of total shares sold) will be released from the lock-up accordingly.
2) For shares subject to the Creditors’ Lock-up condition—representing 25% of ordinary shares received from the debt-to-equity conversion, which will be released from the lock-up after the first six months (February 3, 2026)—the Board of Directors resolved on the following procedures and methods for share certificate redemption:
Receive share certificates by mail, delivered via Express Mail Service (EMS) of Thailand Post, to the specified address.
Receive shares in scripless form by depositing the shares into the issuer account (or Account 600) that the Company opened with the Thailand Securities Depository (TSD).
