On Wednesday at 12:12 PM (Bangkok time), the share price of Thai Airways International Public Company Limited (SET: THAI) dropped by 2.90% or THB 0.20 to THB 6.70, with a trading value of THB 681.75 million.
On June 16, 2026, the price closed at THB 6.90, down THB 0.25 or 3.50%. Intraday, the price touched a low of THB 6.75 before seeing a slight recovery and traded within a range of THB 6.75-7.15, on a trading value of THB 547.95 million.
Shares of Thai Airways continue to decline, weighed down by concerns surrounding the upcoming expiration of the lock-up period for a total of more than 19.8 billion shares held by creditors, set to be released from selling restrictions after August 3, 2026, representing approximately 70% of the company’s total outstanding shares.
This led investors to express apprehension that creditors, who received shares through the company’s debt-to-equity conversion plan as part of its business rehabilitation, may gradually sell these shares, exerting downward pressure on the stock in the near term.
Mr. Chai Eamsiri, Chief Executive Officer of Thai Airways International (THAI), told ‘Kaohoon’ that the company was confident not all creditors would sell their shares, with no more than half of the shares allocated, or fewer than 10 billion shares, expected to be released to the market. Meanwhile, the company has also begun negotiations with both local and international funds to absorb potential supply from these share releases.
“I believe shares due to be unlocked will not be sold off to the extent many are concerned about, as both domestic and foreign funds are already waiting to buy. Thus, I do not see this as a cause for significant concern regarding selling pressure,” Mr. Chai stated.
A potential positive catalyst for THAI is its opportunity to be selected for inclusion in the SET50 Index. The Stock Exchange of Thailand will officially announce the constituents this week. Should the company be selected, it is expected to attract investment from both active and passive funds, helping support the share price to some extent.
Mr. Koraphat Vorachet, Division Head of Research at Krungsri Securities (KSS), noted that the expiration of the lock-up for THAI on August 3, 2026, could exert pressure on the share price, increasing the likelihood that some investors will sell ahead of the actual unlocking date. He believes a price range of THB 6-6.50 will serve as major support, where buying interest is expected to emerge.
According to the brokerage, should THAI be included in the SET50 Index, this would act as a positive factor to help limit the downside risk for the share price, given the expected inflows from index-tracking passive funds. Such funds could inject billions of baht into the stock ahead of the index revision effective date.
Bualuang Securities (BLS) noted that an additional 75% of the shares allocated to creditors via debt-to-equity conversion will be released from their lock-up period after August 3, 2026. This will result in a total of 19,802,574,214 shares—about 70% of all outstanding shares—becoming freely tradable. Though such a large release could place short-term pressure on prices, price behavior at the end of the first silent period suggested the market was able to absorb selling fairly well. Thus, Bualuang sees a key support level in the THB 5.50-5.60 range.
In terms of corporate governance, THAI is set to begin the search for a new Chief Executive Officer in the third quarter of 2026, as Mr. Chai’s term concludes in January 2027. Most recently, the company’s board appointed Mr. Vinit Visessuvanapoom to the board of directors, effective June 15, 2026, replacing Ms. Kulaya Tantitemit, who resigned.
Notably, Dr. Vinit currently holds the position of Chairman of THAI’s Nomination and Remuneration Committee, playing a key role in overseeing the executive selection process.
THAI emphasized that these selling restrictions were implemented as measures to stabilize the share price following its return to trading on the Stock Exchange of Thailand. This followed the completion of its debt-to-equity conversion, a capital increase, and the successful implementation of the rehabilitation plan, after which the Central Bankruptcy Court ruled to cancel the company’s rehabilitation order.
