A group of major Thai institutional investors has launched an overnight block trade to offload approximately 565 million shares in Thai Airways International Public Company Limited (SET: THAI), according to terms of the deal seen by Bloomberg.
The share sale, totaling 564.96 million shares, is being offered at a fixed price of 6.00 baht per share, representing a 7.69% discount to the stock’s last closing price. Based on the offering price, the total transaction value is estimated to be around 3.39 billion baht ($92 million).
According to Bloomberg, global investment banking giant UBS is acting as the international placement agent for the accelerated bookbuilding process. The transaction is scheduled to execute as a trade report or big-lot transaction on the Stock Exchange of Thailand (SET) on Thursday, June 18.
The selling shareholders consist entirely of major domestic saving cooperatives, which include:
- Electricity Generating Authority of Thailand (EGAT) Saving and Credit Cooperative
- Thammasat University Saving and Credit Cooperative
- Mahidol University Savings and Credit Co-Operative
- Aeronautical Radio of Thailand (AEROTHAI) Saving and Credit Cooperative
- Saving Cooperative of Metropolitan Waterworks Authority (MWA)
The sudden block placement comes at a critical time for the national flag carrier. Market data shows that Thai Airways shares have climbed 9.24% over the past month, with its 50-day moving average (50-DMA) hovering at 6.31 baht. As of March 6, 2025, the airline had 28.3 billion shares outstanding, with a public float of 14.3 billion shares.
A source close to the matter added that this offering is a partial holding from institutional investors.
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.
