Bangkok: There is an attempt to seize control of Thai Airways, with employees fearing a return to bankruptcy after discovering an attempt to remove Piyasawat and Chansin from the board. Shortly after exiting the rehabilitation plan, Thai Airways International Public Company Limited (THAI) has once again become a hot topic. There are reports that the Ministry of Finance, as the major shareholder, is attempting to hold a second Annual General Meeting (AGM) this year to make changes to the board. This is raising questions about whether this is a plan to seize power in Thai Airways.
According to Thai News Agency, Thai Airways International Public Company Limited (THAI) has sent a letter to other shareholders to nominate individuals to become directors by October 19th. The proposals will be submitted to the board meeting on October 23rd. Yesterday (October 9th), the THAI selection committee met to compile a list of suitable individuals to serve on the THAI board. The list will then be submitted to the current THAI board meeting for consideration. The list will be compared between the Ministry of Finance’s individuals and the other shareholders’ names.
A source at Thai Airways International revealed the situation regarding the attempted major board reshuffle. The attempt is to remove Dr. Piyasvasti Amranand, a director and former chairman of the rehabilitation plan executive committee of Thai Airways International Public Company Limited, and Chansilp Treenuchagron, a director and former rehabilitation plan executive of Thai Airways International Public Company Limited. Both individuals played a key role in the rehabilitation plan that successfully led Thai Airways to exit the plan.
Sources indicated that there is serious concern that the Ministry of Finance’s intervention could force Thai Airways to revert to its former state-owned enterprise management model, potentially leading to another crisis. When asked why the Ministry of Finance could still influence Thai Airways, given that it is no longer a state enterprise, the answer was that the Ministry of Finance currently holds a 38% stake, combined with shares held by Krung Thai Bank, the Government Savings Bank, and the Vayupak Fund, totaling 48%, making it the largest shareholder. The most concerning aspect of the interference is the matter of appointments and transfers, which will then involve matters of procurement and hiring.
Thai Airways International Public Company Limited (THAI) has officially resumed trading of THAI shares on the Stock Exchange of Thailand since August 4, 2025, following the successful rehabilitation of the company. For the second quarter of 2025, total revenue (excluding one-time items) was 44,828 million baht, a 1.9% increase compared to the same period last year, which saw total revenue of 43,981 million baht. Thai Airways International increased flight frequencies on popular routes such as Shanghai, Hong Kong, and Denpasar, resulting in a total of 3.97 million passengers in the second quarter of 2025, a 4.2% increase year-on-year, and an average cabin factor of 77.0%, up from 73.2% in the same period last year. This was due to appropriate route network adjustments to accommodate the continued growth in passenger travel demand, as well as building partnerships through codeshare agreements.