Nok Air to in­ject fresh cap­i­tal into Nokscoot

The Myanmar Times - Weekend - - International Business -

SHARE­HOLD­ERS of Nok Air Plc on Wed­nes­day ap­proved a cap­i­tal in­jec­tion plan for Nokscoot Air­lines for fleet and ser­vice ex­pan­sion.

Nok Air chair­man Prasert Bun­sumpun said the share­hold­ers meet­ing gave the Set-listed firm the green light to in­vest an ad­di­tional 490 mil­lion baht in its joint ven­ture with Scoot Pte Ltd of Sin­ga­pore.

Nok Air’s stake in Nokscoot, a medium-to-long-haul low-cost car­rier, will re­main at 49% af­ter the cap­i­tal in­crease.

Nok Air and Sin­ga­pore-based Scoot set up the joint ven­ture in 2014.

Nokscoot needs fresh funds to ex­pand the fleet and routes from its base at Don Mueang air­port to des­ti­na­tions in East Asia and the sub­con­ti­nent.

KTB Se­cu­ri­ties (Thai­land) Plc, a fi­nan­cial ad­viser to Nok Air on the cap­i­tal in­crease plan, said the de­ci­sion on Wed­nes­day will give Nokscoot more busi­ness op­por­tu­ni­ties to achieve its goals.

Nokscoot flies to five cities in China, Taipei and Tokyo. Osaka will be its se­cond Ja­panese des­ti­na­tion when the ser­vice starts on Oct 28.

The news had no im­pact on Nok Air shares in the Stock Ex­change of Thai­land. NOK closed un­changed at 2.80 baht.

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