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AirAsia CEO Buys Back 36.3% Shares in Majority Thai AirAsia Shareholder Asia Aviation
29th Dec 2017
In the latest statement, Asia Aviation Plc (AAV), majority shareholder of Thai AirAsia, announced that TAA Chief Executive Officer Tassapon Bijleveld now has 41.3% shares after he bought back 36.3% share in AAV.
The TAA CEO will also have the opportunity to buy the rest of the shares (58.7%) from the other shareholders at about 4.70 baht per share.
Previously, Tassapon held 5% of the shares in the company.
He bought the shares at 4.70 Thai baht per share, paying a total of 8.279 billion baht for the lot, or 252 million US dollars.
1.761 billion was purchased from King Power International Group Chairman Vichai Srivaddhanaprabha and his family. The statement said that Tassapon bought the TAA shares from the Srivaddhanaprabhas for his: “love for the airline which he has been managing since its inception and this acquisition will allow him ‘to better realize the vision and direction of the company.”
In a statement of his own, Thai AirAsia Chief Executive Officer said this:
I assure that all the management team who has been running the airline from the very first day will continue to play a critical role in driving Thai AirAsia forward, along with the staff that have always been so dedicated in helping the airline becoming Thailand’s number one airline, which is reflected in our leading market share.
He also added that the plans the airline laid out for the upcoming 2018 will continue:
Thai AirAsia will continue to invest in 2018 as planned, which will include, amongst other things, the acquisition of seven aircraft. We estimate the number of passengers in 2018 to be around 22m and we can achieve this by penetrating new markets in ASEAN, India and the People’s Republic of China.
Tassapon, he revealed in a statement, financed the purchase of the 36.3% shares with the help of Bangkok Bank and will submit the Mandatory Tender Offer (MTO) at the beginning of next year, probably on 8th January, 2018, as per the Securities and Exchange Commission (SEC) declaration of December, 2011.
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