Bangkok, 13 February 2001, 13:30 hrs : Thai Airways International Public Company Limited held its Extraordinary Shareholders’ Meeting No.1/2001 today, which was chaired by Mr. Srisook Chandrangsu, THAI’s Chairman, and held at the airline’s Head Office on Vibhavadi Rangsit Road. Participants included members of THAI’s Board of Directors, the airline management, and shareholders, to discuss aircraft acquisition following the long-term plan 2000/1-2004/5.
Mr. Srisook Chandrangsu, THAI’s Chairman, announced that, “A total of 275 shareholders and proxies, amounting to 1,316,251,686 total shares participated in the Extraordinary Shareholders’ Meeting. THAI seeks to acquire two long-range aircraft according to the State Enterprise Plan of 2000/1-2004/5, the aircraft being valued at USD 322.7 million dollars or THB 12,263 million baht at the exchange rate of THB 38 baht per USD 1 dollar, which is worth an excess of 50% of the airline’ s registered shares. Therefore, THAI has complied with company regulations that obligations over 50% of the registered shares or other foreign currency of the same value must receive approval from shareholders attending the Shareholders’ Meeting with a vote of more than three out of four of the total shares.
Therefore, it was agreed at the Shareholders’ Meeting that the airline would incur obligations for the acquisition of two long-range aircraft according to the State Enterprise Plan of 2000/1-2004/5.
THAI sought aircraft acquisition in accordance to the airline’s long-term plan that would enable THAI to modernize, increase efficiency, and increase flight frequency on some routes flown by its fleet. This will help decrease investment capital and increase competitive capability. In addition, aircraft acquisition plans will aid THAI’s marketing plans to strategically expand the airline’s intercontinental, a highly competitive market. Moreover, these acquisition plans serve as a step forward in making the airline one of the ten best airlines in the world and one of three best airlines in Asia emphasizing customer service excellence. In addition, the airline will have increased financial stability, retain market share, and achieve airline goals.