The Stock Exchange of Thailand has approved Thai Airways return to main board trading on August 4, signaling a major step in its post-crisis recovery. The airline’s reinstatement comes after significant restructuring efforts aimed at stabilizing its finances and improving operational efficiency. This move is expected to boost investor confidence and pave the way for Thai Airways to regain its position as a key player in the regional aviation market.
Key takeaways
- Thai Airways will resume trading on the SET main board on August 4 after completing a court-approved debt restructuring.
- The airline has returned to profitability, halved its workforce, trimmed its fleet, and exited rehabilitation in June 2025.
- THAI shares will relist without price limits on the first day and rejoin the SET Index the following session.
The reinstatement comes after THAI successfully emerged from court-supervised rehabilitation, a process triggered by the airline’s deep financial troubles that peaked in 2020 when it reported negative shareholders’ equity and faced potential delisting.
The COVID-19 pandemic dealt a heavy blow to the aviation industry, accelerating the collapse of the already struggling flag carrier.
With the completion of its restructuring, approved by Thailand’s Central Bankruptcy Court, THAI formally requested SET to lift the “SP” (suspension) and “NC” (non-compliance) labels and allow its shares to resume trading.
As part of its re-entry conditions, strategic shareholders will observe a one-year Silent Period, prohibiting the sale of 55% of the airline’s paid-up capital during that time.
The SET confirmed the removal of the warning flags and approved THAI’s return to the Services Industry Group under the Transportation and Logistics sector. Shares will begin trading without price limits on the first day to allow market-driven price discovery. Normal trading mechanisms, including ceiling/floor limits and dynamic bands, will resume the following session.
THAI will also rejoin the SET Index calculation the day after its shares are relisted.
Since entering rehabilitation, the airline has slashed its workforce by 50%, downsized its fleet, and significantly restructured its 400-billion-baht debt load.
The revival plan included the appointment of former president Piyasvasti Amranand and a cohort of senior bankers to oversee its turnaround.
The government also reduced its equity stake, stripping the airline of its state-owned enterprise designation, a symbolic but crucial shift as THAI sought greater operational flexibility and investor confidence.
After years of consecutive losses since 2012, largely due to mounting competition from budget carriers, THAI returned to operational profitability in 2023. In June 2025, it officially exited its court-directed rehabilitation program.
Signaling its intent to expand, the carrier placed a major order for 45 Boeing 787-9 wide-body jets last year, with an option for 35 more.
Earlier this month, THAI announced it may exercise that option, positioning the order as part of broader trade negotiations between Thailand and the United States.
Investors are advised to review THAI’s latest financial disclosures on the SET platform before trading resumes.
