Thai Airways International has hired new advisers in yet another bid to get a long-awaited privatisation programme off the ground.
The carrier, which is being advised by a group led by Credit Suisse First Boston, has appointed the legal firm Baker & McKenzie and accountants KPMG to assist in taking its shares to public offering.
In July, Thai postponed a roadshow to promote the privatisation, which has already been delayed for more than two years, until the end of the year.
Poor market conditions were cited for the most recent delay to the sale of 23% of the 93% government-owned carrier. The sale, approved by Thailand's cabinet earlier this year, is to include the divestment of 8% to the public and 5% to employees, plus a further 10% to a strategic partner or partners. Bids are to be accepted from potential strategic partners in September, Thai has said.
Thai's place in the Star Alliance was brought into question earlier this year after regional rival Singapore Airlines joined the alliance, and its privatisation is being closely watched to see whether it will remain in the grouping or switch to another alliance.
Its board of directors has, meanwhile, appointed a special committee of five senior figures from the government, airforce and bank of Thailan to select candidates for the soon-to-be-vacant post of president.
The committee will seek a replacement for president Thamnoon Wanglee, who is to retire by the end of September. Thamnoon, aged 61, has headed Thai for seven years. During his time in office, he has helped boost the carrier's profitability and steered the airline into its founding membership position in Star.
Source: Airline Business
