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In 1960, flights were inaugurated from Bangkok to nine overseas destinations all within the Asian region. Intercontinental services were launched in 1971, to Australia, followed by flights to Europe in 1972, and to North America in 1980.Thai Airways International growth was greatly accelerated on April 1, 1988 as a result of its merger with Thai Airways Company (TAC), the domestic airline, which raised the Company's share capital from 1,400 million to 2,230 million Baht . Under the Cabinet policy, as authorised by General Prem Tinsulanonda, Prime Minister at the time, Thai Airways International would be responsible for commercial aviation, both international and domestic. Thai Airways International can now rightfully be called Thailand's only national carrier. On June 25, 1991, Thailand Cabinet approved a resolution enabling THAI to list its shares on the Stock Exchange of Thailand (SET). The resolution authorized THAI to convert Baht 10.77 billion of retained earnings into capital, and increase its capital by an additional Baht three billion with a first issue of 100 million shares. Of those 100 million shares, five million shares were reserved for THAI employees at par Baht 10 and 95 million shares were to be offered to the public.

The listing of THAI shares was commenced on July 19, 1991. By converting retained earnings into capital and increased its share capital upon the Cabinet approval, THAI registered share capital has risen from Baht 2,230 million to a total of Baht 14,000 million. This has made the total amount of THAI share listing to be the largest in the history of SET. Moreover, THAI public offering of shares is the single largest one ever undertaken in Thailand.

The History of Thai Airways continued

The main purposes in listing on the SET and offering shares to the public is to obtain the additional funds needed in keeping the airline competitive edge in the international market and to allow member of the public and THAI employees to become shareholders in this national flag carrier of Thailand.On November 20-21, 2003. THAI offered for sale the Company's 442.75 million ordinary shares, comprising 285 million capital increase ordinary shares and 157.75 million existing ordinary shares held by the Ministry of Finance on the Cabinet approval. Proceeds generated by the sales will be used as investment in the Suvarnabhumi Airport project, and for upgrading in-flight services ranging from passenger seats to other amenities. Since September 2004, the company has sold THAI shares to its employee through the Employee Securities Option Plan (ESOP) in a total of 13,896,150 shares at 15 Baht per share. The company will continue to sell its shares to those employees who are holding the warrants until the end of the plan in April 2007.



Thai Airways Page 1, Thai Airways , The History of Thai Airways
Thai Airways Page 3, Thai Airways, the Mandates, the Policies