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Yesterday (May 10) at approximately 9 p.m. Mr. Thanathorn Chungrungruangkit Leader of the progressive party and former leader of the New Party of the Future Life through Facebook Thanathorn Juangroongruangkit – Thanathorn Chungrungruangkit to make a proposal on the solutions of Thai Airways Public Company Limited that according to government solutions The government must guarantee a credit from Thai Airways 50 billion baht to pay salaries to employees during service failures. And it has yet to increase the second capital by another 80 billion baht, to a total of 1.3 billion baht, compared to the country’s budget of around 3 trillion baht per year. This lump sum represents 3-4 % of total budget.
Furthermore, the rehabilitation plan requires Thai Airways to reduce costs from 200 billion baht to 1.3 billion baht or a reduction of 42% in 2 years, which is not possible if you consider yourself a business person. Because if the cost is reduced by 42%, Thai Airways does not need to ask for 1.3 billion baht. Therefore, the plan is not reliable and must be done only to request money from the government. Nor does it require shareholders, creditors, executives, the board (board) must also show any responsibility.
“I do not agree with the methods for transporting Thai government flights. Because if Thai Airways goes well The shareholder is the winner. But if Thai Airways goes bankrupt, the public loses the creditor and the shareholders have no responsibility, regardless of the loss from Thai Airways. If Thai Airways is doing well People don’t get anything. If Thai Airways goes bankrupt People with debts “ Mr. Thanathorn said for once while living
Thai Airways has high wages and benefits compared to other airlines. By dividing the average per person, it appears that Singapore Airlines 1,800,000 baht per month, Thai Airways 1,200,000 baht per month, Japan Airlines 5.5 trillion baht per month. Korean Airlines 3.4 baht per month
But the efficiency is less. When the sales volume in 2019 divided by the number of employees Vietnam Airlines is 20 million baht per person per year, Korean Air is 15 million baht per person per year, Singapore Airlines 13.9 million baht per person per year, Japan Airlines 12.5 million baht per person per year and Thai Airways 8.8 million baht per person per year. It shows that Thai Airways has a higher cost than the industry average. But the efficiency per employee is lower. Indicates the failure of business management By extracting the potential of employees to become profits
Therefore, Thai Airways cannot escape the debt restructuring, the capital structure, the administrative structure. If you want to see that there should be a national airline that continues with the destination, there are 4 options that are
- Does the government own 0% of Thai Airways shares?
- The government has a minority stake of no more than 25%.
- The government is the main shareholder, more than 51%
- The government retaken it as a complete state, with 100%.
Management can be done in 3 ways, as indicated below.
1. Release the bankruptcy of Thai Airways
Then let the market mechanism manage. If someone is interested, they will come buy for themselves. Which leads to the liberalization of airspace. All airlines are treated equally. In the end, the government will have a 0% stake in Thai Airways and people will get cheaper tickets. More freedom to travel.
2. Go to help Thai Airways in the short term To carry the sale of shares
That the government lends short-term loans to generate sales Also known as a managed bank loan, the government will use Thai Airways to bid. The winning bidder must return 50 billion baht to the government and the government reduced the stake to 0% -25%.
3. Capture Thai Airways back to the state
By eliminating shareholders and creditors AND the government owns 100% of the shares (nationalization) as in the case of Japan Airlines. After that, include Thai Airways in a business improvement and rehabilitation plan. Going forward, the government may reduce shares or keep 100% as before.
However, in the past, the government took Thai Airways many times. But Thai Airways cannot improve on its own. Therefore, you must reduce the option that the government will have 51-100% of the shares. The best way is After liberalizing airspace, the government reduced Thai Airways’ shareholding to 0-25% if they still hold the shares strategically. To support a minority and use Thai Airways only when necessary
For those who have enough power to buy Thai Airways now
– 5 groups of Thai capitals CP, ThaiBev, BTS, Gulf and King Power Because all 5 groups can use Thai Airways.
– Foreigners, especially Chinese airlines, because the government of General Prayut There is a close relationship with China.
– Other airlines, but less likely Because other airlines have all experienced difficulties during this period.
– Financial sector funds, such as private equity or hedge funds, come to buy to rehabilitate the business and sell it on the market for profit.
