The Stock Exchange of Thailand (SET) has issued another warning to Nok Airlines Public Company Limited, operating as Nok Air (DD, Bangkok Don Mueang), stating that the airline faces delisting unless it rectifies its issues and resumes trading on the exchange.
In an announcement made on July 31, 2024, the SET emphasized that Nok must resolve its delisting grounds by September 8. The stock exchange suspended trading of the low-cost carrier’s shares in 2022 after Nok Air repeatedly failed to heed warnings regarding the submission of its audited financial statements. This followed a brief suspension in 2021 for the same reason. Since the suspension in 2022, trading of the airline’s shares has remained halted, and the SET has continually warned of potential delisting unless the company addresses its financial reporting concerns.
“If the process cannot be completed within the specified time frame, the Board of Directors of the Stock Exchange of Thailand will consider delisting the company’s common shares from the list of listed securities,” the announcement cautioned last week.
Nok Air’s situation is further complicated by its ongoing restructuring efforts. Last year, CEO Wutthiphum Jurangkool indicated that the airline might not finish the restructuring process within the maximum five-year timeframe, which is set to conclude in the second half of 2026. However, the low-cost carrier recently reported a net profit of THB 47.66 million (USD 1.35 million) for the 2023 fiscal year, marking its first profit in nine years.
According to the ch-aviation PRO airlines module, Nok Air services 21 airports across Thailand, India, and China with a fleet comprising fourteen B737-800s.
