NokScoot Comes to an End after Severely Hit by Financial Losses, Worsening by Covid-19

Nok Airlines Public Company Limited (NOK) has announced that the resolution of the Special Board of Directors’ meeting No. 5/2020, held on 26 June 2020, was to acknowledge the business termination and liquidation of NokScoot Airlines Co., Ltd., which, Nok Mangkang Co., Ltd., is a subsidiary of the company and holds 49.65% of the shares totaling 1.47 billion baht.

NokScoot Airlines Co., Ltd. has been experiencing continuous financial losses and has worsened by the Covid-19 pandemic. The Board of Directors’ Meeting of NokScoot Airlines Co., Ltd. no.4/2020 has approved the date of calling the 2020 Annual General Meeting of Shareholders on 14 July, 2020 to consider and approve the dissolution and liquidation along with appointing the liquidator of NokScoot Airlines Co., Ltd.

 

NokScoot Airlines Co., Ltd.’s equity has been negative since 2019. Its assets and revenues are equivalent to 37.16 percent and 37.10 percent of the company’s business, respectively. Nevertheless, the company wishes to inform you that the liquidation/reduction in business activities of NokScoot Airlines Co.,Ltd. poses no direct or indirect impact to the company’s normal operations. The company shall inform the SET on the liquidation process of its subsidiary in due course.