Thai Airways International Public Company Limited (TAWNF) was one of the biggest gainers on Tuesday as the stock saw a relief rally ahead of Thailand’s cabinet vote on the rehabilitation plan of the company.
The airline company is on the verge of bankruptcy after the pandemic exacerbated the firm’s lackluster financial standing, brought on by years of mismanagement.
Wednesday’s cabinet meeting will determine if the airline company’s largest stakeholder–the Thai government–will reinstate the airline as a government-owned enterprise.
Despite the cabinet’s clear polarization concerning the matter, it’s unlikely that Thai Airways will become a state-owned company.
TAWNF stock soared 108% to $0.2086 on Tuesday on a hefty volume of 73.11 million shares – much higher its the 30-day average volume of 2.19 million shares. The stock is still down 95% from its 52-week high.