Thai Airways' stake in low-cost carrier Nok Air has dropped to just 21.57%, following its decision to not invest in new Nok shares.
Thai, however, remains as its single largest shareholder, according to Nok in a stock exchange filing listing its 10 largest shareholders.
Prior to the recent issue of 625 million shares, Thai held 39.2% in Nok.
Thaveechat Chulangkul is the second largest shareholder with 15.64%, and Nuttapol Chulangkul third with 13.29%. Nok chief executive Patee Sarasin retains 1.9% of the company following the share issue.
There are only two institutions among the top 10: Siam Commercial Bank holds a 1.9% stake, and Barclays Capital owns 1%.
Overall, the top 10 shareholders own 60.1% of Nok, or 1.1 billion shares.
Nok recently confirmed that its fund raising exercise generated proceeds of Bt1.2 billion ($35 million), falling short of the Bt1.5 billion originally sought.
In a statement, the low-cost carrier says that of 625 million shares offered to existing shareholders in a recent rights issue at Bt2.40 per share, only 511 million shares were taken up.