NokScoot has announced it has obtained a Bt200 million (USD 6.56 million) loan in the form of a promissory note from a major Nok Air shareholder, the company said.
This was issued by Hatairatn Jurangkool, who owns 24.4% of Nok and is the mother of Nok´s chief executive, Wutthiphoom Jurangkool.
In a disclosure to the Stock Exchange of Thailand, Nok says the one-year note was issued on 12 December 2019 and will be used by NokScoot for working capital and general operation purposes.
The shareholder loan was approved at Nok´s board meeting held on 23 January.
The loan carries an interest of 6.3%, which is below the average minimum loan rate of 6.93% offered by locally registered commercial banks. No collateral was required from NokScoot.
Nok Air and Singapore´s Scoot each own a 49% stake in NokScoot, while the remaining 2% is held by Pueannammitr Company, a firm that represents four Nok Air representatives. In 2018, NokScoot received a Bt1 billion capital injection from the three companies.