Thai duty-free giant King Power gets airport payment relief
BANGKOK: Thailand's airport authority said on Friday (Jun 27) it had approved extended payment terms for duty-free giant King Power, after the company sought to quit its concessions citing a drop in tourist numbers.
Airports of Thailand said King Power, which operates at five airports in the country, applied for a relief scheme for firms "facing liquidity problems" on 23 Jun.
AOT told the Stock Exchange of Thailand (SET) its board had granted permission for the firm to split the minimum payments required for its contracts into installments, with the payment window extended by eight months.
King Power must provide collateral of 1.45 billion baht (US$44.5 million) "to ensure its financial obligations in case of unexpected events", said a public statement to the SET.
AOT shares fell 2.4 per cent in Bangkok following the announcement.
King Power, shirt sponsors for English football club Leicester City, has a monopoly on duty-free outlets at Bangkok's Suvarnabhumi and Don Mueang airports, as well as those in Phuket, Chiang Mai and Hat Yai.
The King Power Group also operates retail outlets and hospitality services around Thailand.
Founder Vichai Srivaddhanaprabha led a consortium that bought Leicester City in 2010, and it was under his ownership that the Foxes secured their Premier League title in 2016.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
an hour ago
- CNA
Certis asks officers on medical leave to share location if they are not at home
SINGAPORE: Security firm Certis said on Saturday (Jun 28) that it does not terminate staff solely because they are not at home when on medical leave, after WhatsApp messages about changes to its medical leave policy were published online. The messages, first reported by Mothership on Friday, stated that a letter of warning would be issued to employees on medical leave if they are not at home without a valid reason. If they are not at home, they should share their live location or conduct a video call with their manager to "ensure their safety and well-being", one message read. Staff are also required to update their residential addresses, or they may receive a letter of warning as well. "Please be aware that any non-compliance identified may result in disciplinary action, which could include termination," read one of the messages. In another message, officers are encouraged to "share their pinned location" when they are not at their residence. In response to CNA's queries, Certis said: "Disciplinary action is only considered in clear and substantiated cases of abuse of medical leave, after a fair and thorough process. "We do not terminate employees solely because employees are not at home when on medical leave." When employees are on medical leave, managers may check in on them, particularly those on extended medical leave, said Certis, adding that this includes visiting the employee's home with "small care gestures". Certis said that while most of its employees use medical leave responsibly, it has safeguards in place to ensure this system is used "appropriately and fairly". "Certis holds our officers to high standards of professionalism and integrity," said the company.
CNA
19 hours ago
- CNA
Asia First - Fri 27 Jun 2025
02:27:53 Min From the opening bell across markets in Southeast Asia and China, to the biggest business interviews and top financial stories, tune in to Asia First to kick-start your business day.
CNA
20 hours ago
- CNA
Unemployment in Singapore inches up in Q1 as labour market grows at slower pace
Singapore's labour market growth slowed in Q1 2025, according to the Manpower Ministry's latest report. Total employment rose by 2,400, down from 7,700 in the previous quarter. Unemployment inched up to 2% overall. Meanwhile, Manpower Minister Tan See Leng said a task force set up to support businesses and workers affected by US tariffs is reviewing further measures to help them navigate the uncertainty. Caitlin Ng reports.
