October 9, 2017 / 3:47 AM / 2 months ago

Aviation red flag removed against Thailand, airline shares jump

BANGKOK, Oct 9 (Reuters) - The U.N. International Civil Aviation Organization has removed a red flag against Thailand over safety concerns, the Civil Aviation Authority of Thailand said on Monday, sending shares in Thai airlines sharply higher.

Thailand was downgraded in June 2015 after missing a deadline to resolve significant safety concerns, meaning that airlines in Thailand were unable to add further routes, though they could continue to operate routine flights.

The Thai aviation authority said the ICAO had made the decision after a meeting on Oct 6. The Montreal-based U.N. agency was not immediately available for comment.

“Although lifting the red flag is a significant turning point for her aviation industry, Thailand as well as CAAT need to carry on their missions to improve the aviation safety standards,” the CAAT said on its website.

Shares in Thai Airways rose 5.95 percent on the news. Asia Aviation shares rose 4.62 percent. (Writing by Matthew Tostevin)

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