Business & Finance

Kuwait Air calls for investor expressions of interest

KUWAIT : The privatisation committee of Kuwait Airways asked potential investors to submit their interest in buying a st

Published August 1, 2011 Updated August 1, 2011 04:44am

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By Shoaib Ur Rehman

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"Interested parties will have an opportunity to subscribe to 35 percent of the predetermined share capital of 220 million dinars ($805.3 million)," the committee said in a statement, setting Aug. 25 as the deadline for submission.

A potential stake sale would be the first privatisation of a Gulf-owned carrier.

Last year, Kuwait appointed Citigroup Inc. auditors Ernst & Young and aviation consulting firm Seabury to handle the privatisation of its national carrier, which has a fleet of 17 planes.

Joint-stock companies listed on the Kuwaiti bourse and "specialised" international firms are allowed to subscribe, the statement added.

Kuwait's parliament approved a plan in 2008 to privatise loss-making Kuwait Airways Corp. Under the plan, the government will sell 40 percent of the airline to the public and 35 percent to a long-term investor.

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