Kuwait City: Kipco Asset Management Company (Kamco) has announced the launch of a public offering of 350 million shares in Kuwait National Airlines Company at a price of 103 Kuwaiti fils per share, the equivalent of 70 per cent of the company's capital of KD50 million.
The offering is available to Kuwaiti individuals and Kuwaiti companies during the subscription period from today and until February 16.
Kamco will act as issue manager and Burgan Bank will be the sole selling agent, said Kamco chairman Masaud Hayat.
The announcement came at a Press conference held for the launch of the public offering of shares in the airline company.
Kamco general manager Saudoun Al Ali said: "Kuwait's public and private commercial civil aviation sectors are considered to be amongst the leaders in the Middle East region.
For over 50 years, the Kuwaiti government has successfully kept up with the latest developments in the aviation industry, from the provision of modern infrastructure to the application of the latest international rules and regulations governing this important industry.
The industry's development has coincided with the development of Kuwait over the past years under the leadership of the late Amir of Kuwait, Shaikh Jaber Al Ahmed Al Jaber Al Sabah.
Al Ali said that with the apparent positive developments in the economic conditions in Kuwait and the region, and as part of Kuwait's plans for enhanced future economic development and in order to increase the role of the private sector in Kuwait's development, the government of Kuwait, by decree from the Council of Ministers, approved the granting of three commercial licenses for new Kuwaiti airlines to private sector investors.
Gulf Daily News
The offering is available to Kuwaiti individuals and Kuwaiti companies during the subscription period from today and until February 16.
Kamco will act as issue manager and Burgan Bank will be the sole selling agent, said Kamco chairman Masaud Hayat.
The announcement came at a Press conference held for the launch of the public offering of shares in the airline company.
Kamco general manager Saudoun Al Ali said: "Kuwait's public and private commercial civil aviation sectors are considered to be amongst the leaders in the Middle East region.
For over 50 years, the Kuwaiti government has successfully kept up with the latest developments in the aviation industry, from the provision of modern infrastructure to the application of the latest international rules and regulations governing this important industry.
The industry's development has coincided with the development of Kuwait over the past years under the leadership of the late Amir of Kuwait, Shaikh Jaber Al Ahmed Al Jaber Al Sabah.
Al Ali said that with the apparent positive developments in the economic conditions in Kuwait and the region, and as part of Kuwait's plans for enhanced future economic development and in order to increase the role of the private sector in Kuwait's development, the government of Kuwait, by decree from the Council of Ministers, approved the granting of three commercial licenses for new Kuwaiti airlines to private sector investors.
Gulf Daily News
