Financiers in Kuwait have launched an initial public offering to raise capital for a new private-sector airline, Kuwait National Airlines, the latest start-up in the Middle East state.
The initial public offering, which will run to 16 February, comprises 350 million shares at 0.103 Kuwaiti dinars each, which will account for 70% of the company’s 50 million Kuwaiti dinars ($14.6 million) capital.
Founders of the new company have placed the remaining 15 million Kuwaiti dinars.
Kuwaiti Projects’ asset management subsidiary KAMCO is overseeing the offering, but details of the new carrier are sketchy.
Kuwait’s Burgan Bank is sales agent for the financing process.
Kuwait’s government has recently started granting licences to private airlines, including the newly launched Jazeera Airways, generating competition against flag carrier Kuwait Airways.
DAVID KAMINSKI-MORROW / LONDON
Source: Flight International