A number of carriers are considering launching IPOs. Emirates Chairman and CEO, Sheikh Ahmed bin Saeed Al Maktoum, recently stated the carrier would be ready to launch an IPO whenever the UAE Government takes the decision. Sheikh Ahmed stated the carrier will “always be ready”.
National Air Services, parent company of Nasair, has announced regulatory approval to become a joint-stock company with capital of USD267 million, in preparation for the launch of an initial public offering. Approval is still required from financial institutions. Nasair expects to return to profitability in 2010. The carrier postponed plans for an IPO in 2008.
Saudi Arabian Airlines also plans to sell 450 million shares, or 30% of the company, in an initial public offering to be launched in 2011.
Shares flat yesterday
The majority of listed Middle East carriers were up on Tuesday (27-Apr-2010), rising with wider markets. Kuwait National Airways (+2.0%) and Jazeera (+0.9%), as the Kuwait Stock Exchange rose 0.8%. Royal Jordanian (+0.5%) was also up marginally.
Air Arabia shares closed flat yesterday. The LCC announced plans over the weekend to install sky advertising messages in its aircraft cabins, firstly on tray tables, through US-based OnBoard Media Group, in a move to enhance revenues.
In Africa, Lonrho (-7.1%) shares slumped for reasons not immediately apparent. Kenya Airways was flat. 1time Holdings and Comair did not trade on Tuesday as the South African share market was closed for Freedom Day.
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Selected African and Middle Eastern airlines share price movements (% change): 27-Apr-2010
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