Unlisted Kuwait Airways Corporation (KAC) announced it has received offers for partnership from investment banks, auditing companies and aviation companies to promote shares in the airline and supervise a tender for a strategic partner. KAC will also be cooperating with the World Bank to review the offers by 01-Aug-2010.
Last week, KAC Chairman and Managing Director, Hamad al-Falah, stated the privatisation of the airline is on schedule. On 03-Mar-2010, the Constituent Committee commenced the implementation of law 6/2008 to privatise the company, with the Kuwait Investment Authority (KIA) to establish the new company. The committee has completed a draft of the contract of Establishment and the Company Charter and appointed Abdul Hameed Al-Sarraf and Partners, with Baker and McKenzie for advisory services.
See related CAPA profile: Privatisation and ownership
Middle Eastern airline shares were mostly on the rise yesterday with Royal Jordanian (+1.3%) and Jazeera (+3.6%) up, while Wataniya's parent, Kuwait National Airways, remained stable.
African shares were mixed, with Lonrho (-4.6%) and Comair (-2.9%) down and Kenya Airways (+0.6%) and 1time (+3.5%) on the rise.
Selected African and Middle Eastern airlines share price movements (% change): 26-Jul-2010
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