Emirates, nasair & Saudi Arabian Airlines planning IPOs; Kuwait National Airways up; Lonrho slumps
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.
The Centre for Asia Pacific Aviation (CAPA) has launched a unique new strategic business information service covering one of the world's most exciting emerging aviation markets. Middle East-Africa Airline Daily is an efficient morning briefing on airline developments from both regions. Covering fleets, routes, financials, traffic, bilateral agreements, alliances, financing, ownership, along with analysis of all significant developments, it is your one-stop shop to aviation news from Africa and the Middle East - and best of all it's free for a limited time. Sign-up today!
Selected African and Middle Eastern airlines share price movements (% change): 27-Apr-2010
Source: Centre for Asia Pacific Aviation & Reuters
*It was a public holiday in South Africa on 27-Apr-2010