Jazeera Airways shares down despite shareholder approval to fund Sahaab Aircraft Leasing acquisition

Jazeera Airways' (-2.3%) shares were down on Thursday (13-May-2010) despite receiving shareholder approval to fund the acquisition of Sahaab Aircraft Leasing by raising the company's capital to USD144.8 million through a rights issue of 200 million shares. The acquisition will appear in Jazeera Airways' 2010 consolidated results and Sahaab will continue to operate as a subsidiary of Jazeera Airways.

Royal Jordanian Airlines (0.6%) was the only carrier to increase of the Middle East/African carriers tracked by CAPA's Middle East-Africa Airline Daily, following a 0.3% gain in the Amman Stock Exchange.

In Africa, Lonrho (-2.3%), Comair (-5.1%) and Kenya Airways (-1.8%) continued a downward trend, as the Johannesburg Stock Exchange fell by 0.5% amid some profit taking.

Selected African and Middle Eastern airlines share price movements (% change): 13-May-2010