Royal Jordanian flat; Wataniya to launch third European service; Nigerian Eagle to sell equity
Kuwait National Airways ended trading flat. Subsidiary, Wataniya Airways announced during trading that it plans to launch three times weekly Kuwait-Vienna service on 02-Jun-2010, with Vienna to become the carrier's third European destinations, after Istanbul and Rome (to be launched on 02-May-2010 and 31-May-2010, respectively) and the carrier's 11th destination in its network.
Jazeera up on capital raising
Jazeera Airways (+4.1%) gained following news the day prior that its Board of Directors approved plans to raise capital by 91%, to KWD42 million, through a rights issue. On Monday, the carrier also announced plans to launch three times weekly Kuwait-Lahore service from 12-May-2010. Lahore is the carrier's first destination in Pakistan.
Air Arabia (+0.1%) was also up marginally.
Nigerian Eagle planning to sell equity and reorganise debt
In Africa, Nigerian Eagle Airlines (formerly Virgin Nigeria), currently 49% owned by Virgin Atlantic, reportedly plans to sell equity and reorganise its debt in a transaction worth approximately USD450 million, according to the airline's advisors, Ernst & Young. The agreement is expected to be completed by the end of Summer 2010. A number of investors and companies have reportedly shown interest in acquiring the stake, all of which are based in Nigeria. The airline is also trying to sell the seven EMB-190s it has on order.
Elsewhere, 1time Holding (-4.3%) and Comair (-1.5%) were both down again on Monday, for a second and third session, respectively, moving lower with South Africa’s JSE Index, which was down 0.5%. Kenya Airways and Lonrho were both flat, as Kenya’s All-Share Index fell (-0.2%).
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): 12-Apr-2010