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Nefinsa sells out of Vueling; Air Arabia shares fall following dividend payment

Nefinsa SA sold its 4.15% stake in Vueling Airlines at EUR9.5/share, according to Fidentiis Equities, which conducted the sale. Fidentiis had been mandated to sell Nefinsa's entire stake in the LCC via a book-building exercise. The company's agreement with Iberia Lineas Aereas de Espana SA to remain a shareholder in Vueling until 15-May-2011 terminated on 31-Mar-2011. Shares in Vueling were flat yesterday.

Shares in Air Arabia have dipped more than 9% following the company's dividend payment of 8 fils per share. The drop puts Air Arabia shares at the lowest closing price on the Dubai Financial Market General Index since its 2007 IPO.

Selected LCC daily share price movements (% change): 30-Mar-2011