Wataniya Airways stated its board has proposed to increase its capital by KWD15 million (USD37.4 million) with the aim of restructuring the company and resuming trading on the Kuwaiti Stock Exchange. The company also stated its extraordinary general assembly will be invited to convene to discuss the extraordinary agenda, which includes two items, namely considering an increase of the company's capital, and consideration of the company's future.
Also in the Middle East, Sharjah-based LCC Air Arabia reportedly plans to launch services to Tuzla in Bosnia and Herzegovina during summer 2011. Shares in Air Arabia rose 1.7% in trading on Wednesday, on a mixed day for Middle East and African airline shares.
Selected Middle East and African airline share price movements (% change): 20-Apr-2011