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27-Jul-2010 11:10 AM

Kuwait Airways Corporation on track for share sale and privatisation

Kuwait Airways Corporation (KAC) announced it has received offers for partnership from investment banks, auditing companies and aviation companies to promote shares in the company and supervise a tender for a strategic partner (KUNA, 26-Jul-2010). KAC will also be cooperating with World Bank to review the offers by 01-Aug-2010. Last week, KAC Chairman and Managing Director, Hamad al-Falah, stated the privatisation of the airline is on schedule. On 03-Mar-2010, the Constituent Committee commenced the implementation of law 6/2008 to privatise the company, with Kuwait Investment Authority (KIA) to establish the new company. The committee has completed a draft of the contract of establishment and company charter and appointed Abdul Hameed Al-Sarraf and Partners, with Baker and McKenzie for advisory services.