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Kuwait Airways Corporation on track for share sale and privatisation

27-Jul-2010 11:10 AM

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.