12-Jul-2012 7:50 AM
Middle East Airlines cancels planned IPO, no longer interested in Cyprus Airways
Lebanon's Central Bank Governor Riad Salameh said Middle East Airlines has cancelled its planned partial IPO due to unfavourable market conditions and because it is no longer looking at buying a stake in Cyprus Airways Ltd, according to a Arabian Business report. "Our investment bankers have advised us to hold on doing an IPO given the crisis situation in the Arab world, around the Mediterranean and in the aviation sector worldwide," Mr Salameh said adding, "We don't have any timetable for the time being to execute an IPO." The carrier was considering a listing of around 25% of its share on the Beirut Stock Exchange. Mr Salameh said its Cyrpus Airways acquisition plans have "been disregarded after we did some studies on the company".