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9-Nov-2018 10:04 AM

Shaheen Air International finalises acquisition agreement with Saudi royal

Shaheen Air International, via its official Twitter account, announced (08-Nov-2018) it finalised an acquisition agreement with an as yet unnamed member of Saudi Arabia's royal family, adding: "The takeover is likely to happen over the course of the next two months" (Daily Times/Pakistan Today/Dunya News, 08/09-Nov-2018). Shaheen Air CEO Javed Sehbai stated: "We have finalised the deal with a Saudi Prince. We will be conducting a press conference very soon to announce about our investor and share the details of the acquisition". Mr Sehbai said the airline will resume services in a matter of weeks, adding: "Due payments of government regulatory bodies and our employees' salaries are our first priority and will be cleared during the first stage of our investment plans".

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