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".

Want More News Like This?

CAPA Membership provides access to all news and analysis on the site, along with access to many areas of our comprehensive databases and toolsets.
Find Out More