Binman seeks partners

Dino D'Amore
By Dino D'Amore October 3, 2013 09:25

Binman seeks partners

Bangladeshi carrier Biman is seeking a strategic partner preferably based in the Gulf or in Southeast Asia, which would be open to strategic partnership when it is privatised in around two-and-a-half years.

Biman has recently got approval of the Bangladeshi government to launch its initial public offer (IPO), where the Government of Bangladesh will retain a majority share despite the strategic partnership.

Biman has cut its losses by $50 million in the last financial year, according to the airline. In 2011-12, the carrier lost $75 million, while in 2012-13 this had to around $25 million. The aim is to bring that down to $10 million by June 2014 and to make a profit by 2014-2015.

Dino D'Amore
By Dino D'Amore October 3, 2013 09:25
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