Kuwait Airways privatization inches closer

Victoria
By Victoria April 23, 2012 16:33

Kuwait Airways privatization inches closer

Kuwait’s cabinet has approved an amended draft law that will allow Kuwait Airways to be privatized within three years. The new draft law allows the government to offer a 35% stake in the airline to companies on the country’s stock exchange.
The stake would go to the highest bidder and the shares would not be allowed to be traded for three years. The government will retain a 20% stake and 5% will be distributed to KAC employees for free.
Although the airline first submitted a plan to privatize in 2005, problems with its restructuring delayed the process.
Citigroup, Ernst & Young and Seabury are working on the deal.

Victoria
By Victoria April 23, 2012 16:33
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