Kuwait National Airways Announces KAMCO Will Manage Its Listing on Kuwait Stock Exchange
Kuwait National Airways has announced that KIPCO Asset Management Company (KAMCO) will manage its listing on the Kuwait Stock Exchange (KSE) in the fourth quarter of 2008. The agreement between the two companies was signed this week for a listing that is anticipated to be highly successful.
The agreement on the appointment of the lead manager for the listing was signed by the Chairman and Managing Director of Kuwait National Airways, Mr. Abdulsalam Al Bahar, and the CEO of KAMCO Mr. Saudoun Ali.
Kuwait National Airways was created in 2005 and the company comprises Wataniya Airways, the region’s newest premium airline that will commence operations in 2009, UPAC – a real estate, construction and aviation support company and Royal Aviation – which manages the new private air terminal at Kuwait International Airport.
Kuwait National Airways has an authorized capital of KD 50 million following its initial public offering and the structure of the company includes a 30 per cent group of strategic investors and 70 per cent smaller investors.
“We are delighted to have signed this agreement for KAMCO to be the lead manager for our forthcoming listing – another important milestone in the continuing successful growth and development of Kuwait National Airways as a highly successful company with aviation at the core of its activity,” said Mr. Abdulsalam Al Bahar.
Mr. Saudoun Ali added: “We are looking forward to bringing our financial expertise and experience to helping Kuwait National Airways to achieve a very successful listing on the Kuwait Stock Exchange in the final quarter of this year.”
In May, Kuwait National Airways officially launched the new name and brand identity of its flagship premium airline – Wataniya Airways – a unique short haul airline that has been developed specifically for the Kuwaiti market offering luxury, comfort and point to point scheduling from Kuwait International Airport to regional locations.
Services will commence in 2009 on new Airbus A320 aircraft with the lowest seat density of any similar scheduled aircraft in the world.
