Kuwait City - Arabstoday
Kuwait Airways said Sunday its privatization committee would assess the initial expressions of interests made to acquire a 35 percent stake in the state-run airline, as the deadline for submissions expired. “The Privatization Committee of Kuwait Airways has confirmed the close of the initial expression of interest phase of the proposed privatization programme,” the company said in an emailed statement. The committee “will work closely” with its advisers to assess the expressions of interest and an update will be provided “in due course,” it said. The committee said on August 1 that “all identified assets, liabilities, rights and benefits” of Kuwait Airways will be transferred to a new company called Kuwait Airways Co. Joint-stock companies listed on the Kuwait Stock Exchange and specialized global companies can subscribe to 35 percent of the share capital valued at KD220m ($804m), it said then. Kuwait’s parliament decided in January 2008 to sell shares in the airline, which hasn’t turned a profit since the 1990 Iraqi invasion. The government planned to offer 40 percent of the stock to the public, 35 percent to a strategic investor and 5 percent to employees, and keep the remainder.Kuwait Airways operates 17 aircraft including two Boeing 777s and a mixed fleet of Airbus A340s, A310s, A320s and A300-600s. Kuwait, the world\'s fourth largest oil exporter, is on a drive to boost its private sector and become a regional financial centre. Its economy is largely dependent on oil revenues and driven by government spending. From / Arabian Business News