Kuwait airline IPO launched
THE Kipco Asset Management Company (Kamco) has launched a public offering of 350 million shares in Kuwait National Airlines Company at a price of 103 Kuwaiti fils per share, the equivalent of 70 per cent of the company’s capital of KD50 million.
The offering is available to Kuwaiti individuals and Kuwaiti companies during the subscription period until February 16.
Kamco will act as issue manager and Burgan Bank will be the sole selling agent, said Kamco chairman Masaud Hayat.
The announcement came at a press conference held for the launch of the public offering of shares in the airline company.
Kamco general manager Saudoun Al Ali said: “Kuwait’s public and private commercial civil aviation sectors are considered to be amongst the leaders in the Middle East region.
This offering is expected to attract a variety of investors. Al Ali indicated that the company’s capital had been set at KD50 million, distributed over 500 million shares at a par value of 100 Kuwaiti fils per share. He said the founders had already subscribed in 30 per cent of the company’s capital and appointed Burgan Bank as selling agent and Kamco as issue manager.