The Saudi national carrier, Saudi Arabian Airlines, plans to sell 49 per cent of its catering arm Saudia Catering for SR1.4 billion ($373.3 million).
Following the sale the board of directors of the company would be reshuffled with Saudia holding four seats and the rest going to the new company. The new company will sign a contract with Saudia to provide catering services to its flights, and also meet the needs of foreign airlines operating in the Kingdom.
Saudia sources denied rumours that the new company would cut the number of workers — currently 3,000 — employed by Saudia Catering.
Saudia Catering supplies 20 million meals annually. Last year, it recorded a revenue of SR643 million and a net profit of SR142 million.
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