Jazeera Airways gets nod for a rights issue
Kuwait-based Jazeera Airways Group said on Saturday it had received approval of the company's decision to raise its capital by 91 per cent to KD42m ($148.8m) through a rights issue.
A total of 200 million shares will be issued to existing shareholders at a nominal value of 100 fils per share.
The rights issue is likely to take place in the fourth quarter of this year once the customary ministerial process is finalised, the carrier said in a statement.
Jazeera Airways is listed on the Kuwait Stock Exchange and is one of the few fully-private airlines in the Middle East.
However, it needed to receive an Emiree decree to go ahead with the rights issue as it operates in the aviation sector which is deemed to be of national interest.
Jazeera Airways said it has had a record-breaking earnings streak for the past eight quarters, registering record net profits.
Last month, Jazeera Airways announced a first half net profit of KD3.8m, up 21.6 per cent compared to the same period last year.
Jazeera Airways Group has a fleet of 15 A320 aircraft, 12 of which already delivered and placed. The remaining aircraft are scheduled for delivery in 2013 and 2014.
In 2011 the airline carried 1.2 million passengers in total across its network that includes destinations such as Dubai, Bahrain, Beirut, Alexandria, Amman, Damascus, Istanbul, Sharm El Sheikh, Assiut, Luxor, Mashhad, Sohag, Jeddah, Riyadh, Cairo and Al Najaf.