Low-cost airline set for Kuwait listing


KUWAIT: Low-budget airline Jazeera Airlines said yesterday it would debut on the Kuwaiti stock market on January 14, more than six months later than initially planned.

The company won Kuwaiti approval for the listing, Jazeera said. It had initially planned to list its shares in the second quarter, but had to wait for final approval.

A spokesman said Jazeera was still considering whether to list its shares in Dubai.

Jazeera shareholders approved in September 2006 a plan to double the airline’s capital to 20 million dinars ($73.23m) by selling stock to existing shareholders.

Profit in the first nine months fell to 1.03m dinars after 2.64m dinars in the same period a year ago, according to figures published in advertisements in the local press. It did not provide a reason for the decline.

Jazeera will be the second Middle Eastern airline to list shares after Sharjah-based Air Arabia, which debuted on Dubai’s benchmark in July. Air Arabia, the Middle East’s largest low-cost carrier, raised 2.57 billion dirhams ($699.7m) in a share sale in March.