Jazeera will buy back 10% of stocks

Chairman and CEO Marwan Boodai.

Following its 2008 annual general meeting yesterday, Kuwait-based budget carrier Jazeera Airways said its shareholders have approved a plan to buy back up to 10 per cent of its stock besides selling bonds in dinars or any other currency.

The airline said it would neither pay dividends for financial year ending December 31, 2007, nor would its board members receive bonuses, as per the airline's five-year business plan.

Shareholders also elected Nasser Al Sanousi to the board of directors and approved the financial results for the year. They also agreed to the selection of Price Waterhouse Coopers as auditors and ratified the board's proposal to issue bonds in Kuwaiti dinars or any other currency at a time set by the board.

The Kuwait stock exchange-listed airline's net profit for the first quarter increased 42 per cent compared with the same period last year. "Our continued profitability is a result of two factors. The first is that in 2007 we carried 100 per cent more passengers than 2006, and secondly because of our cost management," said Chairman and CEO Marwan Boodai.

 

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