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- Dubai 04:32 05:49 12:21 15:48 18:47 20:04
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Kuwait's low-budget airline Jazeera Airlines said on Monday 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 in a statement. 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 KD20 million ($73.23 million, Dh269 million) by selling stock to existing shareholders.
Profit in the first nine months fell to KD1.03 million ($3.8 million, Dh13.8 million) after KD2.64 million ($9.7 million, Dh35.5 million) 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 Dh2.57 billion ($699.7 million) in a share sale in March. (Reuters)
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