Privatisation committee will now work with advisers
The Privatisation Committee of Kuwait Airways (PrivComm) says it has received expressions of interest for the planned privatisation of the Kuwait Airways Corporation (KAC).
Companies were invited to submit expressions of interest by 25 August (MEED 1:8:11).
PrivComm will now work closely with its advisers to assess the expressions of interest.
In August 2010, Kuwait appointed the US’ Citigroup, the UK’s Ernst & Young and US aviation services firm Seabury to handle the privatisation process.
The privatisation will take place through the establishment of Kuwait Airways and all assets, liabilities, rights and benefits will be transferred from KAC to Kuwait Airways Company.
Interested companies will be able to subscribe to 35 per cent of the predetermined share capital of Kuwait Airways of KD220m ($807m).
State-run Kuwait Investment Authority awarded the consortium of local Abdulhammed al-Sarraf & Partners and the US’ Baker & MacKenzie the contract to provide legal advisory services on the privatisation of the carrier on 25 June 2010.
Kuwait Investment Authority will own 20 per cent of Kuwait Airways. The privatisation of the airline was initially due to be completed by March 2011.
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