The privatisation of Royal Jordanian will move a step closer, with the start of initial public offering (IPO) of up to 71 per cent of the company on 25 November.
At JD3.40 ($4.8) per share, the government expects to make some JD203m ($287m) from the sale of its stake. The IPO will close on 3 December. Shares in the national carrier will begin trading on the Amman Stock Exchange on 18 December.
The airline has appointed Citigroup as bookrunner, with Arab Jordan Investment as lead manager. Linklaters, the US aviation consultancy SH&E, and Shuaa Capital have also been brought in to advise on the sale.
About 7 per cent of company shares will be set aside for employees as part of a staff incentive scheme.
In September, the airline’s management made it clear that it intended to complete the company’s privatisation by the end of 2007 (MEED 28:9:07).