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Kuwaiti Parliament Approves National Carrier Selloff
January 23, 2013
Kuwait's
parliament approved an amended draft law on Wednesday paving the way
for the long-overdue sale of Kuwait Airways, state-run news agency KUNA
reported.
Parliament first backed privatizing loss-making Kuwait
Airways in 2008 but the global economic crisis, political turmoil and a
restructuring at the airline have repeatedly held up the process.
Under
the draft law, the carrier will change its name to Kuwait Airways
Company and own all assets and property of KAC, except for outstanding
payments from the Iraqi government and Iraqi Airways, KUNA said.
Iraq
and Kuwait agreed last year that Baghdad would pay USD$500 million in
compensation for Gulf War-era debts. The cash will go to the state
treasury, not KAC, the report said.
The Kuwaiti carrier faces
challenges such as high staff costs, an aging fleet and tough
competition from other Gulf airlines, communications minister Salem
al-Athaina said, according to KUNA. He did not give a timeline for the
privatization process.
Under a plan approved by the cabinet in
April the government will offer a 35-percent stake to companies listed
in Kuwait and to "specialized" local or international firms within three
years.
The government would retain 20 percent with 5 percent to be distributed to KAC employees.
The
remaining 40 percent would be allotted in the same way to citizens
registered with the Public Authority for Civil Information, the Kuwaiti
body that issues civil identity cards.
(Reuters)
http://news.airwise.com/story/view/1358980471.html
January 23, 2013
Kuwait's
parliament approved an amended draft law on Wednesday paving the way
for the long-overdue sale of Kuwait Airways, state-run news agency KUNA
reported.
Parliament first backed privatizing loss-making Kuwait
Airways in 2008 but the global economic crisis, political turmoil and a
restructuring at the airline have repeatedly held up the process.
Under
the draft law, the carrier will change its name to Kuwait Airways
Company and own all assets and property of KAC, except for outstanding
payments from the Iraqi government and Iraqi Airways, KUNA said.
Iraq
and Kuwait agreed last year that Baghdad would pay USD$500 million in
compensation for Gulf War-era debts. The cash will go to the state
treasury, not KAC, the report said.
The Kuwaiti carrier faces
challenges such as high staff costs, an aging fleet and tough
competition from other Gulf airlines, communications minister Salem
al-Athaina said, according to KUNA. He did not give a timeline for the
privatization process.
Under a plan approved by the cabinet in
April the government will offer a 35-percent stake to companies listed
in Kuwait and to "specialized" local or international firms within three
years.
The government would retain 20 percent with 5 percent to be distributed to KAC employees.
The
remaining 40 percent would be allotted in the same way to citizens
registered with the Public Authority for Civil Information, the Kuwaiti
body that issues civil identity cards.
(Reuters)
http://news.airwise.com/story/view/1358980471.html
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