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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Kuwaiti Parliament Approves National Carrier Selloff

    Hkp1
    Hkp1
    Interacting Investor
    Interacting Investor


    Posts : 3118
    Join date : 2012-12-19

    Kuwaiti Parliament Approves National Carrier Selloff Empty Kuwaiti Parliament Approves National Carrier Selloff

    Post by Hkp1 Wed 23 Jan 2013, 9:48 pm

    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

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