Sunday 20 January 2013

Kuwait's Jazeera Airways raises capital by 74 pct | Reuters

Kuwait's Jazeera Airways (JAZK.KW) said on Sunday it had raised its capital by 74 percent to 42 million dinars ($149 million) through a share issue which was 2.25 times oversubscribed.

The airline issued 178 million shares priced at 100 fils each from Dec 16-31, it said in a statement. There are 1,000 fils in a dinar.

The group did not say what it would use the funds for but in the past the company has said it would use such a capital hike in order to expand its business.

The share sale is the latest in a series of capital raising measures by Kuwaiti companies. In December, Burgan Bank (BURG.KW) issued a 100 million dinar bond, the largest ever local currency issue by a company in the Gulf Arab state.End

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