Friday, 5 February 2010
Bahrain SWF moves Gulf Air ownership to govt
Bahrain's sovereign wealth fund Mumtalakat said on Thursday it would transfer ownership of the country's loss-making national carrier Gulf Air [GULF.UL] to the Bahraini government.
"Bahrain Mumtalakat Holding Company, the investment company for the Kingdom of Bahrain, announced today its intention to divest its interests in Gulf Air, Bahrain's national carrier, to the Bahraini government," the fund said in a statement.
Talal Al Zain, chief executive of Mumtalakat, told Reuters an investment in the airline industry did not fit with the fund's investment strategy.
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