Kuwait Airways Corp., a state-owned carrier, is in the “final stages” of preparation for a public share sale, Communications Minister Mohammad al-Busairy said.
“The establishing committee submitted its first memo which the government is now looking at,” al-Busairy told reporters in Kuwait City today. “I expect the company’s establishment to start by the end of March.”
Kuwait Investment Authority, the Gulf Arab state’s sovereign wealth fund, was authorized last year to establish a shareholding company to hold the airline’s assets, KAC Chairman Hamad al-Falah said in an interview last March. The fund formed a committee that was given one year to implement the privatization, al-Falah said at the time. The shareholding company will be called Kuwait Airways Co.
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