Saudi Arabia’s sovereign wealth fund is in talks to buy a stake in Flynas, a low-cost carrier that’s a key pillar of the kingdom’s attempts to bolster its tourism sector, according to people familiar with the matter.
Goldman Sachs Group is advising shareholders on the potential sale to the Public Investment Fund, the people said, asking not to be identified as the information isn’t public. The airline is partly owned by Prince Alwaleed Bin Talal’s Kingdom Holding Co., in which PIF bought a 17% stake last year.
Flynas had also been planning a potential listing, the people said, though this might be delayed if the stake sale to PIF goes ahead. The carrier has been weighing an IPO since 2008 and in 2018 hired Morgan Stanley, Citigroup Inc. and NCB Capital for a potential deal, Bloomberg News reported.
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