As the initial stage in its privatisation, Kuwait Airways has put up a $280m stake for sale to international carriers and investors. Talks with potential investors will begin this week, reports the Financial Times.
The Kuwait Investment Authority, the country’s sovereign wealth fund, will subscribe to a fifth of the share capital with the balance slated to be offered to employees and investors in a future initial public offering.
Qatar Airways, Etihad and Emirates are the likely bidders for the stake, and have until August 25 to express their interest. Citigroup, Seabury, and Ernst & Young are advising the privatisation committee.