Shareholder in Kuwait's Jazeera Airways weighs stake sale

Boodai Corporation, Kuwait's investment holding conglomerate, has hired HSBC to advise it on a possible stake sale in Jazeera Airways, say sources familiar with the matter. The family-owned investment company was looking at various options to sell down its stake in the airline, the sources said. It holds 16.89% of Jazeera directly and further stakes indirectly through special purpose vehicles, giving it a controlling stake, according to the sources. Chairman Marwan Boodai set up the airline in 2004, the first non-govt owned airline in the Middle East. People familiar with the M&A industry said Boodai might struggle to find a buyer because aviation was not as popular a sector for investors in the region as industries such as fast-moving consumer goods, healthcare and finance. <br/>