Saudi airline Flynas to seek IPO regulatory approval by mid-2017
Flynas plans to seek regulatory approval this year for an initial public offering that would make it the first carrier to be listed on the country’s stock exchange, part of a broader effort to diversity the economy in the face of weak oil prices. The closely held carrier, which announced an deal for 80 Airbus planes Monday, is working with Banque Saudi Fransi and expects to apply for clearance from Saudi Arabia’s Capital Market Authority by mid-2017, CE Paul Byrne said. In 2016, Flynas recorded its second profitable year since beginning operations a decade ago, he said, declining to provide figures. “We’ve been profitable for the past couple of years, so it’s something we need to think about,” Byrne said. “The percentage to be floated is up to the shareholders to decide.” <br/>
https://portal.staralliance.com/cms/news/hot-topics/2017-01-17/unaligned/saudi-airline-flynas-to-seek-ipo-regulatory-approval-by-mid-2017
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Saudi airline Flynas to seek IPO regulatory approval by mid-2017
Flynas plans to seek regulatory approval this year for an initial public offering that would make it the first carrier to be listed on the country’s stock exchange, part of a broader effort to diversity the economy in the face of weak oil prices. The closely held carrier, which announced an deal for 80 Airbus planes Monday, is working with Banque Saudi Fransi and expects to apply for clearance from Saudi Arabia’s Capital Market Authority by mid-2017, CE Paul Byrne said. In 2016, Flynas recorded its second profitable year since beginning operations a decade ago, he said, declining to provide figures. “We’ve been profitable for the past couple of years, so it’s something we need to think about,” Byrne said. “The percentage to be floated is up to the shareholders to decide.” <br/>
