Jul 23 2012
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Bahrain Mumtalakat CEO: No Plans to Liquidate or Merge Gulf Air -Report
Monday, Jul 23, 2012
BEIRUT (Zawya Dow Jones)--Bahrain Mumtalakat Holding Co. is discussing options with the government to restructure its troubled unit Gulf Air , but there are no plans to liquidate the national carrier or merge it with Bahrain Air, Manama-based Al Ayam daily reports Monday citing an official.
The options include such scenarios as downsizing the airline or restructuring the destinations it serves or its modus operandi, the paper said quoting Mahmoud Al Kooheji, chief executive of Mumtalakat --the island kingdom's $11.18 billion sovereign wealth fund which invests in non-oil and non-gas assets.
It is not vital to operate non-core and inefficient routes, Mr. Kooheji told Al Ayam.
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