Saudi- based Kingdom Holding Company (KHC) expects to soon receive the Capital Market Authority’s nod for the initial public offering (IPO) of low-cost airline Flynas, CEO Talal Al-Maiman has said.

The company is awaiting the final approval from the market regulator, he told Al Arabiya in an interview at Davos.

Flynas will offload 30% of its capital through the listing, the report said, citing Al-Maiman . 

The airline is turning a profit, he said without giving details.

In April Bloomberg reported Flynas CEO Bander Almohanna as saying that the airline was planning an IPO in 2024 after it hired Goldman Sachs Group, Morgan Stanley, and Saudi Fransi Capital for a potential listing.

In September 2019, KHC increased its stake in Flynas, formerly Nas Air, to 37%. 

The Public Investment Fund, the Kingdom's sovereign wealth fund, holds a 17% stake in the airline.

(Editing by Seban Scaria Seban.scaria@lseg.com