Monday, Mar 26, 2012
BEIRUT (Zawya Dow Jones)--The privatization of Kuwait Airways Corp., or KAC, is expected to be completed soon as parliament will look into approving the funds for the restructuring of its fleet this week, Kuwait-based Al Seyassah daily reports Monday, citing an executive.
The airline is likely to achieve a profit after three years from its conversion into a commercial company operating according to the companies law under the supervision of Kuwait Investment Authority, Jassem Zainal, a member of KAC's board, told the paper. He added that the carrier hadn't been profitable since its inception.
Zainal also denied that KAC has concluded a contract to purchase 11 aircraft, the daily reports.
Newspaper website: http://www.al-seyassah.com/AtricleView/tabid/59/smid/438/ArticleID/183592/reftab/76/Default.aspx
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
26-03-12 0456GMT
