16 December 2008
KUWAIT: Kuwait National Airways (KNA) announced its listing on the Kuwait Stock Exchange yesterday, which was managed by KIPCO Asset Management Company (KAMCO) as the Listing Advisor. The company will be traded under the ticker "KNA" with the completion of the listing in 2008 on target for KNA as per management's expectations, ahead of the planned commencement of flight operations for its flagship subsidiary, Wataniya Airways, in January 2009.
KNA, which was established in 2005, is the parent company of Wataniya Airways, the region's newest commercial full service luxury airline. KNA is also the majority shareholder in United Projects Group (UPAC) - a real estate, construction and aviation support company, and Royal Aviation Company Kuwait - which manages the new high standard private air terminal at Kuwait International Airport.
KNA has an authorized and fully paid-up capital of KD 50 million, distributed over 500 million shares with a par value of 100fils each following its initial public offering in 2006 that was jointly managed by KAMCO and Burgan Bank. The shareholding structure of the company comprises a 30 per cent group of strategic investors and 70 per cent smaller investors.
We are delighted to have been able to complete the listing in 2008 and thereby achieve another planned milestone for KNA, demonstrating the continued successful growth and development of our thriving aviation company," said Abdulsalam Al-Bahar, Chairman & Managing Director of KNA. "Moreover, having KAMCO as the Listing Advisor for our listing gave us the confidence that the project would be executed efficiently and effectively following their successful management of the Company's initial public offering in 2006, in spite of recent turbulences experienced on the Kuwait Stock Exchange.
KNA officially launched the new name and brand identity of its flagship premium airline - Wataniya Airways - in May 2008. Supported by the Kuwait Government's license for a unique premium Kuwaiti airline, Wataniya Airways has been designed as a distinctive short haul airline targeting the Kuwaiti market. The service will offer luxury, comfort and convenient point to point scheduling from Kuwait's prestigious Royal Terminal to regional locations, commencing with flights to Dubai from early 2009.
Wataniya Airways will be using a fleet of luxury Airbus A320 aircraft with the lowest seat density of any similar scheduled aircraft in the world and the first in the region to provide cutting edge technology. Wataniya Airways' guests will receive unparalleled choice for in-flight entertainment and special facilities, appealing to both leisure and business guests.
We were pleased to have been appointed to bring this project to fruition and use our extensive market experience to achieve a very successful listing on the Kuwait Stock Exchange for KNA," added Saudoun Ali, CEO for KAMCO. "Moreover, we believe that KNA will be on added value to the KSE due to the positive prospects of its industry in addition to its professional and experienced management," Ali added.
KUWAIT: Kuwait National Airways (KNA) announced its listing on the Kuwait Stock Exchange yesterday, which was managed by KIPCO Asset Management Company (KAMCO) as the Listing Advisor. The company will be traded under the ticker "KNA" with the completion of the listing in 2008 on target for KNA as per management's expectations, ahead of the planned commencement of flight operations for its flagship subsidiary, Wataniya Airways, in January 2009.
KNA, which was established in 2005, is the parent company of Wataniya Airways, the region's newest commercial full service luxury airline. KNA is also the majority shareholder in United Projects Group (UPAC) - a real estate, construction and aviation support company, and Royal Aviation Company Kuwait - which manages the new high standard private air terminal at Kuwait International Airport.
KNA has an authorized and fully paid-up capital of KD 50 million, distributed over 500 million shares with a par value of 100fils each following its initial public offering in 2006 that was jointly managed by KAMCO and Burgan Bank. The shareholding structure of the company comprises a 30 per cent group of strategic investors and 70 per cent smaller investors.
We are delighted to have been able to complete the listing in 2008 and thereby achieve another planned milestone for KNA, demonstrating the continued successful growth and development of our thriving aviation company," said Abdulsalam Al-Bahar, Chairman & Managing Director of KNA. "Moreover, having KAMCO as the Listing Advisor for our listing gave us the confidence that the project would be executed efficiently and effectively following their successful management of the Company's initial public offering in 2006, in spite of recent turbulences experienced on the Kuwait Stock Exchange.
KNA officially launched the new name and brand identity of its flagship premium airline - Wataniya Airways - in May 2008. Supported by the Kuwait Government's license for a unique premium Kuwaiti airline, Wataniya Airways has been designed as a distinctive short haul airline targeting the Kuwaiti market. The service will offer luxury, comfort and convenient point to point scheduling from Kuwait's prestigious Royal Terminal to regional locations, commencing with flights to Dubai from early 2009.
Wataniya Airways will be using a fleet of luxury Airbus A320 aircraft with the lowest seat density of any similar scheduled aircraft in the world and the first in the region to provide cutting edge technology. Wataniya Airways' guests will receive unparalleled choice for in-flight entertainment and special facilities, appealing to both leisure and business guests.
We were pleased to have been appointed to bring this project to fruition and use our extensive market experience to achieve a very successful listing on the Kuwait Stock Exchange for KNA," added Saudoun Ali, CEO for KAMCO. "Moreover, we believe that KNA will be on added value to the KSE due to the positive prospects of its industry in addition to its professional and experienced management," Ali added.
© Kuwait Times 2008
