Jazeera Airways shareholders approve 100% capital increase and KSE listing in Q1 2007

Travel News Asia Monday, 9 October 2006

Shareholders of Jazeera Airways have approved increasing capital by 100% to KD 20 million and listing the company shares on the Kuwait Stock Exchange in Q1 2007.

Shareholders approved the Board of Directors recommendation to increase capital from KWD 10 million (USD 34 million) to KWD 20 million (USD 69 million) by issuing one hundred million (100 million) shares for subscription with a nominal share value of 100 fils. Subscription priority will be for shareholders during a 15-day period.

By doubling its capital, Jazeera Airways intends to gain financial flexibility to fund general working capital needs and capital expenditures, such as growing its fleet of Airbus A320s. Jazeera Airways current fleet consists of 10 new Airbus A320s, four of which were delivered in the last 12 months. The airline also has options for an additional six aircraft of the same type.

Commenting on the capital increase, Chairman and CEO Marwan Boodai said, we accelerated the execution of our organic growth strategy, with the goal of creating value for our shareholders by stepping-up our aircraft orders and widening our destinations network.

The original business plan grew the fleet to four aircraft by 2009, the new accelerated plan grows the fleet to ten aircraft by 2010 and increases the number of destinations.

Shareholders also approved the Boards request to issue bonds in Kuwaiti Dinars or any other currency at the time it sees fit, ratified the financial auditors report for the financial period 2004/2005, and elected Mr. Suhail Homsy in place of the resigned Board Member Mr. Saleh Al Huwaidy.

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