The Saudi-based Kingdom Holding Company (KHC) is expecting 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.
In an interview at Davos, the CEO said they are awaiting the final approval from the market regulator.
The airline will offload 30% of its capital through the listing, the report said, citing Al-Maiman. He said the airline is turning a profit without giving details.
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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.
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