Kuwait’s Jazeera Airways Raises Capital By 74%

The airline increased its capital through a share issue which was 2.25 times oversubscribed.

Kuwait’s Jazeera Airways said on Sunday it had raised its capital by 74 per cent to KWD42 million ($149 million) through a share issue which was 2.25 times oversubscribed.

The airline issued 178 million shares priced at 100 fils each from Dec 16-31, it said in a statement. There are 1,000 fils in a dinar.

The group did not say what it would use the funds for but in the past the company has said it would use such a capital hike in order to expand its business.

The share sale is the latest in a series of capital raising measures by Kuwaiti companies. In December, Burgan Bank issued a KWD100 million bond, the largest ever local currency issue by a company in the Gulf Arab state.