KUWAIT, Oct 30 (KUNA) -- The Privatisation Committee of Kuwait Airways
("PrivComm") has concluded the review of Expressions of Interest (EOI) to
participate in the privatization process of Kuwait Airways Corporation (KAC),
the committee said on Sunday.
Whilst PrivComm is pleased with the interest received from a broad range of
local and international parties, it has made a recommendation to the Council
of Ministers to proceed with a restructuring plan prior to undertaking the
privatisation process, taking into account the long-term strategic benefit to
KAC and the economy of Kuwait.
The Cabinet has approved the recommendation and decided accordingly to
proceed with an amendment to Law 6 of 2008 to provide the legal framework for
the restructuring and reformation of KAC prior to its privatization. This is
also in line with the successful direction taken in other regional and
international airline privatisations
Commenting on the announcement, Motlaq Al Sane', the Chairman of the
PrivComm said: "We are pleased with the interest received in the company
despite the unprecedented market volatility and economic conditions. "We
believe that the privatization has been underpinned by a transparent process
in line with international best practice.
We have also achieved solid progress in identifying the framework that
will reposition KAC as one of the leading regional operators."
He added: "In taking this process forward we can also learn from the
experiences of other regional airlines which have faced similar challenges.
The delay in privatising KAC gives us the opportunity to address a number of
operational and structural issues ahead of a future privatisation programme."
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