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KAC privatization committee ends review of "EOI"

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." (end) hq.rk KUNA 301323 Oct 11NNNN