Jazeera Airways launched a rights issue for 178 million shares on December 17 to raise the company’s capital by 74% to KD42 million.
Shares are available to existing shareholders as of December 16, and at a nominal value of 100 Kuwaiti fils.
Jazeera Airways is listed on the Kuwait Stock Exchange and is one of the few fully-private airlines in the Middle East.Last month, it announced a record Q3 net profit of KD7.6m, up 24.6% from the same period last year, as well as its best nine-month results for the year of KD11.4m, up 23.6% from same period last year.
Jazeera Airways Group comprises a fleet of 15 A320 aircraft, 12 of which are already delivered and placed. The remaining aircraft are scheduled for delivery in 2013 and 2014.
The aircraft are divided between the airline and its fully-owned leasing business, Sahaab Aircraft Leasing. Sahaab has assets placed with Virgin America and SriLankan Airlines.