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FINANCIAL NEWS
Kuwait to sell national carrier after paying defaulted debts
28 Jul 2013
(MENAFN) The Kuwaiti government has paid off its accumulated debt of USD1.55 billion by the Kuwait Airways before the privatization of the carrier, reported Arabian Business.
Kuwait’s plans to privatize the national airline entails that it will sell 35 percent stake to local and international investing firms, while 4 percent will be allocated to citizens.
Also Kuwait Airways Corporation (KAC) employees will comprise 5 percent, while the remaining 20 will still be retained by the government.
It’s worth mentioning that the plan to privatise the national carrier was first approved by the Kuwait’s parliament in 2008.
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