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FINANCIAL NEWS
Saudi Nas Air to launch IPO by 2014
12 Dec 2012
(MENAFN) Saudi Nas Air plans to launch an initial public offering (IPO) by 2014 to finance its expansion plans, reported Arabian Business.
The CEO of Nas Air’s parent company, National Air Services (Nas Holding), Sulaiman Al Hamdan, stated that the Kingdom’s sole low-cost carrier would use the IPO proceeds to acquire around 20 planes, as part of the company’s plan to boost its fleet to 35 aircraft by 2015, from the current 15.
Hamdan said that Nas is mulling the purchase of Boeing’s 737-MAX, which will use 13-percent less fuel than current 737s, or Airbus’s A320neo which will also consume 15-percent less fuel and would provide 2 tons of extra payload, up to 500 nautical miles of more range, lower operating costs, in addition to a cutback in engine noise and emissions.
He noted that an order for 20 A320neos would cost nearly USD2 billion at current average list prices, whereas the same order for the 737-MAX would be worth around USD1.9 billion.
It is worth noting that Nas Air, which commenced operations in 2007, is 37 percent owned by Prince Alwaleed bin Talal’s Kingdom Holding.
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