Saudi NAS to become joint-stock firm

26 Apr 2010

(MENAFN) National Air Services (NAS), the parent company of the low-cost Saudi carrier NasAir, obtained regulatory approval to become a joint-stock company in a first step toward selling a stake to the public, Reuters reported.

The company, known as Nas, obtained the approval of the trade and industry ministry to convert to a joint-stock company with capital of $276 million from a limited-liability company, the ministry said on its website yesterday.

Nas still needs the approval of financial authorities to sell shares to the public, the ministry added. NasAir, the first budget carrier in Saudi Arabia, said it expects its first profit in 2010 and will add more international destinations.

The Riyadh-based company earlier postponed plans to sell shares in a public offering in 2008 while waiting to post a profit.

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