Kuwait Times
The first daily in the Arabian Gulf
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KAC panel gets offers for privatization
KUWAIT: The Kuwait Airways Company constituent committee yesterday announced receipt of offers for alliances of investment banks and aviation activity and related auditing specialists, that are to promote shares in the new company and supervise auction of the strategic partner stake.
A press release by the committee said it would be cooperating with World Bank specialist to assess the offers and expects to finish selection procedures by Aug 1, upon which date the investment group is to start operation.
The constituent committee started its work on March 3 in implementation of law 6/2008 on converting state-owned Kuwait Airways Corporation to a shareholding company, dubbed Kuwait Airways Company. It started with measures for the privatization based on Ministerial Council decision, 115/2010, which approved the assessment made of KAC and charged Kuwait Investment Authority (KIA) to found the new company.
The statement said the committee finished drafting the Contract of Establishment and the Company Charter, and also reserved the commercial name (Kuwait Airways Company) with the Ministry of Commerce and Industry.
The committee recently contracted Abdul Hameed Al-Sarraf and Partners and US-based Baker and McKenzie for legal advisory services for the privatization. The consortium was charged to handle all legal aspects of the privatization and establishment procedures including handling of transfer of assets and of liabilities, and started working on the project on July 13.
The statement also said the committee and the KAC board finished surveying current staff to determine their future of employment, within the framework of the concerned law. This last step was taken to guarantee smooth operation throughout the conversion and beyond and to maintain quality of service within the international standards adopted by the KAC. The committee stressed it is handling all matters and is "on schedule" and expects all to be finished "on time" with highest levels of professionalism possi
ble. --- KUNA
A press release by the committee said it would be cooperating with World Bank specialist to assess the offers and expects to finish selection procedures by Aug 1, upon which date the investment group is to start operation.
The constituent committee started its work on March 3 in implementation of law 6/2008 on converting state-owned Kuwait Airways Corporation to a shareholding company, dubbed Kuwait Airways Company. It started with measures for the privatization based on Ministerial Council decision, 115/2010, which approved the assessment made of KAC and charged Kuwait Investment Authority (KIA) to found the new company.
The statement said the committee finished drafting the Contract of Establishment and the Company Charter, and also reserved the commercial name (Kuwait Airways Company) with the Ministry of Commerce and Industry.
The committee recently contracted Abdul Hameed Al-Sarraf and Partners and US-based Baker and McKenzie for legal advisory services for the privatization. The consortium was charged to handle all legal aspects of the privatization and establishment procedures including handling of transfer of assets and of liabilities, and started working on the project on July 13.
The statement also said the committee and the KAC board finished surveying current staff to determine their future of employment, within the framework of the concerned law. This last step was taken to guarantee smooth operation throughout the conversion and beyond and to maintain quality of service within the international standards adopted by the KAC. The committee stressed it is handling all matters and is "on schedule" and expects all to be finished "on time" with highest levels of professionalism possi
ble. --- KUNA
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