Oman Air (WY, Muscat) is set to partner an undisclosed Singaporean firm in the creation of a cargo subsidiary an airline official has told Reuters. Speaking on condition of anonymity, the official said the joint-venture would be majority-owned by the Omani carrier with 67% and would likely launch in the coming months.
The spinning-off of Oman Air's cargo operations into a separate entity is part of a government-backed restructuring programme which will also see dedicated catering and ground handling firms being established. However, unlike the cargo joint-venture, these two entities will be entirely owned by the airline.
To help ensure Oman Air has adequate funds to complete the restructuring drive, government agreed at an EGM convened late last month to raise the airline's share-capital by acquiring an additional OMR138.1 million (USD359 million) worth of newly issued shares.
