Jazeera Airways (J9, Kuwait) shareholder, Boodai Corporation, has enlisted HSBC bank to advise it on the possible sale of some or all of its stake in the Kuwaiti LCC Reuters has reported quoting informed sources.
Among the options Boodai is reportedly considering are a merger or acquisition, a re-initial public offering or listing global depositary receipts in an overseas foreign market. Last month, airline chairman Marwan Boodai said Jazeera Airways' plans to start longhaul operations would hinge on it partnering with a 'international player'.
The Kuwait family-owned investment firm directly owns a 16.89% stake in the carrier with additional stakes held via special purpose vehicles, the sources said. In all, Boodai holds majority control of Jazeera.
At present, Jazeera Airways operates seven A320-200s on scheduled passenger flights throughout the GCC bloc as well as to North Africa and Iraq and Iran.
