Jazeera Airways raises capital by 74pct

Low-cost Jazeera Airways announced it would be releasing a further 178 million shares to existing shareholders thus raising its capital by 74 percent to 42 million dinars (USD 145.5 million). The shares will be sold at a nominal value of KD 0.100 per share, the company group said in a statement. It invited shareholders to visit Kuwait Clearing Company (KCC) to complete the transaction as of Monday. The move comes after an Amiri decree earlier in August approved the company's decision. KSE-listed Jazeera Airways is one of the few fully-private airlines in the Middle East. Last month, Jazeera Airways announced a record third-quarter net profit of KD 7.6 million, up 24.6 percent from the same period last year, as well as its best nine-month results for the year of KD 11.4 million, up 23.6 percent from last year. Jazeera Airways Group comprises a fleet of 15 Airbus A320s, only seven of which are currently in operation and another three expected to arrive over the next two years. The remaining five aircraft have been let out on leasing contracts.