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Wed 4 Jul 2007 02:53 PM

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Jazeera air shares to list in September

The low-cost carrier expects Kuwait listing later this year; no new shares will be sold.

Jazeera air shares to list in September

Low-cost air carrier Jazeera Airways expects to list shares on the Kuwait stock exchange in September, a spokesman said on Wednesday.

In September, Jazeera's shareholders approved a plan to double the firm's capital to 20 million dinars ($69 million) by selling stock to existing shareholders. No new shares will be sold in the market debut.

The airline, which made its first flight on Oct. 30, 2005, is still considering a listing in regional commercial hub Dubai, the spokesman said.

Jazeera Airways reported a net profit of $8.7 million for 2006, its first year of operations.

Jazeera would be the second Middle Eastern airline to list its stock after UAE-based Air Arabia, sold shares to the public in April.