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Thu 9 Oct 2008 07:59 AM

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Kuwait bank denies AirAsia buyout

Kuwait Finance House says it has 'never considered' financing buyout of airline following press report.

Kuwait Finance House has denied a Singapore press report it could provide funds for a buyout of Malaysian budget airline AirAsia.

The Business Times daily reported on Thursday Kuwait Finance House was one of three companies, including Branson's Virgin Group, interested in financing a buyout.

"No, we never considered it. We are an Islamic bank, so we can't fund a buyout of a company that has conventional debt," Salman Younis, head of the bank's Kuala Lumpur unit, told newswire Bloomberg.

AirAsia's largest shareholder Tune Air is looking at a plan to take the airline private and has said a buyout is one of "various" options under consideration.

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