KUWAIT, April 28 (Reuters) – Kuwait’s government started the sales process of its loss-making national carrier, Kuwait Airways Corp [KA.UL] (KAC), state-owned Kuwait News Agency (KUNA) reported on Monday, citing the cabinet affairs minister.

 

Kuwait’s parliament in January approved a government plan to sell 40 percent of the carrier to the public and 35 percent to a long-term investor within two years.

 

The cabinet asked Kuwait Investment Authority, which manages the country’s oil-generated surpluses, to have the airline’s assets evaluated by international consultancies as a first step towards a sale, Faisal al-Hajji told KUNA.

 

The carrier, which lost most of its fleet during Iraq’s 1990-1991 occupation of Kuwait, has 17 aircraft, according to its website.

 

Kuwait cancelled an order worth $3 billion for 19 Airbus and Boeing planes with Kuwait’s Aviation Lease & Finance Co (Alafco) in August after parliamentarians blocked the deal. (Reporting by Ulf Laessing, editing by Will Waterman)

Source: Reuters