Jazeera Airways closes KD17.8m rights issue

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Jazeera Airways Group has closed its rights issue to raise the company's capital by 74% to Kuwaiti dinar (KD) 42 million ($150 million). The rights issue was oversubscribed 2.25 times and the additional funds that resulted from the oversubscription will not be called for, it says.

Shares were available to shareholders as of 16 December 2012 at a nominal value of 100 Kuwaiti fils. The subscription period ended on December 31, 2012.

"This result reflects a clear investor appetite for being part of our company's success story and statement of confidence in our management team," says Jazeera Airways Group chairman Marwan Boodai.

Jazeera Airways Group comprises a fleet of 15 A320 aircraft, 12 of which are already delivered and placed. The remaining aircraft are scheduled for delivery in 2013 and 2014.

The Kuwaiti carrier generated $288 million through an initial public offering (IPO) that was oversubscribed 12 times in June 2004.