Jazeera Airways Group has issued 178 million ordinary shares to existing shareholders as it aims to raise the company's capital by 74% to Kuwaiti dinar (KD) 42 million ($149 million).
Shares are available to existing shareholders at a nominal value of 100 fils per share, giving the issue a total value of KD17.8 million.
The deal was approved in August through an Emiree decree but Jazeera Airways says the customary ministerial process was only finalised earlier this month, with a formal announcement being made in Kuwait's official gazette (Kuwait Al Youm) on 9 December.
The Kuwaiti carrier generated $288 million through an initial public offering (IPO) that was oversubscribed 12 times in June 2004.
As of 31 March 2012, Jazeera's authorised, issued and fully paid capital totalled KD22 million, comprising 220 million shares at 100 fils.
Jazeera's capital rose to KD24.2 million in April this year after Jazeera issued 22 million ordinary shares at 100 fils per share, following the approval to issue "bonus shares" to shareholders at the 2011 annual general meeting,
Last month, Jazeera Airways announced a record net profit of KD7.6 million - up 24.6% from the same period last year - as well as its best nine-month results for the year of KD11.4 million, up 23.6% from last year's corresponding period.
Jazeera Airways Group comprises a fleet of 15 A320 aircraft, 12 of which are already delivered and placed. The remaining three aircraft are scheduled for delivery in 2013 and 2014.