Jazeera Airways shareholders approve voluntary reduction of capital, and cash

The company will buy back 220 million shares at the nominal share price of 100 fils, resulting in a KD22 million shareholder payout, which when combined with the company’s special dividends payout of KD20 million in June, and with KD10.7 million in 2015 accumulated earnings and other reserves that are required by law to be distributed as part of the capital reduction, the company’s cash payout to shareholders in 2015 will total KD52.7 million. 

Jazeera Airways chairman Marwan Boodai said: “Today’s shareholder approval to adjust the company’s capital is the last step of the company’s successful strategic exit from the capital-intensive aircraft leasing business earlier in the year. Going forward, our focus will be on the growth opportunities available in our home market within the passenger airline business, which generated over 80% of the company’s net profit last year. We believe that passenger airline business in Kuwait will continue to grow strong and we are well prepared to take advantage of this growth”.