Oman Air Raises Its Capital

Oman Air will increase its capital by OMR200m ($519.48m) to OMR700m ($1.82bn) after reporting a 16 per cent increase in total losses for the 2013 financial year. The airline’s chairman, Darwish bin Ismail Al-Balushi, says the losses of OMR113.34m ($293m) are attributed to its on going fleet renewal and expansion programme. Oman Air currently has 20 aircraft on order, Al-Balushi explains to various media outlets that the increase will “further assist the carrier’s progress”. Following the increase, the carrier will have 700 million shares, worth one rial each. Oman Air will also spin off some of its business units into separate companies, but all will remain under the umbrella of the Oman Air Group. These will include its catering, duty free and air charter divisions, while ground handling and cargo handling will be the first units to be spun off.

TAGS: Middle East
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