Bloomberg: PIF in talks to buy a stake in flynas

“Bloomberg” agency revealed that the Public Investment Fund entered into talks to buy a stake in “flynas” company, amid the Kingdom’s ambitions to expand in the civil aviation sector, and to boost the tourism sector.

According to people familiar with the matter, the “Goldman Sachs” group provides advice on the potential deal between the Public Investment Fund and the Kingdom Holding Company.

“Flynas” – a low-cost airline – is partly owned by the “Kingdom Holding” company of Prince Alwaleed bin Talal, in which the Public Investment Fund bought a 17% stake last year.

One of the sources told the agency that “Flynas” was planning a possible listing, and the offering may be delayed if the stake continues to be sold to PIF.

Bloomberg reports that the company has been considering an IPO since 2008, and in 2018 it agreed with Morgan Stanley and Citigroup Inc. And NCB Capital for a possible deal

Last February, the Saudi airline, Flynas, said that it had received the latest Airbus A320neo, among 19 aircraft that will join its fleet in 2023.

The company added that this will increase the size of its fleet to 44 aircraft

The company indicated that its board of directors agreed to increase its orders for the purchase of aircraft to 250 new aircraft, so that the air carrier would be “the largest low-cost airline in the Middle East and North Africa.”