Lates News

The low-cost Saudi airline Flynas is expected to sell 30% equity in the Saudi IPO process, making it the first publicly listed airline freight company in the Gulf region in nearly twenty years. The company plans to issue approximately 17 million new shares and 8 million treasury stock shares, with existing shareholders selling 25.5 million shares. Flynas has been expanding its fleet and has ordered up to 160 Airbus aircraft for delivery by 2024. In the same year, the company had a revenue of $2 billion and a net profit of $116 million.