Kuwait's Aref To Hold 49 Pct Of Sudan Airways

June 11, 2007

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State-run Sudan Airways said on Sunday that Kuwaiti Islamic investment firm Aref Investment Group will hold a 49 percent stake in the airline, the official Kuwait news agency KUNA reported.

"The deal will be signed on Tuesday," the agency quoted a Sudan Airways statement as saying. "This partnership is in line with a decision by the (Sudanese) finance minister to restructure the company and privatize it," it added.

It did not give the value of the deal.

The airline said the minister's decision stipulates that the government of the African country will keep a 30 percent stake in the national carrier, while the rest will be held by the Sudanese private sector, KUNA reported.

The statement said the new partnership would help improve the company's services and enhance its competitiveness.