Kuwaiti Partner to Pull Out of Sudan Airways
Thursday, 08 September 2011
Kuwait investment house Aref Investment Group and it Sudanese partner Fayhaa Company (both own 49% and 21% respectively) with the remaining 30% retained by the Sudanese Government. The acquisition will ensure 100% ownership by the Government.
Sources cited a number of factors that prompted this move, mainly the cessation of the South of Sudan and the financial restructuring of Kuwaiti investment house.
It was reported that in June 2007 Aref Investment Group acquired the 49% of the shares for the cost of US Dollars 56.3 million, with company having other major investments in Sudan covering marine transportation and oil field services.