Sha­heen Air fi­nal­izes deal with Saudis for ac­qui­si­tion

The Financial Daily - - NATIONAL -

KARACHI: Sha­heen Air In­ter­na­tional (SAI) fi­nal­ized its ac­qui­si­tion deal with a Saudi Prince. The takeover is likely to hap­pen over the course of next 2 months, says a Press re­lease.

Javed Se­hbai, Act­ing CEO, SAI said "We have fi­nal­ized the deal with a Saudi Prince. We will be con­duct­ing a press con­fer­ence very soon to an­nounce about our In­vestor and share the de­tails of the ac­qui­si­tion. This deal will be a break­through for the air­line as well as for Pak­istani avi­a­tion in­dus­try it­self.

He fur­ther added "It's a mat­ter of few weeks that Sha­heen Air will be in the skies again and shine brighter than be­fore. We are very thank­ful to our reg­u­la­tor CAA and FBR. Due pay­ments of gov­ern­ment reg­u­la­tory bod­ies and our em­ploy­ees' salaries are our first pri­or­ity and will be cleared dur­ing the first stage of our in­vest­ment plans".

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