Flynas picks Morgan Stanley in IPO push

Saudi

budget airline Flynas, part owned by Saudi billionaire Prince Al Waleed Bin Talal’s firm, is pressing ahead with an initial public offering and has selected Morgan Stanley to work on it, sources familiar with the matter told Reuters yesterday.

Flynas is proceeding with its plan to sell existing shares to the public that may include part of Prince Al Waleed’s Kingdom Holding’s 34 per cent stake, people familiar with the matter said. That is despite the detention of Al Waleed in an investigation by a new Saudi anticorruption body. (Reuters)