Saudia achieves progress in cargo unit restructuring: Al-Jasser

Saudi Arabian Airlines Corporation (Saudia) has made a great progress in restructuring the operations of Saudi Airlines Cargo Co. (Saudia Cargo) as part of the unit’s planned privatization, the airline’s director-general Saleh Al-Jasser told Argaam in an exclusive.

“Listing of Saudia Cargo in the Saudi market requires completion of the regulatory procedures,” Al-Jasser said.

On the other hand, Al-Jasser noted the procedures required for the privatization of Saudi Airlines Medical Services Co. were finalized, adding that a partnership agreement will be signed in a few weeks.

On the privatization of Saudia’s remaining units, Al-Jasser said the airline has changed its mind about the privatization of Saudia Private Aviation (SPA) in light of changes to the sector dynamics.

“Other options are still on the table,” he added.

Saudia has reported solid improvement in H1 2019 financial results, when compared to the previous year, Al-Jasser concluded.

Saudia had earlier decided to privatize business units, Argaam reported.

In 2012, shares of the Saudi Airlines Catering Co. was floated in an initial public offering (IPO) and listed in the Saudi market. The Saudi Ground Services Co. was also listed on Tadawul in 2015.

The state-owned airline is planning to float 30 percent of Saudia Cargo in an IPO.