Kang Airlines is the one planning to operate out of Fujairah. An IPO is planned for early 2008 with a listing on the Dubai Financial Market (DFM). That would make it the second publicly listed airline, after Air Arabia (AIRARABIA) listed earlier this year on the DFM. Unless RAK Airways does an IPO first. Emirates Airlines and Etihad Airways are not listed, although an Emirates IPO occasionally gets talked about.
Zawya Dow Jones 24 Sep 2007 wrote:
Kang Pacific plans for October 2007 launch
Kang Pacific Airlines, which will launch next month as the UAE’s fifth carrier, plans to launch an initial public offering in 2008 to finance the purchase of new aircraft, the company’s founder and chief executive said yesterday.
“We are planning to offer our shares to the public next year when things have been set up properly so we can expand our fleet,” Paul Kang told Zawya Dow Jones. “We [want] to eventually list the shares on the Dubai Financial Market.”
Kang Pacific will launch in October as a hybrid between a budget and a full-service airline with a $10 million (Dh36.75m) capital and one leased McDonnell Douglas DC-10 aircraft.
“We haven’t got an exact launch date as we’re still going through the clearance process, but our first flight will be to Manila at the end of October,” said Kang, who has selffinanced the airline’s launch. Kang will initially offer flights to the Philippines, Bangladesh, India and Sri Lanka, and will launch a route to the UK’s East Midlands Airport before the end of the year.
“We are finalising our plans for the UK and will launch that service a couple of months after our initial launch,” Kang said.“We currently have another DC-10 aircraft on standby in the UK for that route.” The airline is also looking to increase its fleet size from two aircraft to six by next year.
“We will lease a third aircraft from NC Aerospace in the US and also plan to order three Boeing 737s in December,” Kang said.
Operating from the Fujairah International Airport, Kang Pacific will join the UAE’s Emirates, Etihad Airways, Air Arabia and the proposed RAK Airways.
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