VOL. XLII

No. 13

29-MARCH-1999

KUWAIT

Kuwait Airways Sells Avco Subsidiary

The Kuwaiti national carrier, Kuwait Airways Corporation(KAC), has agreed to sell an 80% stake in Avco Corporation, one of itssubsidiaries. According to the official news agency KUNA, Kuwaiti holdingcompany Aref Investment Group will pay $28.8mn for the stake in Avco, which isone of the most profitable branches of KAC.

Last February, the Chairman of the Board of the Kuwaitinational airline, Mr. Ahmad al-Mushari, announced...