Kuwait-Mubasher: NBK Capital has raised the fair value of Jazeera Airways to KWD 1.060, and maintained its ‘Buy’ recommendation on the stock, according to a report issued by the research unit.
“The completion of the asset sale in October 2015 paved the way for cash to be returned to shareholders,” said the NBK Capital.
Jazeera Airways will return KWD 32.7 million cash to shareholders as of 13 December in the form of a KWD 10.7 million dividend payment and a KWD 22 million reduction in its share capital.
“We treat these payments as a special dividend, as they represent a return of excess cash to shareholders,” clarified the report.
