Nasser al-Tayyar’s Nile Air to float 30% of shares on Egypt’s bourse: report

Nasser al-Tayyar who owns a 60 percent stake in Nile Air, said he plans to float 30 percent of its shares on the Egyptian Exchange by early 2016.

 Al-Tayyar told Al-Arabiya.net that Nile Air, which has been valued at $120 million, is currently finalizing the details of the initial public offering and appointing a financial advisor for the process.

Al-Tayyar Travel Group doesn’t hold any stake in the company, he said, where as Egyptian investors held 40 percent.

Nile Air was set up in 2008 and started operation in 2011 with two leased aircraft serving regular flights from Cairo and Alexandria to Saudi Arabia and Kuwait.