Airblue to offer 25 percent shares to public next year
KARACHI (March 14 2007): 'Airblue' airline will launch 25 percent shares for initial public offering by next year, said Shahid Khaqan Abbasi, Chief Operating Officer of the airline. Talking to newsmen at a lunch hosted by Yahya Polani, CEO, Polani Travel, and Rafiqe Bukhari, CEO, Bukhari Travel.
He said that 'Airblue' was planning to issue IPO, for general public, with a view to financially strengthen the airline. He said that during last three years, Airblue sales were around Rs 3 billion.
Earlier, addressing the travel agents, he said that Airblue has been providing quality services, in line with international standers, both on ground and in the sky. "Airblue is a 100 percent Pakistani airline, and functions with the help of local staff, including pilots," he added.
He said that Airblue's first flight to Manchester from Islamabad would be on June 1, and added that "initially, we will operate four flights weekly, and later it will be extended to seven flights a week".
He said that Airblue's annual growth rate was around 80 percent, improved during the last three year. However, this increasing growth was likely to decline in future by 30 percent to 40 percent, particularly during next year.
He said that despite all difficulties, Pakistan's air travel industry was growing on fast track and, as per Iata forecast, the industry's growth rate would be around 7.4 percent. Nasir Ali, Director, Marketing, Airblue, said that travel agents "are the backbone of the industry" and they had played a vital role in the success of Airblue.
He said that Airblue had started operations three years back, which has become the fastest growing airline of Pakistan. "Airblue introduced online booking facility and discount system for the first time in Pakistan to facilitate the passengers," he added.Yahya Polani, Rafiqe Bukhari, Haji Masood, Jameel Sakrani and Sufvan Polani also addressed the gathering.
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