Jazeera Airways
Roughly $15m of shares
Price rose then settled
Plans to double passengers
The CEO of Kuwait’s Jazeera Airways has bought nearly 50,000 shares in his own company as the airline embarks on a five-year plan to boost performance.
Barathan Pasupathi purchased the shares between March 9 and 10, according to company disclosures on the Kuwaiti Bourse, worth roughly KD4.7 million ($15 million).
Shares in the company opened higher on Thursday following the company’s announcement of the purchase, trading as high as 962 Kuwaiti fils before dropping to 950.
Pasupathi purchased most of the shares for between 920 and 950 fils, according to the company statement.
The stock is trading roughly 5 percent lower than at the start of the year.
Bahrain’s Sico Bank said in a note that the CEO’s purchase “is surely a positive” reflection on the airline’s business strategy.
The low-cost carrier is embarking on a five-year-long mission to almost double its passenger count by 2029.
It plans to raise the average number of seats per aircraft this year to 180 and is taking delivery of new, larger aircraft next year.
