National Air Services (NAS Holding) has announced the appointment of Saudi Fransi Capital as financial adviser for its planned initial public offering (IPO).
“The next phase of the business expansion involves a significant growth in our operations, primarily through the development of the group investments and an increase in the size of the company fleet,” said Ayed Al-Jeaid, chairman of NAS Holding.
Ayed Al-Jeaid added: “NAS is a pioneer in aviation services in the region. It has grown continuously since its inception in 1999 and it has managed to capture a significant and growing market share in all of its markets, mainly due to its involvement in diversified and complementary aviation businesses.”
Al-Jeaid said: “The shareholders decided to increase the capital of the company through an IPO and appointed Saudi Fransi Capital as its financial adviser.”
Sulaiman Al-Hamdan, NAS Holding Group CEO, said: “The IPO is a major step forward and is part of our strategy of expanding the shareholder base and sharing our investments, activities and revenues with Saudi citizens. This will in turn sustain the growth in company profitability and help expand its operations.”
Al-Hamdan also said: “We are all confident that Saudi Fransi Capital, with its reputation as one of the leading financial advisers in the Saudi market, is the best partner to lead the NAS IPO. We will strive to achieve our targeted objectives from this process, which will bring value to citizens and investors in the Saudi Stock Market.”
Al-Hamdan added: “One of the most important objectives of NAS Holding is to be a major pillar of the Saudi economy through its concerted efforts in Saudization of technical, managerial and operational jobs and to open new job opportunities to young Saudis nationals who prove to be competent by all standards.”
He said: “The group is also aiming at increasing the number of aircraft, opening new destinations, expanding its operations to cover all Saudi domestic airports and demonstrate its national presence as a Saudi national carrier through nasair, its flagship company, and its sister companies; NASJet for private aviation, NAS Charter Aviation for Haj and Umrah transportation and NASTECH, the group’s aircraft maintenance and engineering arm.
Yasir O. Al Rumayyan, MD, Saudi Fransi Capital, said: “This proposed listing of NAS will be a new addition to the Saudi Stock Exchange, as the first company in the aviation sector. We look forward to bringing NAS to the Saudi Stock Market and enabling the public to share in its growth story. Our appointment is a testament to the confidence placed in our capabilities and positioning in the Saudi capital market.”
National Air Services (NAS Holding) was established in 1999 when Fractional Jet ownership program was introduced with 18 aircraft currently in operation.
In 2001, Aircraft Management Services was established to provide customized management solutions for aircraft owners. It has signed management & operations contracts of 60 governments, corporate and private aircraft.
Later, in 2010, NasJet Company was introduced to offer both Private Aviation & Aircraft Management services with total of more than 70 aircraft owned, managed and operated.