Saudis walk past a model of a Flynas plane during a ceremony for the signing of an agreement with European Airbus, on January 16, 2017 in the capital Riyadh. Low-cost Saudi carrier flynas on Monday signed an $8.6 billion deal with European plane manufacturer Airbus to purchase 80 A320neo single-aisle jets. / AFP / FAYEZ NURELDINE (Photo credit should read FAYEZ NURELDINE/AFP/Getty Images)
Photographer: Fayez Nureldine/AFP via Getty Images
Saudi budget airline Flynas plans to seek regulatory approval this year for an initial public offering that would make it the first carrier to be listed on the country’s stock exchange, part of a broader effort to diversity the economy in the face of weak oil prices.
The closely held carrier, which announced an deal for 80 Airbus Group SE planes on Monday, is working with Banque Saudi Fransi and expects to apply for clearance from Saudi Arabia’s Capital Market Authority by mid-2017, Chief Executive Officer Paul Byrne said in a phone interview. In 2016, Flynas recorded its second profitable year since beginning operations a decade ago, he said, declining to provide figures.
“We’ve been profitable for the past couple of years, so it’s something we need to think about,” Byrne said. “The percentage to be floated is…