Freedom Town, Kuwait, December 15, 2014: In an Extraordinary General Assembly held today, Jazeera Airways Group shareholders approved a series of Board of Directors-recommended amendments to the Group’s Articles of Incorporation that permit the Group to start new business lines and activities within the passenger airlines sector and the aircraft leasing sector, in addition to other complementary sectors both locally and internationally.
Jazeera Airways Group Chairman, Marwan Boodai, said: “We thank our shareholders for their continued support and for approving the amendment in the articles. These amendments will immediately enable us to take advantage of opportunities in our market and further boost our National Carrier status and in par with other carriers in the Gulf and Middle East in terms of potential, scope and breadth of operation to serve the long-term objectives of the Group.”
Shareholders ratified all 25 Board-recommended amendments. Below is a summary of the amendments to the Group’s Articles of Incorporation:
- The company may provide all travel and aviation transport services, cargo, freight, and air mail transport services locally and internationally.
- The company may provide airlines with purchasing and acquisition services for aircraft and other assets, and coordinate with manufacturers accordingly.
- The company may provide airlines with leasing services for aircraft and other assets.
- The company may engage in aircraft remarketing services, aircraft sales services, and aircraft leasing services for the company or other airlines.
- The company may provide services related to financing, technical support, and asset management for airlines.
- The company may participate in joint investment opportunities in the aviation sector, as well as directly investing in ‘order and placement’ services for aircraft, engines, and spare parts.
- The company may provide airlines with support services including ground handling, maintenance and engineering, and others support services directly or through subsidiaries and agencies.
- The company may provide fleet acquisition financing and services.
- The company may own vehicles, real estate, and other assets directly relating to company activities.
- The company may engage in travel and tourism services, tour operations, land transport services, auto rental services, currency exchange services, in-air and on-ground duty free services, advertising revenue generating activities, customer competitions and events, publishing of magazines and other periodicals.
- The company may offer duty facilitation services to third parties for items related to the aviation sector.
- The company may establish academic, professional, and technical training institutes for professions related to the aviation sector.
- The company may invest its earnings in deposits and funds.