Muscat: Oman’s government has approved a restructuring of loss-making Oman Air, including the creation of subsidiaries and ventures to handle some businesses, the state carrier said on Tuesday.
The government will take an additional 138.1 million riyals ($359 million; Dh1.31 billion) worth of shares in the airline in exchange for a cash injection which occurred last year, raising the company’s paid-up capital to 684.2 million riyals.
Oman Air plans to create a cargo handling venture with a Singaporean partner, which it did not name. The venture, which will be 67 per cent owned by Oman Air, is expected to start operations in the coming months, an official of the airline said.
