Riyadh – Mubasher: National Air Services (NAS) Holding will offer its subsidiary, flynas, for the initial public offering (IPO) as a next step, Ayed Al Jeaid, Chairman of NAS Holding Group, said.

Al Jeaid added to Saudi Press Agency (SPA) on Monday that flynas is seeking promotion of its position through buying 120 Airbus A320n air jets at a value of SAR 32 billion.

Bandar Al-Mohanna, CEO of NAS Holding Group told Mubasher earlier that the company appointed bank Saudi Fransi Capital to be the financial advisor to the IPO.

Moreover, flynas signed an agreement with Airbus for 120 A320n worth SAR 32 billion, which includes 80 firm orders with deliveries scheduled during 2018-2026 with another 40 purchase rights, according to the company's website.