Riyadh – Mubasher: Saudi budget airline Flynas appointed Morgan Stanley to manage its initial public offering (IPO) that will take place in the Saudi Stock Exchange (Tadawul), Reuters on Thursday reported, citing informed sources as saying.

“Investment banks pitched for the role two weeks ago, and the decision came this week, according to two sources, declining to be named as the matter was not public,” the agency added.

Saudi Arabia-based, Kingdom Holding Company (KHC) owns a 34% in Flynas.

The chairman of KHC is Alwaleed bin Talal.