Bombardier wins up to $2.2bn CSeries orders from EgyptAir

A Bombardier CSeries aircraft. (Reuters)
Updated 14 November 2017
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Bombardier wins up to $2.2bn CSeries orders from EgyptAir

DUBAI: Canadian aircraft maker Bombardier said Tuesday it had agreed to sell up to 24 CSeries aircraft to EgyptAir for a total price tag of nearly $2.2 billion.
According to a letter of intent signed between both companies, the Egyptian carrier placed 12 firm orders for CS300 planes and took out purchase rights for another 12, Bombardier said in a statement released during the Dubai air show. The deal is the second firm order for Bombardier aircraft since last month’s announcement that European plane maker Airbus would take over Bombardier’s CSeries program.
The previous sale covered 31 aircraft for an unidentified European client. Bombardier’s single-aisle CSeries program covers the 100 to 150-seat segment and is comprised of the CS100 model and the larger CS300.
EgyptAir, founded in 1932, is the oldest airline in the Middle East and Africa, and Egypt’s national airline, flying to 70 destinations in 60 countries.
Bombardier in October ceded control of the CSeries to Airbus, abandoning hope of ascending into the top echelons of passenger aircraft manufacturing alongside rivals Airbus and Boeing, but securing US market access for its new jetliners.
The European aircraft manufacturer took a 50.1-percent stake in the CSeries program in exchange for using its sales and marketing heft to lift CSeries sales.
— AFP


Potential SABIC deal would affect Saudi Aramco IPO time frame, says CEO Nasser

Updated 20 July 2018
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Potential SABIC deal would affect Saudi Aramco IPO time frame, says CEO Nasser

JEDDAH: A potential deal to buy a stake in petrochemical maker SABIC would affect the time frame of Saudi Aramco's initial public offering (IPO), the oil firm's president and CEO Amin H. Nasser said Friday. 

The IPO of around 5 percent of Aramco, which was initially to take place this year but is now more likely to happen later, would be the world's biggest listing, raising up to $100 billion.

Nasser said that buying a stake in a chemical company like SABIC would positively affect Aramco's revenue, Al Arabiya reported.

“We are still in the very early stages of the discussion to buy a stake in SABIC,” the Aramco CEO said.

“Aramco is ready for the initial offer and the timing remains subject to the state's decision.”

Saudi Aramco said on Thursday it is looking at the possibility of buying a stake in SABIC, a move that could boost the state oil giant’s market valuation ahead of the planned IPO.
Aramco said in a statement that it was in “very early-stage discussions” with the Kingdom’s Public Investment Fund (PIF) to acquire the stake in SABIC via a private transaction. It has no plans to acquire any publicly held shares, it said.
In a separate statement, PIF also said talks about a sale were in early stages. “There is a possibility that no agreement will be reached in relation to this potential transaction,” it said.