GMG floating shares by Nov

-- September 30, 2010


Dhaka, Sep 29 (—GMG Airlines is floating shares in the capital market by November, six months after the largest private airlines got a make-over.

The private carrier's chairman Shayan F Rahman made the disclosure at the annual general meeting in Dhaka on Wednesday, according to media statement.

It, however, did not say how many shares will be issued nor did it make it clear how much funds will be raised.

The airlines, majority of which is owned by Beximco Group, made a profit of Tk 23.38 million in the year ending on Dec 31, 2009, while its operating revenue was Tk 2,908.07 million.

During the half-year ending on June 30, 2010 the company earned Tk 368. 71 million in profits and the earning per share (EPS) was Tk 8.38 during the six months.

In May this year, the decade-old airline was re-launched with a new logo. As part of medrnisation and expansion of the airline, new aircraft were added to its fleet and new routes were launched.

The airline recently added a Boeing 767-300 ER plane to its recently launched Dhaka-Jeddah route. It operates six flights from Dhaka to Jeddah and will soon start operating four from Dhaka to Riyadh, according to the statement.

GMG Airlines will soon facilitate electronic tickets via cellular phones, check-in kiosk, online check-in, boarding cards and baggage handling through Departure Control System, the statement quoted Rahman as saying.

Established in 1997, the private carrier started operations a year later with domestic flights and became Bangladesh's first private airline to launch international routes in 2004 with a Chittagong-Kolkata flight.