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Bahrain Air, a private national carrier, held an extra-ordinary general assembly meeting where all shareholders endorsed a recommendation to raise the authorised capital from BD10 million to BD20 million and the paid up capital from BD9 million to BD18 million.
Chairman Shaikh Mohamed bin Abdulla Al Khalifa said the endorsement will be followed by official and legal measures to amend the Memorandum & Articles of Association of the company.
He said the increment of the capital will raise the creditworthiness of the company by 100 per cent to assist with the financing of the newly-announced purchase of six Airbus A320s, in addition to the agreement signed last week to dry lease two A319 Airbuses from the world's leading aircraft leasing company.
The chairman also asserted that this move to increase the capital will assist the company to go ahead and implement its future plans for expanding to 20 destinations in North Africa, South East Asia, the Gulf and the Middle East and also expansion in the number of flights on existing routes and co-ordination with other airlines to reach new horizons in Europe and Asia.
The meeting was also attended by Ali Al Alawi, head of financial analysis as representative of the Ministry of Industry and Commerce.
