A top executive at Emirates Airline said the carrier has no plans for an initial public offering despite reports this week that it was seeking a US$20 billion to $30 billion listing.
Executive vice chairman, Maurice Flanagan, said there is no intention for an IPO and the company is cash-rich with about $4 billion in the kitty that can certainly fund the company¡¯s expansion.
Emirates president Tim Clark said earlier any IPO by the largest Arab carrier should value it at up to $30 billion.
Flanagan said Clark was misinterpreted, and said the government may decide on an IPO sometime in the future, but there are no plans now.
Flanagan said the company is expanding capacity by about 20 percent each year and it may order more Airbus A380 superjumbos beyond the 55 currently on order.
He said the number could be more, depending on the restrictions posed by Dubai Airport's handling capacity.
He said that if the airport posed no restrictions, Emirates would have a fleet composed entirely of 599 big aircraft by 2019. He said the airline will have no small aircraft but only big ones.
He said Emirates currently has 110 widebody planes.
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Source: cargonewsasia
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