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National Air Services plans IPO

Saudi Arabian-based National Air Services, the operator of the largest fleet of private planes in the Middle East, plans an initial public offering of 30% of its stock by the end of 2008, reported Bloomberg. The company's president Taher Agueel said it will decide within 'weeks' on an adviser for the share sale and aims for an offering 'by the end of the third quarter or the beginning of the fourth'. National Air Services did not say how much money it plans to raise in the share sale, which will be used to fund airraft purchases.