GMG postpones IPO release

Private carrier GMG Airlines Ltd has postponed its plan to float shares to the public due to poor financial performance of the airlines, the chief executive officer (CEO) of GMG said Tuesday.

“The release of initial public offering (IPO) plan has been postponed because the financial performance of the airlines declined,” Sanjiv Kapoor, the newly appointed CEO, told reporters at a press briefing Tuesday at a city hotel.

GMG, one of the leading private airlines in the country, will carry 14,000 hajj pilgrims to Saudi Arabia starting from September 29.

GMG Airlines declared to release its IPO on September 29, 2009.

source: The Daily Star, September 27, 2011