the countdown to the airline's fate begins, will it be an exit or a new entry to the market - the ministry of commerce and industry approved last thursday the date for wataniya airways' ordinary and extraordinary general assembly, which will be held on may 11, 2011.
a source revealed to al watan that the agenda of the general assembly will no longer include a proposal to reduce the capital, which was aimed at reducing the accumulated losses of the company, to protect ownership rights and upon the desire of many - the option to increase the capital by kd 15 million in order to restructure the company is however still on the table.
the source noted that there is some uncertainty on whether extraordinary general assembly will be held based on the fact that the quorum of 75 percent of shareholders must be reached - but the quorum may be attained as a large number of shareholders are expected to attend the general assembly to become aware of the company's future plans, considering its recent conditions including suspension of commercial operations and all flights since march 16, 2011 and the dismissal of all but 30 employees.
it is worth mentioning that the ministry of affairs froze wataniya's labour file, meaning that staff residencies, transferring visas, extensions and such are now being done by the ministry and not the company - this tells a lot about the level of credibility and trust the company has reached with the official authorities.
how can this company stand on its feet again? i seriously doubt it will ever resume operations, but i also hope they prove me wrong.