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Kenya Airways, once the “pride of Africa,” is selling off yet another piece of itself
Grounded. (Reuters/Antony Njuguna)
Kenya Airways, once the “pride of Africa,” is selling off yet another piece of itself
Kenya Airways, once one of Africa’s leading airlines and a symbol of Kenyan pride, is struggling. The company has recorded four consecutive years of losses, the result of a poorly timed expansion strategy. Now, in need of more than 100 billion shillings (about $1 billion) to pull off a complete turnaround, the airline is in talks to sell off a further stake in itself to foreign investors.
“We are talking to about three or four parties,” Mbuvi Ngunze, the airline’s CEO, told Reuters on Sept. 26, without saying how much the company plans to raise or how large a stake it plans to sell. The airline’s largest shareholders are the Kenyan government, which owns 29.8%, and Air France KLM, which has 27%.READ MORE
Source: http://qz.com/
