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