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Kenya Airways shares suspension prolonged for one more year

Kenya Airways planes at the parking bay amid a strike by pilots organised by Kenya Airline Pilots Association on Nov. 5, 2022.   -  
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SIMON MAINA/AFP or licensors


The Nairobi Securities Exchange announced Wednesday (Jan. 04) that the trading in Kenya Airways shares  was suspended for another year.

The local stock exchange argued that "the extension seeks to enable the company (to) complete its operational and corporate restructure process".

Kenya Airways shares were first suspended in 2020 as lawmakers were considering a plan — since dropped — for the state to take full ownership of the carrier.

The government which owns a fourty eigth point nine percent stake has pumped in millions of dollars to keep it afloat.

Indeed, the company has not made a profit since 2012.

Last month, in announcing a $447 million loan for the east African country under a 38-month aid programme the International Monetary Fund highlighted that  "addressing vulnerabilities" at Kenya Airways as well as the majority state-owned utility Kenya Power was quote on quote "urgent".

The airlines' woes were exacerbated when pilots staged a costly days-long strike in November.

Kenya Airways was founded in back 1977 following the demise of East African Airways and now flies more than four million passengers to 42 destinations annually.

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