Shares in flag carrier Kenya Airways Plc. shares were relisted on the Nairobi Securities Exchange (NSE) on January 6, following a suspension lasting nearly five years.
The suspension was initially imposed in 2020 amid the former government’s proposal to renationalise the airline, a plan that was later abandoned.
The stock initially surged by 10%, but later dipped 9.9% to trade at KES 3.45 ($0.027) by mid-morning.
The relisting followed the airline’s first profit in a decade and the removal of the National Aviation Management Bill 2020, which had proposed a state takeover. The NSE attributed the decision to the “company’s recent performance,” signalling improved financial health.
Kenya Airways, majority-owned by the government (48.9%), is a leading African airline connecting regional hubs to global destinations. The carrier is seeking a strategic investor to support its recovery after years of losses. In the six months to June 30, 2024, Kenya Airways posted a net half-year profit of KES 513mn ($4mn), marking a significant turnaround.
In March, the airline outlined plans to raise $1.5bn in fresh capital to stabilise its finances, reinforcing its role in Africa’s key connectivity network, Ch-Aviation reported in April 2024.
Related Articles
Dual-listed Invictus Energy seals petroleum production sharing deal with Zimbabwe over huge gas find
Zimbabwe's government, through the Ministry of Finance, has officially granted National Project Status (NPS) to gas explorer Invictus Energy's Cabora Bassa Project, situated in the north of the ... more
Ethiopia’s central bank governor Mihretu steps down after reform-heavy tenure
Ethiopia’s central bank governor, Mamo Esmelealem Mihretu, has resigned after two and a half years in office, multiple outlets reported. He was appointed in January 2023 and confirmed his departure ... more
Egypt eyes $5.2bn in manufacturing investments for FY2025/26, says planning minister
The Egyptian government plans to attract EGP 252.8bn ($5.2bn) in investments to the manufacturing sector for FY 2025/26, Economy Plus reported on September 3, citing the country’s Minister of ... more
Most Read
-
Kyrgyzstan abandons attempt to rescue Russian climber trapped on icy summit of country’s highest mountain
9 days ago
-
BERTRAND: China after Communism, preparing for a post-CCP China
1 month ago
-
BERTRAND: China now accounts for 64% of world’s renewable energy output
4 months ago
-
UKRAINE REMONT: The battle to build: signs of recovery in Ukraine's construction industry
4 months ago