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.
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