Nairobi (AFP) – Trading in shares of Kenya’s national carrier, Kenya Airways, has resumed after being suspended for more than four years, the Nairobi stock exchange said Monday. The airline sought a suspension in July 2020 when the government proposed a law to renationalise the troubled carrier in the midst of the Covid-19 pandemic that devastated global air travel. But the nationalisation plan was ultimately dropped, and the airline returned a profit last year for the first time in years.
“Notice is hereby given of the lifting of the suspension…effective January 5, 2025,” the Nairobi Securities Exchange said in a statement. Kenya Airways, which has been languishing deep in the red for years, posted a net half-year profit of 513 million shillings ($4 million) for the period ending June 30, 2024.
The airline, whose slogan is “The Pride of Africa,” was founded in 1977 following the demise of East African Airways and now flies more than five million passengers to 45 destinations annually. Air France-KLM acquired a 26 percent stake in the firm in 1996, but the investment has reduced over the years as Kenya Airways labours under a mountain of debt despite numerous bailouts.
The Kenyan government owns a 48.9 percent stake in Kenya Airways, while Air France-KLM has 7.8 percent.
© 2024 AFP
