– Kenya Airways shareholders are concerned after the carrier’s shares tumbled to two shillings at the NSE
– The funds sought for by the national carrier will be used in settling the investors once the nationalisation process gathers steam
– In December 2019, the struggling airline fired over 70 employees affiliated to Career Directions Limited (CDL), a recruitment firm
Loss making national carrier Kenya Airways is seeking for more funds from the government in bid to turn around its fortunes.
The airline which was once the pride of Africa has requested the National Treasury to be part of the funds it needs to buy back the shares in the nationalisation process.
Troubled national carrier Kenya Airways is seeking for more funds from govt to help turn around its fortunes. Photo: Kenya Airways.
Source: Facebook
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According to a report by Citizen TV on Thursday, January 9, the airline’s shareholders are concerned after the carrier’s shares tumbled to two shillings each at the Nairobi Securities Exchange (NSE).
The funds sought for by KQ will be used in settling the investors once the nationalisation process gathers steam.
As a listed company KQ will have to place an offer for its shareholders to buy back the shares and place it fully under the hands of the government. Photo: Kenya Airways.
Source: Facebook READ ALSO: Rais Uhuru apongeza Malkia Strikers baada ya kufuzu Olimpiki The Kenyan government is the largest Kenya Airways shareholder with 48.9% ownership, followed by a consortium of banks under the KQ Lenders Company (38.1%), with the remainder being split between KLM (7.4%), and ordinary shares.As a listed company KQ will have to place an offer for its shareholders to buy back the shares and place it fully under the hands of the government.In December 2019, the struggling carrier fired over 70 employees affiliated to Career Directions Limited (CDL), a recruitment firm.This came after it announced a 25% drop in earnings for the year ending December 31, 2019 even though the government had written off KSh 24.2 billion in debts in March 2019.In 2018, the company’s loss stood at KSh 7.59 billion up from KSh 6.4 billion recorded in 2017. Do you have a groundbreaking story you would like us to publish? Please reach us through news@tuko.co.ke or WhatsApp: 0732482690. Contact Tuko.co.ke instantly Please give me a job […]