Kenya Airways Shares Resume Trading After Five-Year Freeze
TLDR
- Kenya Airways Plc shares resumed trading on the NSE after a nearly five-year suspension
- The freeze was lifted following improved performance, including the airline’s first profit in a decade for the six months through June
- Shares surged 10% to a seven-year high but later fell 9.9% to 3.45 shillings
Kenya Airways Plc shares resumed trading on the Nairobi Securities Exchange (NSE) after a nearly five-year suspension.
The freeze was lifted following improved performance, including the airline’s first profit in a decade for the six months through June, and the withdrawal of the National Aviation Management Bill 2020.
Shares surged 10% to a seven-year high but later fell 9.9% to 3.45 shillings by 11:08 a.m. in Nairobi.
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Key Takeaways
Kenya Airways, 48.9% state-owned, has struggled with prolonged losses over the past decade. The resumption of trading signals renewed confidence after its recent turnaround. The airline is seeking a strategic investor to re-capitalize and plans to raise up to $1.5 billion. The lifting of the freeze offers an opportunity for Kenya Airways to leverage the market for fresh investments, critical to sustaining its recovery trajectory.
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