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Kenya Airways seeks to raise capital for growth

NAIROBI, Kenya, Feb 17- National carrier Kenya Airways has announced its intentions to raise capital to finance its strategic future growth and expansion plans.

The announcement comes on the back of a recent board resolution to examine methods of raising additional capital for investment.

KQ has secured the services of CFC Stanbic Bank as their financial adviser and are in the process of securing services of other consultants who will also advise the airlines on possible arrangements.

Commenting on the intended transaction, Kenya Airways Group Managing Director Titus Naikuni said the company would endeavour to keep all its stakeholders, especially shareholders, staff and customers abreast of the all the plans and important details related to any future transaction on a regular basis.

“At the moment we are unable to provide any additional information but the appropriate regulatory and shareholder approvals will be requested once decisions on the way forward are made”, said the MD said.

Kenya Airways has over the years embarked on an expansion program that has seen it fly directly to over 50 destinations.

Most of the new routes that have recently been opened up have already broken even.

In September 2010, Mr Naikuni disclosed that they were planning to open up another nine routes in the current financial year.

KQ is also looking at modernising its aging fleet so that to guarantee better and reliable services for their customers.

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All these measures are geared towards making Kenya Airways an airline of choice.

Follow the author at https://twitter.com/cirunjoroge
 

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