NAIROBI, Kenya, July 30- After Kenya Airways announced a massive net loss of Sh25.7billion in its 2015 full year results, Businessman Chris Kirubi is of the suggestion that it was time to take action and not pretend that all is well.
Kirubi who attended the Thursday investor briefing, feels that it was time to stop doing the same thing and expect different results by continuing to pile debts at Kenya Airways and expect it to get back to profitability.
He says that instead of watching the ship sink, a better option could be “take off KQ from the stock market and let it belong to the key investors.”
“Every year you are borrowing and borrowing and borrowing and borrowing. You can’t run a business of this size on loans. You arrange a loan of Sh20 billion, you have made a loss of Sh20billion; next year you will have made a loss of Sh40 billion.”
“I feel sorry for you Ngunze (CEO KQ) and my friend Alex (Group Finance Director) as you try to run a commercial business and walking against the tide. We need to buy out KLM for whatever value they have now, and get them out and really try to have an East African common market strategy.”
For Kirubi, we need to bring investors who this business hurts if it does not exist.