Kenya Airways troubles continue in new year as the Nairobi Securities Exchange has suspended the trading in Kenya Airways shares for another year. The airline’s shares have been suspended since July 2020 as the COVID-19 pandemic disrupted air travel across the globe.
“The extension of suspension seeks to enable the company [to] complete its operational and corporate restructure process,” the Nairobi Securities Exchange said in a statement.
Just last month the Government of Kenya agreed to sell its entire stake in the airline that has been in losses for years. The Kenyan Government owns 48.9% stake in Kenya Airways while Air France-KLM has 7.8%, the remaining stake is owned by private owners and banks.
Kenya Airways has not made any profits since 2012 as the government has pumped in millions of dollars to keep it afloat. In August 2022, the airline reported a loss of $81.5 million citing high fuel costs.
Last month, the International Monetary Fund called for progress on structural reforms in Kenya while announcing a $447 million loan for Kenya under a 38-month aid programme.