Bloomberg News

Government to Take Up Kenya Airways Rights Offer, Daily Reports

June 06, 2011

June 6 (Bloomberg) -- Kenya’s government has set aside 5.5 billion shillings ($63.3 million) to buy shares when Kenya Airways Ltd., the national carrier, sells stock to existing holders later this year, Business Daily reported.

The airline plans to raise as much as 23 billion shillings, which would make it Kenya’s largest rights offer, the Nairobi- based newspaper said, citing documents from the office of Finance Minister Uhuru Kenyatta.

Kenya Airways Ltd, which is 23 percent state owned, said Feb. 17 it plans to raise capital for investment and hired CFC Stanbic Holdings Ltd. as an adviser.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Tim Smith at tsmith58@bloomberg.net


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