NSE Suspends Kenya Airways Shares From Trading
July. 03, 2020
Nairobi Security Exchange (NSE) has on Friday suspended Kenya Airways shares from trading.
The move is in line with an application made by the national courier and the government through treasury who are in the process of nationalizing the airline.
As at last week, the National Aviation Bill had been tabled before the National Assembly to complete the buy out by the government.
Once approved, Kenya Airways will be fully under the management of the government who will rename the business to Kenya Aviation Corporation, that is a merger between the Aviation Investment corporation and Kenya Airport Authority.
Last year the parliament had approved the motion that will give Treasury the majority shareholder the right to buy minority shares.
KLM and local commercial banks join the list of minority shareholders who will sell their shares in the process.
The government privatized KQ with the intention of recording higher revenues and turn it into a profitable venture that has failed to be.
They even called on the government to come to their aid and inject more money to turn around profits.
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