Kenya Airways has listed additional shares on the Nairobi Securities Exchange to enable a share split and simultaneous consolidation of the company’s stock, closing the intricate financial and capital restructuring process – the first of its kind in this market – and securing the airline’s future.

The restructuring saw the Kenyan Government increase its share holding to 48.9% of ordinary voting shares with the consortium of local banks through a special purpose vehicle  – KQ Lenders Company 2017 Ltd – owning 38.1% of the airline’s shares (after having the debt owed to them converted into equity).

KLM, as a result of its in-kind contribution, will have a shareholding of 7.8%, and the balance of 5.2%, goes to shareholders and a new employee share ownership plan.

Speaking during the bell-ringing ceremony to start the relisting of the shares at the Nairobi Securities Exchange trading floor, CEO Kenya Airways Sebastian Mikosz said:- “This occasion demonstrates another step towards securing the airline’s growth, which will be anchored by operational efficiency and financial sustainability. The restructuring makes us competitive, and sets us on a path to profitability with a healthy liquidity. We appreciate all the work that went into ensuring that we continue to turn this airline around, and secure its future”.

Mikosz reassured stakeholders and shareholders that the airline is on a growth path having reported a 52.1% increase in operating profit to Ksh 1.443 billion for the period ending 30 September 2017, compared to Ksh 0.9 billion in the prior period. Its cabin factor grew by 5.4% with passenger numbers going up by 3.3% to 2.31 million. Loss after tax reduced by 20.5% to Ksh 3.8 billion from 4.78 billion. Kenya Airways PLC will continue to be listed on the Uganda and Tanzanian stock exchange s as well.