Trading in shares of Kenya’s national carrier, Kenya Airways, has resumed after being suspended for several years, the Nairobi stock exchange announced on Monday.
In July 2020, the airline requested a stay when the government proposed a law to nationalize the struggling carrier during the Covid-19 pandemic, which severely impacted the global air travel industry.
However, the nationalization plan was ultimately scrapped, and the airline managed to turn a profit last year for the first time in years.
“Notice is hereby given of the cancellation of the suspension… to become effective January 5, 2025,” the Nairobi Securities Exchange announced in a statement.
Kenya Airways, which has been struggling financially for years, reported a half-year net profit of 513 million shillings ($5 million), as of June 30, 2024.
The airline, whose slogan is “The Pride of Africa”, was set up in 1977 after East African Airways ceased operations and now carries over five million people to 45 destinations every year.
Air France-KLM initially acquired a 26 percent stake in the company in 1996, but this holding has since diminished due to Kenya Airways continuing to struggle with significant debt despite receiving numerous financial bailouts.
The government of Kenya holds a 48.9 percent stake in Kenya Airways, while Air France-KLM has a 7.8 percent share.
