Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Kenya Airways Climbs to Highest in Week on Expansion Plans

Don't Miss Out —
Follow us on:

Sept. 14 (Bloomberg) -- Kenya Airways Ltd., sub-Saharan Africa’s third-biggest airline, advanced to the highest level in almost a week after saying it plans to increase its share capital to fund expansion.

The stock gained 0.5 shillings, or 1.6 percent, to 31 shillings by the 3 p.m. close in the capital, Nairobi, the strongest level since Sept. 8.

The proposed offer will be presented to shareholders at a meeting on Oct. 14, the Nairobi-based company said in an e-mailed statement yesterday.

“The story of growth is interesting to investors because a capacity constraint has been one of the reasons the airline has not been able to expand very fast,” Gregory Waweru, an analyst at Nairobi-based Kestrel Capital East Africa Ltd., said in a phone interview today.

The company agreed to buy 10 aircraft from Embraer SA and signed an option to acquire another 16 from the Brazilian manufacturer, Chief Executive Officer Titus Naikuni said Aug. 30.

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

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.