Strong foreign interest boosts Kenya float

THE KENYA AIRWAYS share offer has been heavily oversubscribed, helped by strong interest from foreign institutions.

The offer, which was closed on 19 April, was virtually twice oversubscribed, marking a success for what is Africa's first major privatisation of a national flag carrier.

In total, 48% of the airline's shares were on offer, worth more than KShs2.6 million ($45 million). Kenyan insitutions and individuals have around three-quarters of the shares, valued at KShs1.9 million.

That leaves local investors holding 34% of the overall company, while overseas institutions have 14% and the Kenyan Government retains a 23% stake. Another 26% is held by Dutch flag-carrier KLM.

Source: Flight International