BY BUSINESS REPORTER
KENYA’S national carrier Kenya Airways has appointed two financial firms to join its transaction team that will steer its planned rights issue later this year.
Orbit Securities Co. Ltd a Tanzanian based firm based in Dar es Salaam has been selected to be the Lead Sponsoring Broker during the rights issue.
Orbit Securities played the same role during the mini-East African Breweries Limited (EABL) IPO held last year that recorded tremendous results.
A statement seen by businesslinktz.blogspot.com today said Standard Investment Bank had been chosen the lead sponsoring broker in Kenya.
Company officials said the funds raised would be used to finance fleet expansion, including buying 10 new Embraer E-190 aircraft, which will mainly serve African routes.
Under its ten-year growth plan, Kenya Airways plans to increase the number of aircraft from the current 34 to 107 by 2020 while raising the number of destinations to 115 from the current 56. It also plans to have 12 cargo freighters by 2022.
With this formidable lineup now literally complete the airline is awaiting approval from the financial regulators, the Capital Markets Authority before setting a date to get the rights issue underway.
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