KENYA AIRWAYS PUTS FINAL TOUCHES TO RIGHTS ISSUE TEAM
Information was received over the weekend that the Pride of Africa has named Ugandas Crested Stock Securities and Tanzanias Orbit Securities alongside Standard Investment Bank, the initially named primary and lead broker in Kenya to complete the line up covering all three East African stock exchanges where the airlines shares are listed.
CFC Stanbic is the lead advisor in the forthcoming rights issue and Hamilton, Harrison and Matthews will be the transaction legal advisors. PriceWaterhouseCoopers has been selected as reporting accountants while Scanad and Ogilvy will be doing the advertising and PR work for the airline. Kenya Commercial Bank has been selected as the receiving bank for the transaction.
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.
As the leading airline in the East African Community Kenya Airways is intent to fly to all African political and commercial capitals by the end of 2013 and has ordered enough aircraft to double the present fleet by 2015 at which stage the new B787 Dreamliner will have replaced the ageing B767 fleet. New routes to India and the lucrative Far East are expected to be announced once the B787 delivery of 9 firm orders is underway while new African destinations will roll out as planned when additional Embraer 190 jets have joined the fleet this year and next year.
Watch this space for regular updates from Eastern Africas aviation market.
