KENYA AIRWAYS SHARE RIGHTS ISSUE SET FOR NOVEMBER
With the airlines annual general meeting set for 14th of October, when shareholders are expected to vote in favour of plans by management already given the thumbs up by the board, the timeline is now mapped out for Kenya Airways planned share rights issue to go ahead from as early as November, subject of course still to the approval by financial regulators CMA.
Once going underway this transaction will be the biggest single share sale, estimated to bring over 22 billion Kenya Shillings into the war chest of the airline, allowing it to continue with their aggressive expansion plans in coming years which are set to catapult KQ to the top of the aviation industry in Africa.
Banking sources in Nairobi were overnight reported to have publicly speculated over the launch date and while in the absence of shareholder and CMA approval no exact dates can be given, November seems the most likely month to have the share sale go underway before the pre-Christmas season then traditionally slows down the financial markets and business activities, especially considering that the first quarter results announcement is due on the 04th of November and expected to portray a sterling performance.
However, in the unlikely event of failing to use the November window of opportunity the second most likely time frame would then be towards the middle of the Q1 of 2012 and you will be able to follow this emerging story right here, so watch this space.