Kenya Airways. [Photo/File]
The Nairobi Securities Exchange(NSE) has suspended the trading of Kenya Airways shares for two weeks to pave way for new share split deal to take effect.
The Capital Market Authority approved suspension takes effect from November 15 to 28.
According to the new deal, government will take over effective control of KQ by raising its stake to 48 percent of the ordinary shares through conversion of its loans to equity amounting to Sh24 billion while Banks through KQ Lenders Company that compromises of 11 banks take over 38.1 percent stake in the company through the conversion of their Sh17.3 billion debts to equity.
The move is keen to bring back the national carrier to its glory days after suffering massive losses in the last three years.