The Nairobi Securities Exchange (NSE) announced on Monday the lifting of a suspension on trading shares of Kenya Airways (KQNA.NR), marking a significant turnaround for the national carrier.
“The suspension on the trading of Kenya Airways PLC shares was lifted following the company’s recent performance, which saw it record a profit after tax and the withdrawal of the National Aviation Management Bill 2020,” the NSE said in a statement.
Kenya Airways’ shares were initially suspended in 2020 when the government unveiled plans to renationalize the airline. However, the plan was never implemented.
One of Africa’s largest airlines, Kenya Airways faced insolvency in 2018 after an ambitious expansion strategy left it saddled with substantial debt. On its last trading day, March 2, 2020, the stock closed at 3.83 shillings per share.
In a positive development, the airline reported an operating profit of 10.53 billion shillings ($80.38 million) in 2023, marking its first profit since 2017.
