The establishment of a Pan-African Airline, scheduled to take shape this year, has been delayed as the two carriers intended to form the alliance are seeking to recapitalise.
Kenya Airways and South African Airways announced the establishment of the highly anticipated Pan-African Airline Group this year, following the initial proposal of the plan three years ago.
Despite the persistence of the plans, the timeline has been adjusted due to the ongoing recapitalisation efforts by both carriers. To facilitate the recapitalisation, Kenya Airways has extended an invitation to external investors, including existing ones interested in increasing their stake.The airline is actively working to restructure its balance sheet, leveraging recent improved performance, which included reporting a $6.79 million operating profit in the first half of 2023--its first in six years, marking a 120 percent improvement compared to the same period in 2022.
Led by Harith General Partners, an asset management firm, the consortium is set to acquire a controlling 51 percent stake in SAA Group, injecting $167 million into the carrier's operating capital.
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