Kenya Airways

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Kenya Airways is the flag carrier and largest airline of Kenya. The company was founded in 1977, and it started operations on February 4, 1977. It is based in Embakasi, Nairobi,[1][2] with its main base at Jomo Kenyatta International Airport.[3] From there, it operates 46 scheduled services throughout Africa, Europe and Asia, including the Indian subcontinent, using a fleet of 30 aircraft.

Contents

History

Kenya Airways was established in February 1977 following the break-up of the East African Community and the consequent demise of East African Airways[4]. Up until April 1996 it was owned by the Kenyan government.

In 1986, Sessional Paper Number 1 was published by Kenya's government, outlining the country's need for economic development and growth. The document stressed the government opinion that the airline would be better off if owned by private interests, thus resulting in the first attempt to privatize the airline. The government named Philip Ndegwa as Chairman of the Board in 1991, with specific orders to privatize the airline. In 1992, the Public Enterprise Reform paper was published, giving Kenya Airways priority among national companies in Kenya to be privatized.

In the fiscal year 1993 to 1994, the airline produced its first profit since the start of commercialization. Also, in 1994, the International Finance Corporation (IFC), was appointed to provide assistance in the privatization process. In 1995, Kenya Airways restructured its debts and a made a master corporation agreement with KLM that bought 26% of the shares in Kenya Airways and became the largest single shareholder. In 1996, shares were floated to the public, and the airline started trading on the Nairobi Stock Exchange. In October 2004, the company cross-listed its shares at the Dar-es-Salaam Stock Exchange. In April 2004, the company re-introduced Kenya Airways Cargo as a brand and in July 2004, the company's domestic subsidiary Flamingo Airlines was re-absorbed.

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