THE KENYA AIRWAYS share offer has been heavily oversubscribed, helped by strong interest from foreign institutions.

The offer, which was closed on 19 April, was virtually twice oversubscribed, marking a success for what is Africa's first major privatisation of a national flag carrier.

In total, 48% of the airline's shares were on offer, worth more than KShs2.6 million ($45 million). Kenyan insitutions and individuals have around three-quarters of the shares, valued at KShs1.9 million.

That leaves local investors holding 34% of the overall company, while overseas institutions have 14% and the Kenyan Government retains a 23% stake. Another 26% is held by Dutch flag-carrier KLM.

Source: Flight International