KLM Royal Dutch Airlines stake in Kenya Airways.ELMSFORD, N.Y.--(BUSINESS WIRE)--Dec. 6, 1995--KLM Royal Dutch Airlines and the Kenyan government are in final stages of an agreement to acquire a 26% holding by KLM KLM Kaiserliche Marine (Enigma: Rising Tide game) KLM Koninklijke Luchtvaart Maatschappij (Royal Dutch Airlines) KLM Klub Langer Menschen (German: Tall Person Club) in the Kenyan national carrier Kenya Airways Kenya Airways, the national airline of Kenya, based in Nairobi, Africa, started operations on 4 February 1977 It operates scheduled services throughout Africa and to Europe and the Indian subcontinent, with its main base at Jomo Kenyatta International Airport, Nairobi. . The Kenyan government has in principal accepted a KLM bid for the holding. The continent of Africa is an international air travel growth market, leading KLM to seek to strengthen its position through a strategic alliance with an African national airline. KLM and its Kenyan partner will initiate cooperation by coordinating schedules to offer their passengers seamless connections between their route networks. They envisage en·vis·age tr.v. en·vis·aged, en·vis·ag·ing, en·vis·ag·es 1. To conceive an image or a picture of, especially as a future possibility: envisaged a world at peace. 2. further-reaching commercial cooperation in the future. Kenya Airways commenced operations in 1977. Its current route network includes domestic, regional and intercontinental services from Jomo Kenyatta International Airport Jomo Kenyatta International Airport, (IATA: NBO, ICAO: HKJK) formerly called Embakasi Airport and Nairobi International Airport, is Kenya's largest aviation facility, and the busiest airport in East and Central Africa. , Nairobi. Kenya Airways currently operates a fleet of 3 Airbus A310, 2 Boeing 737, and 3 Fokker 50 aircraft. Kenya Airways is currently wholly state-owned. Last summer the Kenyan government announced its decision to privatize pri·va·tize tr.v. pri·va·tized, pri·va·tiz·ing, pri·va·tiz·es To change (an industry or business, for example) from governmental or public ownership or control to private enterprise: "The strike ... the airline. In that announcement, the government of Kenya stated it intended to place a stake of approximately 20% with a foreign airline, to retain a minority stake in the carrier, and to place the remaining shares with institutional and private investors. Following drastic operational and financial restructuring, the airline was restored to profitability in 1994. The airline expects to repeat this performance in 1995. Financially speaking, Kenya Airways is currently one of the best positioned airlines in the world with a low debt-to-equity ratio debt-to-equity ratio The relationship between long-term funds provided by creditors and funds provided by owners. A firm's debt-to-equity ratio is calculated by dividing long-term debt by owners' equity. Both items are shown on the balance sheet. and excellent liquidity. CONTACT: KLM Royal Dutch Airlines Odette Fodor-Gernaert, 914/784-2480 |
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